Revenue is up while pre-tax profit is down at Mattioli Woods, the wealth and asset management business, according to final results for the year ended 31 May 2021.
Following an acquisitive year, revenue grew 7% at the Leicester-based firm to £62.6m, in comparison to £58.4m in 2020. Profit before tax meanwhile was £5.1m dipping 60% from £12.7m in 2020, which the company says was driven by IFRS 3 accounting policy.
Commenting on the results, Ian Mattioli MBE, Chief Executive Officer, said: “I am pleased to report that even in these unprecedented times we continue to grow and develop the business. The Group’s revenue grew 7% to £62.6m (2020: £58.4m), driven by increased inflows and the sustained performance of our discretionary management proposition, combined with positive contribution of each of the businesses acquired during the year.
“The uncertainty that we have all experienced over the last year has served to enhance our commitment to maintaining our culture of putting clients first, developing our service offering and building a business that is sustainable over the long-term. Our continued investment in technology has allowed the majority of our team to continue working remotely, and for us to work in a new operating environment with an increased number of new clients and also generate an increased pipeline of new business opportunities.
“The essence of what we do is looking after our clients’ money and there is an expectation that we should apply the same diligence in looking after that of our business and our shareholders. Current trading is in line with our expectations and the momentum that we saw in the second half of last year continues in the current year.
“This has been a record year of acquisitions for the Group. In June 2021, we announced the successful completion of a £112m equity fundraise to facilitate the earnings enhancing acquisitions of Maven, Ludlow, Richings, a pipeline of smaller bolt-on acquisitions and to provide regulatory capital headroom. We also completed the acquisitions of five businesses during the year, and I am pleased that all are performing and integrating well.”