Investor Relations


Wealth management specialist Mattioli Woods today issued a trading update in advance of its interim results for the six months ended 30 November 2019, which are to be announced on Tuesday, 4 February 2020.

3 minutes

In an upbeat message, chief executive officer Ian Mattioli MBE said:

"I am pleased to report a return to revenue growth in the first half of this financial year, with increases in direct SSAS and SIPP fees and investment-related revenues. We have achieved this despite continued market and political uncertainty, albeit this uncertainty resulted in lower net inflows into the Group's bespoke investment services than in the equivalent period last year.

"We are dedicated to maintaining our culture of putting clients first, developing our service offering and building a business that is sustainable over the long term. Supporting this, we have driven some further margin improvement, with additional efficiencies and cost savings realised following a planned restructure of our client facing operations and the migration of acquired pension portfolios onto our bespoke MWeb administration platform. These changes have been designed to enhance client service and experience, receiving positive feedback both internally and from clients.

"We have continued to progress our strategic initiatives, including the further development of our own IT solutions where possible. In December 2019, we were pleased to announce the acquisition of The Turris Partnership Limited, which is based in Glasgow, provides chartered financial planning and wealth management advice to clients, and has over £65 million of assets under advice. This followed the acquisitions of SSAS Solutions (UK) Limited and Broughtons Financial Planning Limited in the prior financial year, which are integrating well and contributed positively to our trading results since acquisition.

"Consolidation within both wealth management and SIPP administration is expected to continue, and we will seek to build on our track record of successful acquisitions by continuing to assess opportunities that meet our strict criteria.

"We continue to deliver solid investment performance across both portfolios and funds, with the team at the Group's associate company, Amati Global Investors, gaining further recognition through the Amati AIM VCT being named Best VCT at Investment Week's Investment Company of the Year Awards in November 2019.

"We plan to build on the progress achieved in the first half over the remainder of this financial year. Events such as the suspension of the Woodford Equity Income Fund and the M&G Property Portfolio are likely to drive an increased demand for the holistic planning and expert advice we provide, and I anticipate greater client activity and increasing inflows into our bespoke investment services following the definitive general election result last month.

"We continue to invest in our people, technology and infrastructure as we look to build upon our success to date. Clients need long-term advice and strategies more than ever before and we will continue to provide quality solutions, maintaining our focus on client service and continuing to adapt our business model to the changing wealth management marketplace, integrating asset management and financial planning.

"Our profit outlook for the year is in line with management's expectations and I believe we remain well-positioned to grow, both organically and by acquisition, to deliver sustainable shareholder returns."

You can view the full trading update here.

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