Mattioli Woods profits jump after flurry of deals
London-listed wealth manager Mattioli Woods posted an 88 per cent jump in profits today after a spate of acquisitions bolstered its bottom line in the 12 months to May.
Profits before deductibles surged to £32.6m, up from £17.3m last year as revenues increased 72.8 per cent ot £108.2m.
The uptick comes after a flurry of deals in the past two years that has seen it scoop up firms including Maven, Richings Financial Management and Ludlow Wealth Management, which collectively added £46.1m to revenues
Bosses at Mattioli said they had steered the firm though a “turbulent period” period the 12 months to May but were now doubling down on dealmaking ad growth in the year ahead.
“We plan to maintain this positive momentum, advancing our strategic initiatives: new business generation, growth through the integration of acquisitions, developing new products and services, reviewing our processes and investing in technology to deliver an improved client experience and further operational efficiencies,” said boss Ian Mattioli.
“Investment markets are likely to remain volatile for some time, although the spectre of rising inflation typically creates significant advice opportunities given our diverse revenue streams and for further investment inflows as existing and prospective clients consider appropriately investing surplus cash to avoid suffering an erosion in value of savings in real terms.”
Earnings per share jumped 17.5 per cent in the period t 48.3p, and bosses havenow hiked the dividend payout to 17.8p – up 24.3 per cent on last year.