Profit jumps 96 per cent for Mattioli Woods amid string of acquisitions
Wealth management firm Mattioli Woods saw interim profits climb by 96 per cent in a sign that a string of takeover deals are paying off.
In the six months to 30 November 2021, Mattioli Woods increased assets under management to £15.1bn, up by £4.5bn compared to the same period a year ago, driven by the acquisition of Maven Capital Partners and Ludlow Wealth Management.
The company saw adjusted profit before tax climb by 96 per cent to £14.1m, up from £7.2m the previous year, while operating profit fell by more than a quarter to £2.8m on takeover costs.
“In the first six months of this financial year saw the Group build momentum, having shown resilience in spite of the economic and political complexities that persisted throughout 2021,” said chief executive Ian Mattioli MBE.
“The eight acquisitions completed since 1 June 2020, including our two largest acquisitions to date: Maven and Ludlow, contributed £19.4m of revenue in the period,” Mattioli continued.
Shareholders, who saw earnings per share tumble by 69 per cent in the half year to 3.5p, were treated to an interim dividend payment of 8.3p, up by 10.7 per cent year-on-year. Mattioli said it expects trading outlook for the year remains in line with management’s expectations with the group well-positioned to grow, both organically and by acquisition.
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