TIDMMTW
RNS Number : 5974T
Mattioli Woods PLC
09 January 2017
9 January 2017
Mattioli Woods plc
("Mattioli Woods" or "the Group")
Trading Update and Notice of Interim Results
Mattioli Woods plc (AIM: MTW.L), the specialist wealth
management and employee benefits business, today issues the
following trading update in advance of its interim results for the
six months ended 30 November 2016, which are to be announced on
Tuesday, 7 February 2017.
Highlights
* Strong growth, with revenues up over 20% on prior
year
* Total client assets at period end of over GBP7.5
billion
* Maintaining target EBITDA margin
* Recent acquisitions performing and integrating well
* Strong financial position, with net cash of over
GBP22 million
* Acquisition of MC Trustees in September 2016
* New Manchester office opened in November 2016
* Appointments of Chief Investment Officer and Head of
Risk Management and Compliance
* Over GBP47 million now invested in new Structured
Products Fund
Ian Mattioli, Chief Executive, comments:
"I am delighted to report the six months ended 30 November 2016
represented another period of strong organic growth, driven by an
expected increase in the demand for advice and a strong flow of new
business, which together with acquisitions completed in this and
the prior financial years increased revenues by over 20% on the
equivalent period last year.
"Acquisitions continue to be a core part of our growth strategy,
with the five businesses acquired in the prior year integrating
well, increasing earnings and enhancing value. In September 2016 we
were pleased to announce the acquisition of MC Trustees, which is
an excellent fit with our existing pension business and has
contributed positively to the Group's trading results since
acquisition.
"We believe further consolidation within our core markets
remains likely and our strong balance sheet gives us the
flexibility to make further value-enhancing acquisitions.
"There were some significant economic and political events in
the first half of this financial year. We have shown in good and
bad economic conditions that we have a robust business model, which
can deliver additional shareholder value through organic growth,
the development of new revenue streams and the acquisition of
similar or complementary businesses.
"We have seen strong demand for the bespoke investment
propositions we have developed, including our Private Investors
Club, structured product and property investment initiatives, which
all have the benefit of low correlation with mainstream equity and
bond markets. I believe these initiatives, in conjunction with
further development of our advisory services and investment
products, will help us deliver positive investment returns in what
are likely to remain complex investment markets.
"The Mattioli Woods Structured Products Fund has generated
significant client interest, with over GBP47 million now invested
following its launch in November 2016. The fund has been designed
around our core objective of delivering sustainable long-term
returns to clients, while lowering their costs.
"Our subsidiary Custodian Capital now manages over GBP375
million of property investment. Custodian Capital is the
discretionary investment manager of Custodian REIT plc, a Main
Market-listed property investment company, and continues to
facilitate direct property ownership on behalf of pension schemes
and private clients. Custodian Capital also manages the Private
Investors Club, which offers alternative investment opportunities
to suitable clients by way of private investor syndicates. This
initiative continues to be well supported, with GBP13.6m (1H16:
GBP5.6m) invested in the four (1H16: three) new syndicates
completed during the period.
"With continued growth in our investment and asset management
business, and to support our growth ambitions, we have strengthened
our senior management team through the appointments of Simon Gibson
as the Group's Chief Investment Officer and Gareth Green as Head of
Risk Management and Compliance. Simon is a well-respected fund
manager with over 30 years' investing experience, while Gareth
brings more than 20 years' experience of compliance, internal audit
and operations assurance roles within the financial services
sector.
"The employee benefits market has adjusted following the
abolition of provider commissions in April 2016 and we continue to
seek opportunities to enhance our revenues from pension and
non-pension related areas. At a time when the employee benefits
market is going through extensive transition, we are growing our
consultancy team to capitalise on the opportunities we believe the
Government's emphasis on workplace advice presents for us to
realise further synergies with our wealth management business.
"Investment in our bespoke pension administration and wealth
management platform continues in line with expected spend, with the
first phase of our new customer relationship management system
going live in September 2016. This is expected to realise
operational efficiencies and enable further integration across the
Group.
"As an Investors in People company we are committed to
developing our people and building the capacity to deliver
sustainable growth. Recent expansion has seen us move into larger
premises in London and open a new office in Manchester,
strengthening Mattioli Woods' position in the North West following
the acquisition of Preston-based financial advisory firm Taylor
Paterson last year.
"Construction of our new central Leicester office, which will
provide our staff with a modern working environment and capacity
for further growth, remains scheduled to complete around the end of
this calendar year.
"Bob Woods and I are very proud to have been recognised through
the award of MBEs in the Queen's New Year's Honours list. What
Mattioli Woods has achieved over its 25 history is the result of a
fantastic team effort in which all our people have played a
part.
"Our focus is on ensuring the Group continues to address our
clients' changing needs and our ambition is to become an even
stronger force in the UK financial services sector. As part of our
strategy to promote the Group we announced a three-year deal with
rugby giants Leicester Tigers in July 2016, giving national
coverage and strengthening our brand awareness.
"I believe Mattioli Woods' capabilities as adviser, provider and
asset manager allow us to deliver improved and sustainable client
outcomes, enabling the Group to secure further profitable
growth."
Notice of Interim Results
Mattioli Woods will be announcing its interim results for the
six months ended 30 November 2016 on Tuesday, 7 February 2017. An
analyst briefing given by Ian Mattioli, Chief Executive and Nathan
Imlach, Chief Financial Officer will be held at 09:30 hrs on 7
February 2017 at Canaccord Genuity Limited, 88 Wood Street, London,
EC2V 7QR.
Those analysts wishing to attend are asked to contact Ed
Gascoigne-Pees at Camarco on +44 (0) 20 3757 4984 or at
ed.gascoigne-pees@camarco.co.uk.
- Ends -
For further information please contact:
Mattioli Woods plc
Ian Mattioli MBE, Chief Tel: +44 (0) 116 240
Executive 8700
ian.mattioli@mattioliwoods.com www.mattioliwoods.com
Nathan Imlach, Chief Financial
Officer
nathan.imlach@mattioliwoods.com
Canaccord Genuity Limited
Sunil Duggal, Investment Tel: +44 (0) 20 7523
Banking 8000
Andrew Buchanan, Corporate www.canaccordgenuity.com
Broking
Kit Stephenson, Corporate
Broking
Media enquiries:
Camarco
Ed Gascoigne-Pees Tel: +44 (0) 20 3757
4984
www.camarco.com
Notes to editors
Mattioli Woods is one of the UK's leading and fastest growing
providers of specialist pension, wealth management and employee
benefit services. Its core pension and wealth management offering
serves the higher end of the market including controlling directors
and owner-managed businesses, professionals, executives, and
affluent retirees. Its comprehensive range of employee benefit
services is particularly suitable for medium-sized to larger
corporates.
The Group's broader wealth management proposition has grown from
its strong pensions advisory and administration expertise, with a
client base of over 9,500 self-invested personal pensions ("SIPP")
and small self-administered pension schemes ("SSAS") throughout the
UK. The Group's total assets under management, administration and
advice are in excess of GBP7.5 billion.
Mattioli Woods has a focus on holistic planning and providing
the highest level of personal service, maintaining very close
relationships with all its clients. The strength of its personal
relationships has led to high levels of client satisfaction,
retention and referrals.
For more information, visit www.mattioliwoods.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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