Home Estate Planning Proposed pension and investment reforms drive revenue and profits at wealth manager Mattioli Woods

Proposed pension and investment reforms drive revenue and profits at wealth manager Mattioli Woods

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Mattioli Woods saw its revenue and profits increase during the first half of its financial year.

The Leicester-headquartered wealth manager has reported a revenue of £59.1m for the six months to November 30, 2023, up from the £54.9m it achieved during the same period in 2022.

New-filed figures with the London Stock Exchange also show its pre-tax profits rose from £4.7m to £7.6m.

Mattioli Woods said there had been been an “increased demand for high-quality wealth management and financial planning advice driven by proposed pension and investment reforms and market conditions”

Chief executive Ian Mattioli said: “The first six months of this financial year saw the group deliver improved organic growth despite the complex macroeconomic backdrop that persisted throughout the period.

“Our priority remains the delivery of profitable organic growth and we are pleased to report further progress towards our medium-term strategic goals, with revenue of £59.1m up 8 per cent on the equivalent period last year (1H23: £54.9m) driven by positive performance across our pensions advice and administration, employee benefits and investment management operating segments.

“The success of our new business initiatives, combined with our expanding product range and the strength of existing client referrals resulted in organic revenue growth of 4 per cent despite a 0.4 per cent reduction in the value of total client assets to £15.2bn.

“The group’s improved organic growth resulted from a combination of clients’ demand for advice and proactive communication by advisers, with a 13 per cent increase in the value of new clients on boarded in the first half versus the equivalent period last year.

“The group’s strong, integrated business model facilitates multiple engagement points in providing a holistic service to our clients and to generate multiple revenue streams to facilitate future revenue growth.”

The chief executive added: “The first half of the financial year has seen the group deliver a resilient trading performance against a complex macroeconomic backdrop.

“We plan to build on this position, advancing our key strategic initiatives: new business generation, investing in our adviser academy training programmes, developing our investment proposition, developing new products and services, reviewing our processes, and investing in technology to deliver operational efficiencies and growth through the integration of strategic acquisitions.

“Our trading outlook for the year remains in line with management’s expectations and we believe the group remains well-positioned to take advantage of the growth opportunities in the UK wealth market and deliver sustainable returns for our stakeholders.”

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