Revenue has skyrocketed at Mattioli Woods, the wealth and asset management business, according to final audited results for the year ended 31 May 2022.
The year saw revenue increase 72.8% to £108.2m, up from £62.6m in 2021. Alongside strong organic revenue growth, acquisitions made a positive contribution of £46.1m.
Meanwhile profit before tax was up 56.9% to £8m, from £5.1m in the year prior.
Ian Mattioli MBE, Chief Executive Officer, said: “The last financial year was another turbulent period for clients, which served to reinforce our commitment to putting clients first, developing our service offering and building a business that is sustainable and resilient over the long-term.
“I am pleased to report this approach delivered strong revenue growth of 72.8% to £108.2m (2021: £62.6m) reflecting the positive contribution of recent acquisitions combined with 10.0% organic growth in our core business and increased levels of new business offsetting the impact of negative market movements on the value of clients’ assets. Adjusted EBITDA was up 88.4% to £32.6m (2021: £17.3m) and adjusted EBITDA margin increased to 30.1% (2021: 27.7%) representing meaningful progress towards our strategic goals.”
He continued: “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.
“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.
“We will continue to seek to understand our clients’ needs and provide quality solutions, maintaining our focus on client service and continuing to adapt our business model to the changing market, integrating asset management and financial planning.
“We further plan to build on our track record of successful acquisitions by continuing to assess and progress opportunities that meet our strict criteria. Consolidation within wealth management, asset management and SIPP administration is expected to continue for the foreseeable future, with many more opportunities coming to market.
“I sincerely thank and remain humbled by the continued professionalism, commitment, endeavour and agility that our people have shown in managing our clients’ affairs throughout another challenging year.
“The outlook for the new financial year remains positive, notwithstanding the continuing challenging macroeconomic conditions, and we continue to trade in line with expectations. As previously disclosed, cost inflation and progressing our strategic initiatives including investment in people and technology are expected to impact margins in the short term but will position us to secure future growth in revenue and profits. This will also provide opportunities to deliver future growth and sustainable shareholder returns as a business that is here for the long term.”
