Mattioli Woods, the specialist wealth and asset management business, has hailed revenue growth in a new trading update in advance of final results for the year ended 31 May 2023.
Revenue was up 3% on the prior year, while profit for the year is in line with expectation.
The update follows the acquisitive Leicester firm swooping for Doherty Pension & Investment Consultancy Limited and a 50.1% stake in White Mortgages Limited in the period.
Ian Mattioli MBE, Chief Executive, said: “I am pleased to report further growth in revenue, which was up 3% on the prior year despite the sustained market and economic complexity that has been a feature of the recent global economy and continues to affect the value of clients’ assets.”
He continued: “Our trading outlook for the new financial year is focused on securing organic growth complemented by strategic acquisitions, with targeted investment to create capacity, improve operational efficiency and enhance our clients’ experience.
“Whilst inflationary cost pressures and investment in our strategic initiatives may impact margins in the short term, we are confident that we will continue to deliver attractive, long-term sustainable shareholder returns.”
Mattioli Woods also announced the appointment of Michael Wright as Deputy Chief Executive Officer.
Ian Mattioli said: “The Board regularly reviews the suitability of the Group’s governance structure, and reflecting the expansion of the Mattioli Woods proposition and increased size of the Group, the Board are pleased to announce the appointment of Michael Wright as Deputy Chief Executive Officer.
“In this new role Michael will lead and support the delivery of certain strategic goals alongside the executive team, whilst retaining his current responsibilities. Michael was previously appointed Group Managing Director in 2019, and has been on the Board since 2021, having joined the Group 19 years ago and holding several senior advisory roles during this time.”
