Mattioli Woods plc : Interim results

29 January 2013 Interim results

Mattioli Woods plc (AIM: MTW.L), the specialist pensions consultancy and wealth management business, today reports its interim results for the six months ended 30 November 2012.

To download the full results in PDF format, click here

Financial highlights

• Revenue up 29.4% to £11.26m (1H12: £8.70m)
• Recurring revenues represent 64.4% of revenue (1H12: 67.8%)
• Adjusted profit before tax1 up 26.0% to £2.52m (1H12: £2.00m)
• Adjusted EPS12 up 34.3% to 11.47p (1H12: 8.54p)
• Interim dividend up 25.9% to 2.33p (1H12: 1.85p)
• Strong financial position, with net cash of £3.94m (1H12: £3.36m)

Operational highlights and recent developments

• Total client assets up 13.3% to £3.24bn (1H12: £2.86bn)
• Integration of Kudos acquisition
• Consultant numbers up 19.6% to 55 (1H12: 46)
• DPM launched in August, with £51.2m of AuM at period end
• Investing to deliver ongoing growth

• 1 Before acquisition costs expensed under IFRS3 (Revised), amortisation and impairment of intangible assets other than computer software.
• 2 Basic EPS up 69.8% to 9.49p (1H12: 5.59p).

Commenting on the interim results, Bob Woods, Executive Chairman, said:

"We are delighted to report that the Group has made further strong progress towards our long term strategic goals. Strong results from recent acquisitions and our expanding wealth management services delivered further profitable growth. Revenues in the six months ended 30 November 2012 were up 29.4% to £11.26m (1H12: £8.70m), with a full six months' contribution from Kudos Independent Financial Services Limited ("Kudos") and the launch of our discretionary portfolio management ("DPM") service in August, which is at the centre of our broader wealth management proposition.

"Against this backdrop, the board is pleased to recommend the payment of an increased interim dividend, up 25.9% to 2.33 pence (1H12: 1.85 pence) per ordinary share. We are committed to growing the dividend sensibly, while maintaining an appropriate level of dividend cover.

"The RDR brings major structural changes to our sector, creating enormous opportunity for forward-thinking organisations. Against this backdrop, our rebranding last autumn was particularly well timed. The duality inherent in being both product provider and adviser is a strong model, which will continue to offer benefits to clients and create value for shareholders.

"We believe the Group is better positioned than ever to compete as a new style 21st century financial services business in the post-RDR world and deliver another year of growth in line with our expectations.

For further information please contact:

Mattioli Woods plc
Bob Woods, Executive Chairman	Tel: [phone]
[e-mail]	www.mattioli-woods.com
Ian Mattioli, Chief Executive
[e-mail]
Nathan Imlach, Finance Director
[e-mail]
Canaccord Genuity Limited
Martin Green/Bruce Garrow, Corporate Finance	Tel: [phone]
	www.canaccordgenuity.com
Media enquiries:
FTI Consulting

Analyst presentation

There will be an analyst presentation to discuss the results at 9.30am today at FTI Consulting, Holborn Gate, 26 Southampton Buildings, London WC2A 1PB. 

Those analysts wishing to attend are asked to contact Jack Hickey at FTI Consulting on [phone] or at [e-mail].