Mattioli Woods PLC AGM Statement (6357U)

TIDMMTW

RNS Number : 6357U

Mattioli Woods PLC

26 October 2017

 
   26 October 2017 
 

Mattioli Woods plc

("Mattioli Woods" or "the Group")

AGM Statement

Mattioli Woods plc (AIM: MTW.L), the specialist wealth management and employee benefits business, will hold its Annual General Meeting at 10.00am today, at which the Group's Chairman, Joanne Lake, will make the following statement:

"In September, we were pleased to report the year ended 31 May 2017 had been another year of strong growth, with the Group achieving a significant milestone in generating annual revenues of over GBP50 million.

"We are proud of the shareholder returns we have delivered over many years and remain committed to growing our dividend, proposing a 12.8% increase in the total dividend for the year ended 31 May 2017 at today's meeting.

"We have secured further strong revenue growth in the first four months of this financial year, with the bespoke investment services the Group has developed, comprising our Discretionary Portfolio Management service, Private Investors Club, Custodian REIT plc and the Mattioli Woods Structured Products Fund enjoying aggregate net inflows of over GBP100 million, more than double the net inflows in the equivalent period last year.

"Revenue growth in the year to date includes a full four months' contribution from the MC Trustees pension administration business acquired in September 2016 and the Group's associate company, Amati Global Investors, has enjoyed strong growth with the value of funds under management increasing from GBP120 million at the date of our investment to GBP199 million today.

"We are also experiencing real momentum in new client wins, which are significantly ahead of the prior year. Although there is some caution around markets I believe the Group is very well placed to continue to succeed. The inherent flex within our business model will allow us to adapt to meet the needs of our clients in what will be a changing marketplace, with a key part of our strategy being to lower the cost of the services we provide while growing a long-term sustainable business.

"Investment in the Group's infrastructure continues in line with expected spend, with pilot testing of our new client online portal to be rolled out over the next few weeks and the move to a new central Leicester office remaining scheduled for the second quarter of 2018.

"Strong growth in revenue in the year to date has translated into strong growth in EBITDA, with EBITDA margin for the first four months tracking ahead of target. Certain costs associated with marketing and IT development will be weighted towards the second half of the financial year and our profit outlook for the year is in line with management's expectations.

"Our focus remains on ensuring the Group addresses our clients' changing needs, broadening our proposition through advice and innovative product development, organically and by acquisition, to secure further profitable growth going forward."

- Ends -

For further information please contact:

 
 Mattioli Woods plc 
 Joanne Lake, Chairman             Tel: [phone] 
                                                   8700 
 Ian Mattioli, Chief Executive    www.mattioliwoods.com 
 Nathan Imlach, Chief Financial 
  Officer 
 
 
 Canaccord Genuity Limited 
 Sunil Duggal                    Tel: [phone] 
                                                 8350 
 Andrew Buchanan             www.canaccordgenuity.com 
 

Media enquiries:

 
 Camarco 
 Ed Gascoigne-Pees   Tel: [phone] 
                                     4984 
                          www.camarco.com 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

AGMUVRNRBKARUAA

(END) Dow Jones Newswires

October 26, 2017 02:00 ET (06:00 GMT)