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Mattioli Woods dividend payout up 25% as profits rise

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Pensions and wealth management business Mattioli Woods has increased its dividend payout by a quarter as its pre-tax profits rose 26 per cent in the six months to 30 November.

Its preliminary results, published today, show profits climbed from £2m in the six months to 31 May to £2.5m.

The consultancy saw revenues increase by 29 per cent to £11.3m, up from £8.7m as its client assets grew from £2.9bn to £3.24bn, a 13.3 per cent increase.

It also hired nine more consultants over the half year meaning it now has 55 on its books. The firm says the boost to business has been driven by recent acquisitions including Kudos Financial Services, which Mattioli bought for £8.7m in August 2011.

The firm also credited the decision to focus on its restricted advice offering in August by launching a discretionary portfolio management service.

Executive chairman Bob Woods says the new addition is now fully integrated with the larger firm and it will increase its dividend payments by a quarter.

He says: “Against this backdrop, the board is pleased to recommend the payment of an increased interim dividend, up 25.9 per cent to 2.33p 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.”

In August 2010, Mattioli Woods acquired Lighthouse’s pension administration business, City Pensions/City Trustees, for £1.85m. In May that year, it also acquired pension administration and employee benefits businesses Cooper Parry Wealth Strategies for £1.175m.

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