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Mattioli Woods looks to grow restricted advice offering

Pensions and wealth management business Mattioli Woods says it is looking to grow its restricted advice offering after reporting a 33.3 per cent rise in revenue for the year to 31 May.

Revenue climbed to £20.5m from £15.4m in 2011, while adjusted pre-tax profit rose 2.2 per cent to £5.1m from £5m reported for 2011.

The company also saw assets under administration and advice climb 31.3 per cent higher to £3bn, up from £2.3bn.

The group announced it was committed to restricted advice for its own Sipp and investment products and could provide restricted advice in other areas.

Executive chairman Bob Woods says: “Increasingly, we are both provider and adviser, a forward-looking and innovative approach designed to better meet clients’ needs.

“I anticipate the current economic environment will drive investors to focus on seeking-out best value and I am excited about the launch earlier this month of our new discretionary portfolio management service, which offers a more cost effective and efficient investment process for our clients and enhanced recurring revenue streams for ourselves.”

The company also announced a 12.1 per cent increase in the proposed total dividend for the year, rising to 5.55 pence per share.

Woods adds: “I believe the group is now better-positioned than ever to compete in the post-RDR world and we will continue investing in the business to secure further profitable growth, underpinned by strong recurring revenues.”

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