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Mattioli Woods posts 11% profit increase

Mattioli Woods has recorded a £5.1m pre-tax profit for the year to the end of May 2014, up 11 per cent from £4.6m in the previous year.

Revenue at the wealth management firm increased 25 per cent from £23.4m in 2013 to £29.3m this year, while total client assets rose by 27 per cent from £3.6bn to £4.6bn.

In August, Mattioli Woods completed the acquisition of Ashcourt Rowan’s pension administration business UK Wealth Management for a total cash consideration of up to £355,000.

Last year, Mattioli Woods bought advice business Atkinson Bolton in a deal worth up to £6m. The business has contributed £2.7m to revenue and £400,000 to the group profit since acquisition.

It rebranded both Atkinson Bolton and previously acquired Kudos in June this year. 

Mattioli Woods executive chairman Bob Woods says: “With increasing complexity and continuing consolidation in both the Sipp and other key sectors in which we operate, we are confident there will be new opportunities to expand Mattioli Woods’ operations, both organically and by acquisition. 

“I believe our ability to deliver proactive advice with a growing suite of our own products and services is a powerful combination, which will keep the group well positioned to secure further profitable growth over the coming years.”

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