Wealth management specialist and Made in the Midlands Patron Mattioli Woods has announced a 27% increase in pre-tax profits to almost £10m.
The East Midlands-based firm has declared itself firmly on course to meet its long-term aspirations.
Figures released by the company show revenues were up 16.2% to £58.7m for the year ending May 31, 2018 underpinned by strong organic growth of 15.6% compared to 11.6% in 2017.
Other highlights in its annual report included cash reserves of more than £20m, major investment in technology, compliance and training, and a reduction in costs to its clients.
Chief Executive Officer Ian Mattioli (pictured) said: “We continue to invest in the group as we look to build on our success to date.
“I am delighted with the performance of our business over the last financial year and believe we are well positioned to progress further towards the ambitious longer-term goals we have set.”
Mattioli Woods – which also specialises in employee benefits – revealed it had attracted more than 1,300 new clients during the year, while recurring revenues stood at 84.8%.
In addition, it grew its pool of consultants from 115 to 134.
Mr Mattioli also pointed to the strong performance of recently acquired businesses – and hinted that more could follow.
In August, the company acquired Oldbury-based Broughtons Financial Planning, which it said had a similar culture to Mattioli Woods.
Mr Mattioli said: “(This) gives us new opportunities to grow and develop the client offering of the combined business. With increasing complexity and continuing consolidation across the key markets in which we operate, we expect there will be further opportunities to accelerate our growth by acquisition.
“Where there are opportunities to bring other great businesses into the group we will consider doing so. We continue to look for those opportunities.”
Pre-tax profit rose 27% to £9.8m, while total client assets rose 10% to £8.73bn, with discretionary assets under management rising 29% to £2.34bn.
Mattioli Woods has proposed a final dividend of 11.5p a share. This brings its total dividend for the year to 17.0 pence a share, a rise of 21%.
