News
12 December 2007
Trading Update
Mattioli Woods plc (AIM: MTW.L), the specialist pensions consultancy, today issues the following trading update in advance of its Interim Results for the six months ended 30 November 2007, which are to be announced on Tuesday, 19 February 2008.
Bob Woods, Executive Chairman, comments:
"I am pleased to report that we have continued to deliver strong growth over the first six months of this financial year, despite unsettled investment markets. Trading is in line with market expectations and demand for our pension consultancy services remains buoyant.
"Retirement wealth management revolves around long-term investment planning and the first half's trading has again proved the effectiveness of our fee-based revenue model and macro-level investment approach. In anticipation of difficult investment markets our clients were advised to take profits by degree. We have seen increasing client cash balances, which have led to higher bank commission income and will lead to increased investment planning work when more stable markets return.
"Our clients are able to take a long-term view and recognise the current commercial property market represents a buying opportunity. During the period we facilitated the creation of five new property syndicates on their behalf, with a total value of ??15.9 million (compared to ??9.6 million in the same period last year).
"We were delighted to announce the acquisition of Pension Consulting Limited ("PCL") in July 2007 and I am very pleased with the successful integration of PCL's business into the Group. We have seen strong demand for our pension consultancy and investment advice, with 100% retention of the acquired portfolio achieved to date.
"We are keen to take advantage of the current growth in the self-invested personal pension ("SIPP") market and are developing a number of new sales initiatives. In addition, our expectation that the final-salary market will wither over the next few years has been supported by our Group scheme team receiving five new instructions to provide consultancy on the wind-up of final salary schemes.
"The demand for bespoke pension advice and administration is spreading through a wider demographic and I believe we are well-placed to take advantage of the opportunities this is creating."
For further information:
| Mattioli Woods plc | |
| Bob Woods, Executive Chairman | Tel: +44 (0) 116 240 8700 |
| bob.woods@mattioli-woods.com | www.mattioli-woods.com |
| Ian Mattioli, Chief Executive | Tel: +44 (0) 116 240 8700 |
| ian.mattioli@mattioli-woods.com | www.mattioli-woods.com |
| Nathan Imlach, Finance Director | Tel: +44 (0) 116 240 8700 |
| nathan.imlach@mattioli-woods.com | www.mattioli-woods.com |
| Evolution Securities Limited | |
| Joanne Lake, Corporate Finance | Tel: +44 (0) 113 243 1619 |
| joanne.lake@evosecurities.com | www.evosecurities.com |
| Media enquiries: | |
| Abchurch | |
| Sarah Hollins/Justin Heath | Tel: +44 (0) 207 398 7700 |
| sarah.hollins@abchurch-group.com | www.abchurch-group.com |