News
02 September 2008
Preliminary Results
Mattioli Woods plc (AIM: MTW.L), the specialist pensions consultancy, today reports its Final Results for the year ended 31 May 2008.
Financial highlights
| Revenue up 20.3% to £10.83m (2007: £9.00m) | |
| Profit before tax and amortisation up 14.4% to £3.73m (2007: £3.26m) | |
| Adjusted EPS* up 16.4% to 15.6p (2007: 13.4p) | |
| Proposed final dividend up 17.6% to 2.0p (2007: 1.7p) | |
| Advising on £1.35bn (2007: £0.82bn) of core funds under trusteeship | |
| Cash at period end of £2.54m (2007: £2.80m) |
*Before amortisation of intangible assets. Basic EPS up 11.7% to 14.3p (2007: 12.8p)
Operational highlights
| Organic growth of 18.3% in SIPP numbers (2007: 21.1%) | |
| Two acquisitions completed and fully integrated | |
| Core SSAS and SIPP scheme numbers increased to 2,446 (2007: 1,603) | |
| — 358 core schemes acquired with PCL in July 2007 | |
| — 290 core schemes acquired with JB Group in February 2008 | |
| Average core scheme value of £0.55m (2007: £0.51m) | |
| Michael Kershaw appointed as second Non-Executive Director | |
| Mark Smith appointed as Operations Director | |
| Introduction of Share Incentive Plan in June 2008 | |
| Self-investment of protected-rights monies possible from October 2008 |
Commenting on the Final Results, Bob Woods, Executive Chairman of Mattioli Woods, said:
“I am pleased to report another year of strong results with continued earnings growth. The Group successfully completed two acquisitions and core funds under trusteeship have risen to over £1.35bn. The self invested personal pension (“SIPP”) market remains strong, providing us with exciting opportunities for continued organic growth and potential acquisitions in what is still a fragmented marketplace.
“Events in both credit and equity markets over the last year have made life more challenging for investment advisers generally and the economic outlook for the UK remains uncertain. Our experience is that economic downturns generally lead to a greater interest in pensions amongst those on the ‘flight path to retirement’. Individuals who have accumulated the most substantial pension funds are generally those who are in greatest need of impartial retirement wealth management advice. This is the advice Mattioli Woods provides.
“Trading in the current period continues to be in line with expectations and it is with real enthusiasm that I look forward to continuing to grow our business over the next 12 months.”
The full results are available to view and download in PDF format.
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/ Nick Probert nick.probert@abchurch-group.com |
Tel: +44 (0) 20 7398 7700 www.abchurch-group.com |