News
19 February 2008
Interim Results
Mattioli Woods plc (AIM: MTW.L), the specialist pensions consultancy, reports its Interim Results for the six months ended 30 November 2007.
Financial highlights
- Turnover up 22.1% to £5.30m (1H07: £4.34m)
- PBT up 15.8% to £1.83m (1H07: £1.58m)
- EPS up 15.9% to 7.3p (1H07: 6.3p)
- Interim dividend up 17.6% to 1.00p (1H07: 0.85p)
- Core funds under trusteeship £1.1bn (1H07: £0.8bn)
- Cash at period end £2.23m (1H07: £1.59m)
Operational highlights
- Number of core schemes increased to 2,032 (1H07: 1,492)
- Average scheme value of £0.53m (1H07: £0.51m)
- Organic growth of 8.6% in SIPP numbers (1H07: 6.4%)
- Investing in recruitment and technology to increase capacity
- PCL acquired in July 2007 and fully integrated
- Michael Kershaw appointed as second independent director
In addition, the Group is pleased to announce the acquisition of the trade and assets of John Bradley Financial Services (“JBFS”) and North Star SIPP LLP (“North Star”) (together “the JB Group”) on 18 February 2008 for a cash consideration of up to £2.59 million. As stated in an announcement dated 19 February 2008, the acquisition of the JB Group enhances Mattioli Woods’ consultancy offering and consolidates the Group’s position in what remains a highly fragmented market.
Since its admission to AIM, the Group has been committed to expanding the skills and range of experience represented on our Board of Directors. We are now pleased to announce the appointment of Michael Kershaw as a second independent non-executive director, following a highly successful career in investment banking with Dresdner Kleinwort Wasserstein and UBS.
Commenting on the Interim Results, Bob Woods, Executive Chairman of Mattioli Woods, said:
“We have continued to deliver strong growth over the six months ended 30 November 2007, with turnover up 22.1% and profit before tax up 15.8% compared to the same period last year. Organic growth in the number of self invested personal pension (“SIPP”) schemes we act for has been a healthy 8.6% (1H07: 6.4%), illustrating that the appeal of SIPPs is spreading to a much wider audience. We believe this also reflects the growing market presence of Mattioli Woods and a greater awareness of the bespoke services we provide.
“The recent difficulties in both credit and equity markets have made life more challenging for investment advisors generally. However, our experience is that demand for bespoke, high quality pension advice is increased during periods of uncertainty. Our first half results reflect this and the robust nature of our fee-based business model, which has multiple revenue streams and a high proportion of recurring income.
“Trading in the current period continues in line with expectations and I believe we are very well-placed to take advantage of new opportunities in our key markets as they continue to develop.”
For further information:
Mattioli Woods plc |
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| 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 Communications |
|
| Sarah Hollins / Louise Thornhill | Tel: +44 (0) 207 398 7783 |
| louise.thornhill@abchurch-group.com | www.abchurch-group.com |