News

26 January 2010

Interim Results

Mattioli Woods plc (AIM: MTW.L), the specialist pensions consultancy, today reports its Interim Results for the six months ended 30 November 2009.

Highlights

Adjusted EPS¹² up 3.2% to 9.04p (1H09: 8.76p)
Profit before tax and amortisation1 up 1.4% to £2.16m (1H09: £2.13m)
Interim dividend up 26.1% to 1.45p (1H09: 1.15p)
EBITDA margin improved to 34.4% (1H09: 31.8%)
Revenue down 3.8% to £6.59m (1H09: £6.85m)
Net cash at period end £4.66m (1H09: £1.50m)
Core funds under trusteeship up 5.7% to £1.48bn (1H09: £1.40bn)
Core scheme numbers up 2.7% to 2,584 (1H09: 2,517)
Appointed agent to The Freedom SIPP Limited

Commenting on the Final Results, Bob Woods, Executive Chairman, said:

"I am pleased to report another solid set of results for the six months ended 30 November 2009. Our trading results continue to demonstrate the Group's ability to withstand the challenging investment conditions left in the wake of the credit crisis.

"Clients quite rightly remain cautious of the prevailing economic and investment conditions, which has tended to delay the timing of their investment decisions and led to lower investment-related revenues in the first half. However, we have been encouraging clients to move away from overly defensive positions and commenced a comprehensive review of our clients' investment strategies in October.

"With clients moving away from defensive asset allocations, changes to the personal tax regime and a general election scheduled for the first half of the 2010 calendar year, conditions are favourable for an increase in investment activity and demand for advice in the second half of our financial year.

"We have shown in both good and bad economic conditions that we have a robust business model, which can deliver additional shareholder value through:

organic growth from the development of existing and new client relationships;
the development of new revenue streams from existing service lines; and
the acquisition of similar or complementary businesses.

"I expect revenues to be weighted towards the second half and current trading remains in line with our expectations. We continue to invest for the future, particularly in recruitment and our 'small to big' change management initiative. We are establishing a platform from which to provide our personalised, advice-led services to a much larger client base. I remain confident we can capitalise on the acquisition opportunity and deliver profitable growth over the coming years."

The full results are available to view and download in PDF format.

For further information please contact:

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:

Financial Dynamics Limited
Ed Gascoigne-Pees / Nick Henderson	Tel: +44 (0) 20 7269 7114
ed.gascoigne-pees@fd.com	www.fd.com

Analyst presentation

There will be an analyst presentation to discuss the results at 9.30am today at Financial Dynamics, Holborn Gate, 26 Southampton Buildings, London WC2A 1PB.

Those analysts wishing to attend are asked to contact Kat Bloom at Financial Dynamics on +44 20 7269 7223 or at kat.bloom@fd.com.

1 Before amortisation of intangible assets other than computer software
2 Basic EPS up 3.6% to 8.33p (1H09:8.04p)