13 October 2011
Mattioli Woods plc (AIM: MTW.L), the specialist pensions consultancy and wealth management business, announces that at the Group’s Annual General Meeting held today, all resolutions put to shareholders by the Board were duly passed.
Speaking at the meeting, Bob Woods, Executive Chairman, said: “I am pleased to report further growth in revenues in the first quarter of the current financial year, compared to the equivalent period last year.
“As I set out in our recent Final Results statement, we have seen the anticipated contraction in margin as we invest to secure continued growth. Current trading is in line with the Board’s expectations.
“However, global financial markets remain highly volatile. Last week, Moody’s downgraded the credit rating of 12 UK financial firms, including Lloyds TSB, RBS, Nationwide and Santander UK, believing the UK government is less likely to support certain firms if they get into trouble.
“These concerns, coupled with the Bank of England governor Mervyn King’s comment that this financial crisis could be the worst the UK has ever seen, are likely to adversely impact clients’ investment appetite. However, as in previous periods of volatility, I expect an increased demand for advice to demonstrate the resilience of our fee-based approach.
“I also anticipate a changing mix in investment-related revenues, with greater demand for structured product and direct property investment as we counsel clients to adopt more defensive positions. To develop the property syndicate initiative outside our own client base, this element of our business has been transferred into a separately regulated subsidiary, Custodian Capital Limited. Following a period of tight supply, we are seeing a greater number of new opportunities. As a result, I expect syndicate revenues to be weighted towards the second half of this financial year.
“Our recent acquisition of the employee benefits and wealth management business Kudos Independent Financial Services Limited, is bedding-in well, with a promising number of new enquiries arising from our joint marketing initiatives. First half profits will be impacted by approximately £0.35 million of one-off costs associated with the acquisition, including the consolidation of Kudos’ London operations within the Group’s existing offices at High Holborn.
“Although challenging market conditions are likely to persist for the foreseeable future, we remain excited about the opportunities to secure further growth, both organically and by acquisition, as the Group continues to make good progress developing our broader wealth management business.”
For further information please contact:
Mattioli Woods plc
Ian Mattioli, Chief Executive
Nathan Imlach, Finance Director
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