30 August 2011
Mattioli Woods plc (AIM: MTW.L), the specialist pensions consultancy, today reports its Final Results for the year ended 31 May 2011.
To download the full results in PDF format, click here.
Highlights• Revenue up 12.3% to £15.36m (2010: £13.68m)
• Adjusted EPS¹² up 14.1% to 21.22p (2010: 18.60p)
• Adjusted profit before tax² up 9.8% to £4.95m (2010: £4.51m)
• Proposed total dividend up 13.8% to 4.95p (2010: 4.35p)
• Assets under administration and advice up 21.7% to £2.30bn (2010: £1.89bn)
• Strong balance sheet with net cash at period end of £4.61m (2010: £5.79m)
• Acquisition of City Trustees in August 2010
• Helen Keays appointed as non-executive director
• Acquisition of Kudos, an employee benefits and wealth management business, in August 2011
1Basic EPS up 10.1% to 18.94p (2010: 17.20p).
Commenting on the Final Results, Bob Woods, Executive Chairman, said:
"I am delighted to report another strong set of results and our sixth year of growth on AIM. Recent changes in pension legislation, combined with other market developments such as the demise of defined benefit pensions, all lead to an increasing need for people to plan for their own financial futures. I expect demand for impartial advice and our ‘trusted adviser' status to deliver further growth against a backdrop of deep changes in the world's economies.
"This morning we have announced the acquisition of Kudos, an employee benefits and wealth management business based in Aberdeen, with offices in Glasgow and London. Kudos is an excellent cultural and strategic fit with Mattioli Woods, offering real synergies for both organisations, including the ability to promote additional services to existing and prospective clients of each business.
"Trading in the current period is in line with the Board's expectations and despite the challenges presented by volatile financial markets and economic uncertainty, the outlook is positive as we develop complementary services for our clients, including a Discretionary Fund Management ("DFM") platform we plan to launch later this year. Our reputation as a specialist pensions consultancy provides a strong foundation from which to drive continued revenue growth, albeit with a short term contraction in margin as we invest in the business to take advantage of new opportunities.
"The Board is pleased to recommend the payment of a final dividend of 3.30 pence per share, making a total dividend for the year of 4.95 pence, an increase of 13.8% on last year. The acquisition of Kudos and development of our DFM services herald a new chapter for our business and I look to the future with confidence."
For further information please contact:
Mattioli Woods plc
Ian Mattioli, Chief Executive
Nathan Imlach, Finance Director
Canaccord Genuity Limited
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 Jack Hickey at Financial Dynamics on +44 20 7269 7196 or at firstname.lastname@example.org.
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