29 June 2011
Trading Update and Notice of Final Results
Mattioli Woods plc (AIM: MTW.L), the specialist pensions consultancy, today issues the following trading update in advance of its Final Results for the financial year ended 31 May 2011, which are to be announced on Tuesday, 30 August 2011.
Bob Woods, Executive Chairman, comments:
"I am pleased to report trading for the second half and the year overall was in line with the board's expectations. Our recent acquisitions have bedded in well and contributed positively to the period's results.
"I am particularly pleased our investment strategies continue to perform well against a backdrop of uncertain markets. These initiatives have been well supported by our clients, with an increase in traditional investment activity and direct commercial property investment over the last six months.
"Earlier this year I set out how the Government's new pensions legislation, introducing increased flexibility around pension wealth, heralds an exciting new era for the industry. The planning we have done with clients ahead of these changes receiving Royal Assent in July has driven increased fee-based revenues in recent months. Our reputation for technical excellence has served us well and continues to drive a healthy flow of new business enquiries.
"We remain committed to a fee-based business model, which underpins our principles of impartiality and fairness. I have highlighted previously how the FSA's Retail Distribution Review ("RDR") is likely to have a profound impact on many IFAs, creating dynamic prospects for specialists in the advisory market. I believe the RDR and the Government's introduction next year of the National Employment Savings Trust ("NEST"), which will cause almost all employers to review their corporate pension strategies, will combine to create very real opportunities for Mattioli Woods.
"We expect this to drive continued revenue growth, albeit with a short term contraction in operating margin as a result of our increasing investment in infrastructure and brand to ensure we can take full advantage of these opportunities. The development of our discretionary fund management service is progressing well, with its launch now expected to be later this year, pending finalisation of the platform and associated regulatory permissions. Test marketing indicates there is strong demand for this service within our client base.
"We aim to enhance this exciting extension to our services with further strategic acquisitions, and I look forward to Mattioli Woods gaining more territory within the UK's fast-growing wealth management sector."
Notice of Final Results
Mattioli Woods will be announcing its Final Results for the year ended 31 May 2011 on Tuesday, 30 August 2011.
An analyst briefing given by Bob Woods, Executive Chairman and Nathan Imlach, Finance Director will be held at 09:30 hrs on 30 August 2011 at Financial Dynamics Limited, Holborn Gate, 26 Southampton Buildings, London, WC2A 1PB.
Those analysts wishing to attend are asked to contact Justine Cording at Financial Dynamics Limited on +44 (0) 20 7269 7265 or at firstname.lastname@example.org.
For further information please contact:
Mattioli Woods plc
Ian Mattioli, Chief Executive
Nathan Imlach, Finance Director
Evolution Securities Limited
Notes to editors
Mattioli Woods is one of the UK's leading and fastest growing providers of specialist pension consultancy and retirement wealth management. Its core services and advice are targeted towards the higher end of the market including controlling directors, professionals, owner-managed businesses and small to medium-sized PLCs.
The Group is focused on the application and administration of self-invested personal pensions ("SIPPs") and small self-administered pension schemes ("SSASs"). Through Mattioli Woods and its subsidiary City Trustees Limited, a provider of bespoke pensions administration, the Group now advises over 4,000 pension fund clients throughout the UK with funds under trusteeship in excess of £2.1 billion.
Mattioli Woods has a focus on providing the highest level of personal advice, maintaining very close relationships with all its clients. The strength of its personal relationships has led to high levels of client satisfaction, retention and referrals.
Mattioli Woods provides clients with the following:
• Pensions and investment consultancy.
For more information please visit www.mattioli-woods.com and www.citytrustees.com.
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