Mattioli Woods PLC AGM Statement (6357U)
October 26 2017 - 2:00AM
UK Regulatory
TIDMMTW
RNS Number : 6357U
Mattioli Woods PLC
26 October 2017
26 October 2017
Mattioli Woods plc
("Mattioli Woods" or "the Group")
AGM Statement
Mattioli Woods plc (AIM: MTW.L), the specialist wealth
management and employee benefits business, will hold its Annual
General Meeting at 10.00am today, at which the Group's Chairman,
Joanne Lake, will make the following statement:
"In September, we were pleased to report the year ended 31 May
2017 had been another year of strong growth, with the Group
achieving a significant milestone in generating annual revenues of
over GBP50 million.
"We are proud of the shareholder returns we have delivered over
many years and remain committed to growing our dividend, proposing
a 12.8% increase in the total dividend for the year ended 31 May
2017 at today's meeting.
"We have secured further strong revenue growth in the first four
months of this financial year, with the bespoke investment services
the Group has developed, comprising our Discretionary Portfolio
Management service, Private Investors Club, Custodian REIT plc and
the Mattioli Woods Structured Products Fund enjoying aggregate net
inflows of over GBP100 million, more than double the net inflows in
the equivalent period last year.
"Revenue growth in the year to date includes a full four months'
contribution from the MC Trustees pension administration business
acquired in September 2016 and the Group's associate company, Amati
Global Investors, has enjoyed strong growth with the value of funds
under management increasing from GBP120 million at the date of our
investment to GBP199 million today.
"We are also experiencing real momentum in new client wins,
which are significantly ahead of the prior year. Although there is
some caution around markets I believe the Group is very well placed
to continue to succeed. The inherent flex within our business model
will allow us to adapt to meet the needs of our clients in what
will be a changing marketplace, with a key part of our strategy
being to lower the cost of the services we provide while growing a
long-term sustainable business.
"Investment in the Group's infrastructure continues in line with
expected spend, with pilot testing of our new client online portal
to be rolled out over the next few weeks and the move to a new
central Leicester office remaining scheduled for the second quarter
of 2018.
"Strong growth in revenue in the year to date has translated
into strong growth in EBITDA, with EBITDA margin for the first four
months tracking ahead of target. Certain costs associated with
marketing and IT development will be weighted towards the second
half of the financial year and our profit outlook for the year is
in line with management's expectations.
"Our focus remains on ensuring the Group addresses our clients'
changing needs, broadening our proposition through advice and
innovative product development, organically and by acquisition, to
secure further profitable growth going forward."
- Ends -
For further information please contact:
Mattioli Woods plc
Joanne Lake, Chairman Tel: +44 (0) 116 240
8700
Ian Mattioli, Chief Executive www.mattioliwoods.com
Nathan Imlach, Chief Financial
Officer
Canaccord Genuity Limited
Sunil Duggal Tel: +44 (0) 20 7523
8350
Andrew Buchanan www.canaccordgenuity.com
Media enquiries:
Camarco
Ed Gascoigne-Pees Tel: +44 (0) 20 3757
4984
www.camarco.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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