Mattioli Woods PLC AGM Statement (3911C)
October 19 2020 - 2:00AM
UK Regulatory
TIDMMTW
RNS Number : 3911C
Mattioli Woods PLC
19 October 2020
19 October 2020
Mattioli Woods plc
("Mattioli Woods", "the Company" or "the Group")
AGM Statement
Mattioli Woods (AIM: MTW.L), the specialist wealth management
and employee benefits business, will hold its Annual General
Meeting at 10.00 a.m. today, at which the Group's Chairman, Joanne
Lake, will make the following statement:
"We remain dedicated to maintaining our culture of putting
clients first and building a business, through responsible
integration, that is sustainable over the long-term. In September,
we were pleased to report the year ended 31 May 2020 had been
another successful year, delivering further growth in revenue and
profitability, despite the political and economic uncertainties
that persisted throughout the period".
"Our financial result and adjusted EBITDA margin for the year
were significantly ahead of budget, primarily as a result of the
one-off reduction in bonuses and other cost savings made in
response to the COVID-19 pandemic. In addition, adoption of the new
accounting standard IFRS 16 decreased other administrative expenses
and increased depreciation and interest on lease liabilities" .
"We continue to operate in an agile manner, adapting our
approach with new clients. The number of new clients on-boarded in
the first four months of this new financial year is in line with
the prior year, which is pleasing given the very different
circumstances we are experiencing. Market stability has shown signs
of improving, despite the ongoing political and macro-economic
uncertainty, with net inflows into the Group's investment and asset
management services at the same level as the equivalent period last
year".
"We are committed to growing the dividend, while maintaining an
appropriate level of dividend cover. However, as previously
announced, the Board believes it is prudent at this time to protect
the Group's financial position and balance the interests of all
stakeholders. Accordingly, the Board is pleased to propose a final
dividend of 12.7p per share (2019: 13.67p) at today's meeting,
which makes a proposed total dividend for the year of 20.0p per
share, in line with the prior year. We recognise the huge effort of
our people and their contribution to delivering these results. In
line with our desire to balance the interests of all stakeholders,
we have recently paid interim bonuses in respect of the current
financial year to all staff, other than senior executives and
directors".
"After 15 years as Chief Financial Officer, Nathan Imlach is
standing down from the Board today to continue as Chief Strategic
Adviser to the Group, where his focus will be on the Group's
strategic direction and acquisitions. Nathan has been instrumental
to the success of the Group and we are delighted that we will
continue to benefit from his experience and insight in this new
role.
"As previously announced, Ravi Tara, Michael Wright and Iain
McKenzie will join the Board immediately following regulatory
approval of their appointments and Nathan will continue to support
the Board during this period until approvals are received. The
Board also intends to appoint additional non-executive directors
and the Group is in discussion with potential candidates".
"Despite the continued caution around markets, there remains a
significant opportunity for Mattioli Woods as people seek to take
charge of their money, review their financial arrangements and
manage this through the generations. Our personalised approach,
transparent fee structure and desire to build long-term
relationships with our customer's leave us well placed for the
future. Consequently, we remain positive about the Group's growth
prospects given our resilient operating model and all the actions
we have taken to reinforce our financial position".
"We expect that uncertainty around Brexit and the impact of
COVID-19 will continue to influence investor and consumer sentiment
in the short-term, but we are confident that our ability to address
the changing needs of our clients will position us well to secure
future growth, both organically and through further strategic
acquisitions, in order to deliver sustainable shareholder returns.
Current trading is in line with management's expectations and we
remain focused on client service, responsibly integrating asset
management and financial planning to build upon our established
reputation for delivering sound advice and consistent investment
performance ."
- Ends -
For further information please contact:
Mattioli Woods plc
Ian Mattioli MBE, Chief Executive Officer
Ravi Tara, Group Finance Director Tel: +44 (0) 116 240
8700
Michael Wright, Group Managing Director www.mattioliwoods.com
Canaccord Genuity Limited (Nominated Adviser
and Joint Broker)
David Tyrrell
Emma Gabriel Tel: +44 (0) 20 7523 8000
Tom Diehl www.canaccordgenuity.com
N+1 Singer (Joint Broker)
Justin McKeegan
Pete Steel Tel: +44 (0) 20 7496 3000
Tom Salvesen www.n1singer.com
Media enquiries:
Camarco
Ed Gascoigne-Pees Tel: +44 (0) 20 3757 4984
www.camarco.co.uk
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END
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