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Investor News

31 January 2012

Interim Results

Mattioli Woods plc (AIM: MTW.L), the specialist pensions consultancy and wealth management business, today reports its Interim Results for the six months ended 30 November 2011.

Highlights

• Revenue up 17.0% to £8.69m (1H11: £7.43m)
• Adjusted profit before tax¹ down 17.4% to £2.00m (1H11: £2.42m)
• Adjusted EPS¹² down 18.7% to 8.57p (1H11: 10.54p)
• Interim dividend up 12.1% to 1.85p (1H11: 1.65p)
• Assets under administration and advice up 28.8% to £2.86bn (1H11: £2.22bn)
• Acquisition of Kudos in August 2011 and integration progressing well
• Custodian Capital launched in October 2011
• Strong balance sheet with net cash at period end of £3.36m (1H11: £1.75m)

1 Before acquisition costs expensed under IFRS3 (Revised), amortisation and impairment of intangible assets other than computer software.
2 Basic EPS down 36.3% to 5.61p (1H11: 8.80p).

Commenting on the Interim Results, Bob Woods, Executive Chairman, said:

"I am pleased to report further progress in the development of the Group, with the recent Kudos acquisition bedding-in well.

"Although revenues were up during the period, adjusted profit before tax fell. We had anticipated a contraction in margin as we invest in the business to secure continued growth, which was coupled with a slowdown in investment activity in the first half. Our response to the Eurozone crisis has been to keep clients informed and recommend the maintenance of defensive positions. While uncertainties over Europe persist, we expect to see increased activity in the second half of this financial year as we advise on the repositioning of clients' retirement and investment strategies.

"We are awaiting permission from the FSA to launch our new discretionary portfolio management service ("DPM"), which will provide a lower cost and more efficient investment process for certain clients, while enhancing our recurring revenue streams.

"I am also pleased to announce the payment of an increased interim dividend, up 12.1% to 1.85 pence (1H11: 1.65 pence) per ordinary share. We remain committed to growing the dividend sensibly, whilst maintaining an appropriate level of dividend cover."

Ian Mattioli, Chief Executive, said:

"Our total assets under administration and advice were up 28.8% to £2.86bn at the period end (1H11: £2.22bn), with the total number of SIPP and SSAS schemes serviced by the Group up 4.1% to 4,525 (1H11: 4,348).

"Kudos has proven to be an excellent cultural fit and represents an exciting step forward in the development of the Group as a broader wealth management business.

"Our updated brand has been well received and we are starting to see our investment in this and other marketing initiatives bear fruit, with the launch of DPM set to significantly enhance our wealth management proposition. I anticipate we will see increased activity during the remainder of this financial year. If this proves to be the case, I believe we can maintain our record of revenue and profit growth for the full year."

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Analyst presentation

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 FTI Consulting on +44 20 7269 7196 or at jack.hickey@fticonsulting.com.