Mattioli Woods has said it will continue to seek growth through pursuing a ‘robust pipeline of bolt-on acquisitions’.
The wealth and advice group made the comment in a trading update in which it revealed revenue up 8% to £59.1m in the second half of 2023 and 374 client wins worth £82.2m in new assets.
The group’s total client assets fell slightly to £15.2bn from £15.3bn in the first half, which it attributed to market movements.
The firm added that it considers itself to be in a strong financial position, with £32.7m of cash on the books, and that the business has performed well despite ‘complex’ market conditions.
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To complement the growth achieved through takeovers, Mattioli Woods will also expand the training capacity of its Adviser Academy, and more than double the intake of trainees over the coming years.
Its core pension consultancy and employee benefits business segments have seen particularly strong demand following changes announced in the Autumn Statement, the group noted. Consumer Duty remains an important focus.
Turning to governance, the firm confirmed the December appointment of Alison McKinna as an independent non-executive director.
Chief executive Ian Mattioli commented: “I am pleased to report revenue growth in the first six months of this financial year, despite the challenging macroeconomic backdrop that continues to affect client sentiment and market value of clients’ assets.
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“We continue to focus on the integration of recently acquired businesses, with realisation of revenue synergies across the group remaining a priority.
“We also completed a detailed review of our current investment offering for clients during the period which has identified opportunities for enhancing group revenues whilst reducing clients’ costs. Our focus will now shift to implementing these strategic changes for the benefit of both our clients and shareholders.”
