Trading Update and Notice of
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Press Release |
26 November 2009 |
Mattioli Woods plc
("Mattioli Woods" or "the Group")
Trading Update and Notice of Interim Results
Mattioli Woods plc (AIM: MTW.L), the specialist pensions consultancy, today issues the following trading update for the six months ending 30 November 2009 in advance of its Interim Results, which will be announced on Tuesday, 26 January 2010.
Bob Woods, Executive Chairman, comments:
"Our trading results for the first half of the financial year continue to demonstrate the Group's ability to withstand challenging market conditions. More than a year on from the height of the credit crisis, it is evident the advice we gave to clients has been effective.
"I noted at our AGM last month that although investment markets were still far from normal, many clients had expressed an appetite to move away from a defensive position and pursue a more positive approach. Whilst this is still the case, clients remain cautious of the prevailing economic and investment conditions, which is having an impact on the timing of investment decisions.
"The Bank of England base rate remains at a historic low, reducing banking-related revenues and making the structuring of capital-guaranteed products more difficult. However, lower than expected investment-related revenues in the first half have been partially offset by an increase in time-based fees and greater activity in our property syndicate business. Margins are improving as a result of operational efficiencies and lower employee benefits costs linked to revenue.
"Total client funds under trusteeship stand at over £1.5 billion and include more than £300 million held in cash. In October, we commenced a review of investment strategy for every client, which is ongoing, giving strategic advice on equities, property, fixed interest investments and cash. Early feedback indicates this initiative has been well-received by clients. I expect this to drive growth in investment-related revenues over the rest of the financial year and remain confident our year-end results will be in line with the Board's expectations.
"Organic growth in scheme numbers during the period has been held back by the consultancy team's continuing focus on advising existing clients. In response, we have now restructured the team to create greater capacity to target new business. The credit crisis has led to prospective clients being more cautious, with the time taken to convert new enquiries lengthening. However, our enquiry pipeline remains healthy.
"We continue to invest for the future, particularly in our 'small to big' change management initiative and recruitment. These initiatives will create additional capacity, allowing us to manage greater business volumes in the future and accommodate our plans for further acquisitions.
"We remain focused on maintaining strong client relationships, delivering impartial and proactive advice. I believe we continue to be well-positioned to take advantage of new opportunities as the economy recovers to build upon our track record of profitable growth."
Notice of Interim Results
Mattioli Woods will be announcing its Interim Results for the six months ending 30 November 2009 on Tuesday, 26 January 2010.
An analyst briefing given by Bob Woods, Executive Chairman, Ian Mattioli, Chief Executive and Nathan Imlach, Finance Director will be held at 09:30 hrs on Tuesday, 26 January 2010 at Financial Dynamics Limited, Holborn Gate, 26 Southampton Buildings, London, WC2A 1PB.
Those analysts wishing to attend are asked to contact Kat Bloom at Financial Dynamics on +44 (0) 20 7269 7223 or at kat.bloom@fd.com.
- Ends -
For further information please contact:
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Mattioli Woods plc |
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Bob Woods, Executive Chairman |
Tel: +44 (0) 116 240 8700 |
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bob.woods@mattioli-woods.com |
www.mattioli-woods.com |
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Ian Mattioli, Chief Executive |
Tel: +44 (0) 116 240 8700 |
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ian.mattioli@mattioli-woods.com |
www.mattioli-woods.com |
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Nathan Imlach, Finance Director |
Tel: +44 (0) 116 240 8700 |
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nathan.imlach@mattioli-woods.com |
www.mattioli-woods.com |
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Evolution Securities Limited |
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Joanne Lake, Corporate Finance |
Tel: +44 (0) 113 243 1619 |
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joanne.lake@evosecurities.com |
www.evosecurities.com |
Media enquiries:
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Financial Dynamics Limited |
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Ed Gascoigne-Pees / Nick Henderson |
Tel: +44 (0) 20 7269 7114 |
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 has focused particularly on advice on the application and administration of self-invested personal pensions ("SIPPs") and small self-administered pension schemes ("SSASs"). Mattioli Woods now advises circa 3,000 pension fund clients throughout the UK with funds under trusteeship in excess of £1.5 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:
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Pensions and investment consultancy |
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Bespoke pension scheme administration and trusteeship, particularly for SIPP, SSAS and Group schemes. |
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In-house investment research and broking. |
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Property syndication. |
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Structuring of investment products tailored to a particular client's needs. |
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Assistance and advice with securing preferential banking arrangements for clients. |
For more information visit www.mattioli-woods.com
This information is provided by RNS
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