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Mattioli Woods PLC (MTW)

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Monday 19 October, 2020

Mattioli Woods PLC

AGM Statement

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

Canaccord Genuity Limited (Nominated Adviser and Joint Broker)

David Tyrrell

Emma Gabriel

Tel: +44 (0) 20 7523 8000

Tom Diehl

N+1 Singer (Joint Broker)

Justin McKeegan

Pete Steel

Tel: +44 (0) 20 7496 3000

Tom Salvesen


Media enquiries:


Ed Gascoigne-Pees

Tel: +44 (0) 20 3757 4984


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