Mattioli Woods PLC AGM Statement (4640Q)
21 October 2019 - 5:00PM
UK Regulatory
TIDMMTW
RNS Number : 4640Q
Mattioli Woods PLC
21 October 2019
21 October 2019
Mattioli Woods plc
("Mattioli Woods" 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 are dedicated to maintaining our culture of putting clients
first, building a business that is sustainable over the long-term.
In September, we were pleased to report that the year ended 31 May
2019 had been another successful year. Further growth in
profitability was driven by the economies of scale and operational
efficiencies that our integrated model offers, which we used to
reduce clients' costs by GBP3.1m and deliver sustainable
shareholder returns.
"We have enjoyed a return to revenue growth in the first four
months of this new financial year, with increases in direct SSAS
and SIPP fees and property management revenues offsetting the
impact of ongoing market and political uncertainty on the Group's
bespoke investment services, including a lower level of net inflows
than in the equivalent period last year.
"We have also driven some further margin improvement, with
additional efficiencies and cost savings realised following a
restructure of our client facing operations. These changes have
been designed to enhance client service and experience, receiving
positive feedback both internally and from clients.
"We remain committed to growing the dividend, while maintaining
an appropriate level of dividend cover. As previously announced,
the Board is pleased to propose a 17.6% increase in the total
dividend for the year at today's meeting.
"Murray Smith, Group Managing Director, is standing down from
the Board today to continue in a full-time role as Founder Director
to the Group, where his focus will be on his client portfolio,
acquisitions and acting as an ambassador for Mattioli Woods. Murray
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.
"Despite the continued caution around markets there remains a
significant opportunity for Mattioli Woods as people seek to take
charge of their money and manage it through the generations. At the
same time savings and investments are becoming more complicated and
regulatory requirements, and hence our investment in risk and
compliance resource, continue to increase.
"I believe our focus on expert advice and the inherent agility
within our business model will allow us to adapt to the changing
wealth and asset management marketplace. We continue to invest in
our people, technology and infrastructure as we look to build upon
our success to date. Our profit outlook for the year is in line
with management's expectations and we remain very well-positioned
to continue to grow, both organically and by acquisition, as we
progress further towards the ambitious longer-term goals we have
set."
- Ends -
For further information please contact:
Mattioli Woods plc
Ian Mattioli MBE, Chief Executive Officer
Nathan Imlach, Chief Financial Officer Tel: +44 (0) 116 240
8700
www.mattioliwoods.com
Canaccord Genuity Limited (Nominated Adviser
and Joint Broker)
Sunil Duggal
David Tyrrell Tel: +44 (0) 20 7523
8000
Thomas Diehl www.canaccordgenuity.com
N+1 Singer (Joint Broker)
Richard Lindley, Corporate Finance
Justin McKeegan, Corporate Finance Tel: +44 (0) 20 7496
3000
Tom Salvesen, Corporate Broking www.n1singer.com
Media enquiries:
Camarco
Ed Gascoigne-Pees Tel: +44 (0) 20 3757 4984
www.camarco.com
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END
AGMCKKDPKBDBQKB
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