Mattioli Woods: RDR helped boost revenue by 15%

Bob Woods, executive chairman of discretionary manager and self-invested personal pension provider Mattioli Woods, said the business was well positioned to grow in the post-RDR world as he confirmed the company’s yearly results.

Revealing plans for further investment in information technology, training and recruitment over the next 12 months, Mr Woods reported total client assets under management, administration and advice increased by 20.5 per cent to £3.64bn at 31 May 2013, with £301.9m of assets added on the acquisition of Ashcourt Rowan’s pension business in April 2013.

These figures are in line with what the company predicted in a trading update on 27 June.

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Bob Woods, executive chairman of Mattioli Woods, said: “The RDR heralded a period of unprecedented change in our sector, creating enormous opportunities.

“Revenue was up 14.3 per cent to £23.41m which, coupled with an earnings before interest, taxation, depreciation and amortisation margin of 24.6 per cent and lower corporate tax rates, resulted in adjusted earnings per share increasing 12.2 per cent to 24.29p.

“The board is pleased to recommend a 26.1 per cent increase in total dividend for the year to seven pence per share and remains committed to growing the dividend, while maintaining an appropriate level of dividend cover.”

“I have enormous conviction in our strategy and look forward to Mattioli Woods delivering first class services to our clients and further sustainable growth to our shareholders over the coming year.”

Last month (30 July), Mattioli Woods acquired Newmarket-based employee benefits and wealth management business Atkinson Bolton Consulting for almost £6m.

The company also this year took on the embattled HD Sipp. Mr Woods subsequently told FTAdviser the “vast majority” of schemes in the Sipp may not be able to recover funds due in part to a £12m hole in the pension’s bank statement.