Despite the turmoil of Covid-19, Mattioli Woods is pushing ahead with both organic and external growth, a testament to its confidence in its “resilient operating model”. The financial services group is actively seeking acquisitions, as outlined in its Annual General Meeting statement.
This comes after a reshuffling of the firm’s team, with former chief financial officer Nathan Imlach taking on the role of chief strategic adviser, where his focus will be on acquisitions and consolidation, and Ravi Tara taking over as CFO.
Group chairman of Mattioli Woods, Joanne Lake, spoke at the AGM: “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.”
In the year ending May 2020, Mattioli Woods saw its pre-tax profits increase by 36%, while operating profits jumped by over 30%.
At the onset of the pandemic, the company acted quickly to cut costs: all directors reduced their basic salaries, while bonuses were cancelled for the year, saving almost £3m.
Ms Lake commented: “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.
“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.”