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Mattioli Woods sees improved margins across first half
Pension consultancy and administration service Mattioli Woods saw "strong and sustainable growth" lead to an increase in revenue of 16% in the six months leading to 30 November 2017.
Revenue growth in the first six months of the year translated into an improved EBITDA as Mattioli Woods moved "substantially ahead" of its EBITDA margin target of 20% but noted that, as expected, operating costs associated with its ongoing IT development, the move to its new Leicester office and the "demands of new regulations" would be weighted towards the second half of the trading year.
Organic revenue grew 15% and total client assets at the end of the half came to £8.3bn.
Moving forward, chief executive Ian Mattioni said, "Acquisitions continue to be a core part of our growth strategy and we believe further consolidation within our core markets remains likely. Our strong balance sheet gives us the flexibility to make further value-enhancing acquisitions."
"The inherent flex within our business model allows us to adapt quickly to address our clients' changing needs. As we seek to broaden our proposition, organically and by acquisition, I expect Mattioli Woods' capabilities as adviser, provider and asset manager to deliver improved client outcomes and secure further profitable growth going forward," he added.
The group noted that its profit outlook for the remainder of the year remained in line with management's expectations with the company set to announce full results for the half on 6 February.
As of 1040 GMT, shares had grown 2.73% to 798.75p.