Mattioli Woods profit rises 3.7% as cost cuts buoy margins

Wealth management and employee benefits company Mattioli Woods posted a 3.7% rise in first-half profit as weaker-than-expected revenue growth was offset by cost savings.

Pre-tax profit for the six months through November rose to £5.6m, as revenue rose 2.8% to £29.2m.

The company declared an interim dividend of 6.33p, up 15.1% on-year.

Mattioli Woods said its profit outlook for the full year was in line with its expectations.

'I am pleased to report another period of sustainable profit growth, achieved against the backdrop of a complex market,' chief executive Ian Mattioli said.

'As highlighted in our January trading update, revenue growth in the period was slightly lower than expected due to a combination of the group reducing clients' costs and general market conditions.'

'The financial impact of this was more than offset by the realisation of operational efficiencies and other administrative cost savings.'

'While there remains uncertainty around Brexit it will continue to impact markets and consumer confidence.'

'Our integrated model means we are well-positioned to proactively advise our clients and we anticipate we may see an increased demand for advice once the shape of Brexit becomes clearer.'

At 8:23am: (LON:MTW) Mattioli Woods PLC share price was -7.5p at 730p