Mattioli Woods profit up 4.1% as cost control offsets pressure on sales

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Wealth management and employee benefits group Mattioli Woods posted a 4.1% rise in annual profit, as cost control helped offset a small fall in revenue.

Pre-tax profit for the year through May amounted to £10.2m, up from £9.8m on-year.

Revenue edged back to £58.5m, down from £58.7m.

The company declared a total dividend of 20p, up 18% on-year.

'We continue to streamline our business, drive increased efficiency and reinforce our purpose to grow and preserve our clients' assets, while giving them control and understanding of their overall financial position,' chief executive Ian Mattioli said.

'Uncertainty around Brexit will continue to impact investor and consumer sentiment in the short-term, but we are confident that our focus on addressing the changing needs of our clients will position us well to deliver future growth and continued sustainable shareholder returns.'