Wealth and assets manager Mattioli Woods has reported “strong” growth for its employee benefits segment, in its latest trading update published today.
Along with its pension consultancy, the growth was highlighted by CEO Ian Mattioli as one of the best performing segments for the company.
In April last year Health & Protection reported that Mattioli Woods had acquired 100% of the share capital of Northern Ireland protection, health insurance and employee benefits intermediary Doherty Pension & Investment Consultancy from its shareholders for just over £15m.
The update was in advance of its interim results for the six months ended 30 November 2023, which are to be announced on 6 February.
Overall, Mattioli Woods revenues for the period were 8% higher, increasing to £59.1m, compared to £54.9m for the first half of 2023.
Mattioli Woods said that the company had experienced “resilient trading performance, against a challenging macroeconomic backdrop.”
It said the outlook for the current year remains in line with management’s expectations.
Ian Mattioli said: “I am pleased to report revenue growth in the first six months of this financial year, despite the challenging macroeconomic backdrop that continues to affect client sentiment and market value of clients’ assets.
“Revenues were 8% higher and the group delivered organic revenue growth of 4%, reflecting the resilient nature of our revenue model combining fee-based revenues for specialist advice and administration with ad-valorem investment management revenues linked to the value of clients’ assets, despite a slight fall in the value of client assets under advice and administration during the period.”
On the group’s employee benefits business performance he added: “We enjoyed particularly strong growth within our core pension consultancy and employee benefits business segments, with the proposed changes to pension and tax rules announced in the Chancellor’s recent Autumn Statement driving strong demand for advice.”