Mattioli Woods has seen revenues from its employee benefits business grow 16% year-on-year, helping to boost profits by 76% in the first half of the year.
According to interim results for the six months ended 30 November, employee benefits revenue rose to £3.1m over the period, up from £2.7m in the first half of the previous year.
The group said it’s corporate client base was largely maintained over the year – numbering 782, down from 783 as of 31 May 2022.
But it reported new client wins were spread across a number of sectors which ensured its client portfolio remained “well diversified”.
According to the group, employers are increasingly encouraging staff wellbeing and retirement savings, which it expects to drive sustained growth in the UK employee benefits market.
It added that the government’s continued emphasis on workplace advice represented an opportunity to realise synergies between its employee benefits and wealth management businesses.
Overall, profit after tax was up 76% from £1.7m to £3m, while total group revenue was up 10.0% to £54.9m from £49.9m.
Since the start of 2021, the group has completed eight acqusitions – including its two largest acquisitions to date, Maven and Ludlow, which contributed £20.2m of revenue over the period
Ian Mattioli, chief executive officer of Mattioli Woods, pointed to a “resilient trading performance against a complex macroeconomic and geopolitical backdrop”.
“We plan to build on this position, through investing in our people and our systems to advance our key strategic initiatives: new business generation, investing in our in-house training programmes, growth through the integration of strategic acquisitions, developing new products and services, reviewing our processes and investing in technology to deliver further operational efficiencies,” Mattioli said.
“Our trading outlook for the year remains in line with management’s expectations and we believe the group is well-positioned to secure further growth to the benefit of all our stakeholders, driving improvements in earnings, operating margin and shareholder returns.”
