- Wealth manager Mattioli Woods has announced growth in revenue and profit in a trading update ahead of its six-month interim results.

Total client assets reached £9.4bn at 30 November 2019, including gross discretionary assets under management of £2.7bn.

The company said it was in a strong financial position with £20m of cash at the end of the reporting period.

Meanwhile, the profit outlook for the current year was in line with management's expectations.

Ian Mattioli, chief executive, said: 'I am pleased to report a return to revenue growth in the first half of this financial year, with increases in direct SSAS and SIPP fees and investment-related revenues.

'We have achieved this despite continued market and political uncertainty, albeit this uncertainty resulted in lower net inflows into the group's bespoke investment services than in the equivalent period last year.'

He added that Mattioli Woods had driven further margin improvement through cost savings realised following a planned restructure of client-facing operations and implementing its own IT solutions.

Mattioli added: 'Consolidation within both wealth management and SIPP administration is expected to continue, and we will seek to build on our track record of successful acquisitions by continuing to assess opportunities that meet our strict criteria.'

Mattioli Woods will announce its interim results for the six months ended 30 November 2019 on Tuesday 4 February 2020.

Story provided by