- Wealth management and employee benefits business Mattioli Woods said it expects its annual profit to be about 20% above expectations, due to cost cutting linked to the Covid-19 crisis.

The company said its annual revenue for the year through May would only be marginally ahead on-year. However, profits had been shielded by savings measures, including board members taking a 50% pay cut and the chief executive reducing his basic salary to zero until 30 June.

'Due to the material impact of our decision not to pay bonuses, coupled with those cost savings already achieved to date, we anticipate the group's profit for the year ended 31 May 2020 will now be circa 20% ahead of expectations,' Mattiloli Woods said.

'The group is in a strong financial position and following the completion of the acquisition of Hurley Partners (which is currently awaiting regulatory approval) it will continue to have significant cash balances and headroom on its regulatory capital requirements,' it added.

At 9:46am: [LON:MTW] Mattioli Woods PLC share price was +55p at 770p

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