- Specialist wealth manager and employee benefits group Mattioli Woods said it expected to post 'strong' growth in adjusted annual profit, even as sales were hit in the latter part of the year by the Covid-19 pandemic.

In a trading update for the year through May, the company said it had posted strong growth in both adjusted operating profit and adjusted pre-tax profit, without giving specific numbers.

Margins had improved following an operational restructure that took place before the Covid-19 crisis hit.

Mattioli Woods said total client assets amounted to £9.3bn at year end, with gross discretionary assets under management of £2.6bn and net inflows of over £200m.

'I am pleased to report revenue and profit growth in the year ended 31 May 2020, despite the political and economic uncertainties that persisted throughout the period,' chief executive Ian Mattioli said.

'The group's financial performance in the first nine months of the year was in line with the board's expectations but, as anticipated, in the final quarter the impact of the Covid-19 pandemic on financial markets resulted in a reduction in the group's income streams linked to the value of clients' assets and its banking revenue.'

Mattioli said the company's profit for the year remained in line with revised expectations set out in its last trading update issued on 1 June.

At 9:25am: [LON:MTW] Mattioli Woods PLC share price was 0p at 715p

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