Acquisition benefits

Maven deal boosts Mattioli’s half-year figures

Maven was acquired last year

Mattioli Woods, the specialist wealth and asset management business, has credited its eight acquisition, including Maven Capital Partners, for a sharp improvement in its half year figures.

The company paid £100m for Glasgow-based Maven last May, adding to a growing portfolio of businesses across the UK.

In a statement, the firm said the eight deals completed since last summer contributed £19.4m (1H21: £2m) of revenue in the six months to the end of November.

These contributions, together with organic growth and continued cost management, resulted in adjusted EBITDA up 77% to £15.8m (1H21: £8.9m).

Profit before tax of £3.3m (1H21 restated: £4.2m) was down 23% driven by increased acquisition-related costs of £2.6m (1H21: £0.1m) , while adjusted profit before tax was up 96 % to £ 14.1 m (1H21 restated:  £ 7.2m).

Ian Mattioli, chief executive, said: “The first six months of this financial year saw the group build momentum, having shown resilience in spite of the economic and political complexities that persisted throughout 2021.

“During the period, we proactively balanced securing good financial outcomes for our clients with ensuring the long-term sustainability of our business, remaining true to our purpose of putting clients first in all that we do.

“We are pleased to report further material progress towards our strategic medium-term goals, with total client assets now up 24.4% to a record £15.1bn (31 May 2021: £12.1bn).

“This also sees the group pass a significant milestone, delivering on one of our previous strategic goals to manage more than £15bn of client assets.

“Revenue of £49.9m was 69% higher than the equivalent period last year (1H21: £29.5m) driven by positive performances in our pensions consultancy and administration, and investment and asset management operating segments.”

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