Tue, 13 Sep 2022 | BUSINESS NEWS
Wealth management firm Mattioli Woods has hailed the success of its acquisition strategy, which helped drive the group’s revenue up by 72.8 per cent in its latest financial year. For the year ending May 31 2022, the group reported revenues of £108.2 million, up from £62.6 million a year earlier, with £46.1 million coming from recent acquisitions.
Adjusted EBITDA, meanwhile, rose 88.4 per cent to £32.6 million and the group’s total client assets increased by 23.1 per cent from £12.1 billion in 2021 to £14.9 billion in 2022. Over the course of the year, the firm won 1,084 new clients, compared to 898 in 2021, following investment in its business development initiatives.
The group made several significant acquisitions over the past year, including deals for Maven Capital Partners and Ludlow Wealth Management.
The company is aiming to grow its revenues towards £300 million, total client assets to £30 billion and EBITDA to £100 million and acquisitions will continue to form a core part of this growth strategy. The group has taken advantage of widespread consolidation in the wealth management and SIPP administration markets to drive its acquisitive growth.
Ian Mattioli MBE, CEO of Mattioli Woods, commented: “The last financial year was another turbulent period for clients, which served to reinforce our commitment to putting clients first, developing our service offering and building a business that is sustainable and resilient over the long-term.”
“We plan to maintain this positive momentum, advancing our strategic initiatives: new business generation, growth through the integration of acquisitions, developing new products and services, reviewing our processes and investing in technology to deliver an improved client experience and further operational efficiencies.
Mattioli added: “We further plan to build on our track record of successful acquisitions by continuing to assess and progress opportunities that meet our strict criteria. Consolidation within wealth management, asset management and SIPP administration is expected to continue for the foreseeable future, with many more opportunities coming to market.”
Find out more about the ongoing surge in wealth management M&A.
Read more about dealmaking in the UK pensions sector.
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