Mattioli Woods sees annual revenue rising 7%; profits in line

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Specialist wealth manager Mattioli Woods said it expected it annual revenue to grow 7%, helping its profits meet its expectations.

The revenue growth, in the year through May, was driven by increased inflows and the performance of discretionary portfolio managed services, it said.

The company added that it had seen a significant increase in new business generation and improved lead generation of new clients.

Total client assets at year end were £12.0 billion, with gross discretionary assets under management of £4.1 billion, with net inflows exceeding £480 million during the year.

Chief executive Ian Mattioli said that in light of prevailing market trading conditions, the company continued to closely manage its cost base.