The Mattioli Board is pleased to announce an increased interim dividend of 8.8p per share (1H22: 8.3p) up 6.0%, demonstrating a desire to deliver value to shareholders and confidence in the financial outlook for their business. The Board remains committed to growing the dividend, while maintaining an appropriate level of dividend cover. The interim dividend will be paid on 24 March 2023 to shareholders on the register at the close of business on 17 February 2023, with an ex-dividend date of 16 February 2023.
Other financial highlights include:
Revenue for the period up 10.0% to £54.9m (1H22: £49.9m):
- Resilient trading performance against challenging macroeconomic and geopolitical backdrop;
- Organic revenue growth of 2.2% (1H22: +10.0%) with increased new business pipeline, despite 2% fall in total client assets of the Group and its associate to £14.6bn at the period end;
- Positive performance in pension advice and administration, employee benefits, property management and private equity management operating segments;
- Revenue contribution from acquisitions completed since 1 January 2021 of £20.2m (1H22: £19.4m); and
- Recurring revenues represent 89.6% (1H22: 87.7%) of total revenue;
Operating profit before financing up 62.7% to £4.6m (1H22: £2.8m);
Adjusted EBITD of £15.0m (1H22: £15.8m) down 5.1% due to;
- Change in revenue mix and market impact on revenues linked to asset values;
- Annualisation of employee benefit structure changes made in prior year and strategic investment to develop capacity;
Adjusted EBITDA margin 27.3% (1H22: 31.6%);
Profit before tax up 45.5% to £4.8m (1H22: £3.3m);
Basic EPS up 68.6% to 5.9p (1H22: 3.5p);
Adjusted EPS 21.2p (1H22: 23.8p);
Continued focus on managing costs, achieving intra-group synergies and improving profit margin in-line with stated medium-term goals; and
Strong financial position, with cash of £38.3m at 30 November 2022 (31 May 22: £53.9m).
