The Mattioli Woods Board is pleased to announce an interim dividend of 9.0p per share (1H23: 8.8p) up 2.3%, demonstrating their desire to deliver value to shareholders. The Board continues to review its dividend policy given the increased number of shares in issue following recent acquisitions since the policy was established, alongside the need to invest in scale, increased efficiency, and acquisitions. The Board currently maintains a progressive dividend policy, while maintaining an appropriate level of dividend cover. The interim dividend will be paid on 22 March 2024 to shareholders on the register at the close of business on 16 February 2024, with an ex-dividend date of 15 February 2024.
Other financial highlights:
Revenue for the period up 8% to £59.1m (1H23: £54.9m):
- Organic growth of 4.0% (1H23: 2.2%), with an increase in new business partially offset by the market impact on ad valorem fees of a 0.4% reduction in total client assets of the Group and its associate to £15.2bn; and
- Recurring revenues represent 90.8% (1H23: 89.6%) of revenue, with the quality of earnings underpinned by long-term client relationships
Adjusted EBITDA up 10% to £16.5m (1H23: £15.0m) due to:
- Organic growth and revenue mix; and
- Positive impact of recent acquisitions and continued management of cost base
Adjusted EBITDA margin of 27.9% (1H23: 27.3%)
Basic EPS up 73% to 10.2p (1H23: 5.9p)
Financial position includes cash of £32.7m at 30 November 2023
