British wealth manager Mattioli Woods has unveiled that it looks to acquisitions despite the market turmoil triggered by the Covid-19 crisis and political uncertainties.
The wealth manager also revealed that its year ended 31 May 2020 had been successful, with the financial result and adjusted EBITDA margin “significantly ahead of budget”.
The firm attributed the performance to one-off reduction in bonuses and other cost cuts linked to COVID-19.
In its annual general meeting, Mattioli Woods chairman Joanne Lake said: “In addition, adoption of the new accounting standard IFRS 16 decreased other administrative expenses and increased depreciation and interest on lease liabilities.”
The wealth manager further stated that the new clients it on-boarded in the first four months of the new financial year is in line with a year earlier.
Lake stated: “Market stability has shown signs of improving, despite the ongoing political and macro-economic uncertainty, with net inflows into the Group’s investment and asset management services at the same level as the equivalent period last year.”
Nathan Imlach has resigned as the CFO of the group following 15 years in the role. He will remain at the business as the chief strategic adviser, with focus on acquisitions as well as strategic direction.
Ravi Tara, Michael Wright along with Iain McKenzie will join the board.
Mattioli Woods also plans to appoint other non-executive directors and is in talks with potential candidates.
In order to protect the company’s financial position amid the Covid-19 pandemic, Mattioli Woods CEO Ian Mattioli decided to forego his entire basic salary from April to June.
He also decided to give up more than 60% of his basic salary from July in response to the crisis.