British wealth manager Mattioli Woods has reported a 20% rise in its revenue to £19.9m for the for the six months ended 30 November 2015, compared to £16.59m in the same period a year ago.

The company has posted profit before tax of £2.81m for its six months ended November 2015, up 5% from £2.68m reported a year ago.

During the period, discretionary assets under management rose 24.1% to £1.08bn from £0.87bn a year ago.

The group’s total client assets under management, administration and advice were up 29.5% to £6.49bn from £5.01bn a year earlier.

The firm’s recurring income represents 81.6% of the revenue for the six months to November 2015, compared to 82.1% in the same period the year before. Net organic revenue growth for the period was £1.88m.

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Mattioli said that three acquisitions were completed during the period for an initial consideration of £6.16m cash, plus £3.70m shares, while a deferred consideration of up to £5.80m was payable in cash.

Adjusted earnings before interest, taxes and other expenses (EBITDA) were up 18.4% to £4.32m. Net cash at 30 November 2015 was £22.64m compared to £7.70m a year ago.

Mattioli Woods CEO Ian Mattioli said: "We grew revenue by 20.0% and saw our discretionary assets under management pass the £1bn milestone, growing by over 24.1% to £1.08bn, despite the adverse impact of volatile investment markets on equity and bond values.

"In our wealth management business, the positive impact of new business wins and recent acquisitions more than offset a £0.66m fall in banking income, following the further cuts in interest margin we had anticipated.

"Our subsidiary, Custodian Capital, is the discretionary investment manager of Custodian REIT plc, which continues to be a great success and raised over £58.6m of new monies during the period.

"As previously reported, Bob Woods will stand down as executive chairman in October 2016, and has decided to stand down from the board at the same time to allow him to focus on the things that have made Bob and the business such a great success.

"The group’s strong performance during the first half has allowed the board to recommend the payment of an increased interim dividend, up 15.3% to 3.85 pence per share."