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Mattioli Woods

Companies: MTW ��
20/02/2007

Mattioli Woods delivered the goods for investors at the interim stage to November, as favourable macro factors drove demand for its services, prompting profit upgrades from City analysts.

Backed by Growth Company Investor at 211p, Mattioli Woods provides bespoke pensions consultancy, mainly through SIPPs and SSASs, and also turns its hand to additional financial advice such as estate planning.

The half-time figures revealed a rise in revenues from �4m to �4.3m, driven by strong ‘time-costed’ fees and investment income, with profits growing from �1m to �1.6m. Operating margins increased from 27.2% to 35.1% as management kept a tight reign on costs and began to enjoy the benefits of scale.

Mattioli Woods is reaping the benefits of disenchantment with traditional insurance company pension products, which has meant investors are demanding more control over their own pensions. Furthermore, the pensions market is expanding, with the recent A-Day simplifying pensions legislation and making the SIPP more and more attractive to the high net worth individual.

In the light of the figures, Evolution Securities’ Adrian Kearsey argues ‘Mattioli Woods is on track to deliver at least 20% growth in full-year pre-tax profits’. For the year to May, he predicts a rise from �2.2m to �2.8m (upgraded from �2.7m) from an improved top-line �8.6m (�7.6m). Estimated earnings of 11.5p leave the shares trading on lofty-looking forward multiples of 22 and 18.5 this year and next after a strong run.

Nevertheless, Mattioli Woods offers investors plenty more upside as the company delivers the expected profits growth. Scope for further upgrades and longer-term bid prospects for this fast-growing niche player sweeten the appeal. Add.

James Crux

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