Mattioli Woods profits up as RDR raises recurring income

Mattioli Woods has reported an increase in both group revenues and profits as the effects of rule changes brought in following the Retail Distribution Review (RDR) boosted its wealth management division.

The group, a product provider and adviser, reported pre-tax profits of £2.2m in the six months to 30 November 2013, marginally higher than the £2.15m it recorded in the same period in 2012. This was derived from revenues of almost £13.5m, up 19% on the £11.3m posted a year prior. Wealth management revenues increased by 40% to £4.08m, with £0.56m of the increase generated by Atkinson Bolton, the IFA and employee benefits group it acquired in a £6m deal in July last year. It said the RDR had changed the division's revenue mix, with a shift away from provider commissions to ongoing advis...