Apex Fundrock Limited (MISL) Form 8.3 - Apex Fundrock Limited : Form 8.3 - Mattioli Woods PLC 11-Jul-2024 / 09:59 GMT/BST FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the “Code”) 1. KEY INFORMATION (a) Full name of discloser: Chelverton Asset Management (b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. For a trust, ...
Apex Fundrock Limited (MISL) Form 8.3 - Apex Fundrock Limited : Re Mattioli Woods plc 02-Jul-2024 / 12:17 GMT/BST FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the “Code”) 1. KEY INFORMATION (a) Full name of discloser: Chelverton Asset Management (b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. For a trust, the trus...
Apex Fundrock Limited (MISL) Form 8.3 - Apex Fundrock Limited : Re Mattioli Woods plc 26-Jun-2024 / 10:46 GMT/BST FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the “Code”) 1. KEY INFORMATION (a) Full name of discloser: Chelverton Asset Management (b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. For a trust, the trus...
Apex Fundrock Limited (MISL) Form 8.3 - Apex Fundrock Limited : 20-Jun-2024 / 13:36 GMT/BST FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the “Code”) 1. KEY INFORMATION (a) Full name of discloser: Chelverton Asset Management (b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and b...
Apex Fundrock Limited (MISL) Form 8.3 - Apex Fundrock Limited : Form 8.3 - Mattioli Woods PLC 02-Apr-2024 / 16:08 GMT/BST FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the “Code”) 1. KEY INFORMATION (a) Full name of discloser: Chelverton Asset Management (b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. For a trust, ...
Apex Fundrock Limited (MISL) Form 8.3 - Apex Fundrock Limited : Re Mattioli Woods plc 11-March-2024 / 12:58 GMT/BST FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the “Code”) 1. KEY INFORMATION (a) Full name of discloser: Chelverton Asset Management (b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. For a trust, the tr...
H1-24 revenue (to 30 Nov 23) was up 8% y-o-y to £59.1m (H1-23: £54.9m), with 4% organic revenue growth. H2 revenue is typically higher than H1 due to end of tax-year advice and H2 bias of client year-ends, and we maintain our FY24 revenue forecast of £123.6m (+11% y-o-y). Adjusted EBITDA grew 10% from £15.0m to £16.5m with positive effects from organic growth (409 new clients, +13% over H1 23) and a changing revenue mix towards higher-yielding services. The core pensions business was the stando...
H1’24 revenue (to 30 Nov 23) totalled £59.1m, 8% up y-o-y (H1’23: £54.9m), with 4% organic revenue growth. H2 revenue is typically higher than H1 due to end of tax-year advice and H2 weighting of client year-ends, and we maintain our FY24 revenue forecast of £123.6m (+11% y-o-y). MTW remains in a strong net cash position (£32.7m v £45.0m on 31 May 23), giving scope to pursue opportunities. Cash is as expected with c. £9.3m paid in dividends and some tranche-payments of previous acquisitions mad...
Two Directors at Mattioli Woods bought/sold after exercising options 16,212 shares at 580p. The significance rating of the trade was 66/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over ...
Client assets closed FY23 (to 31 May 23) on £15.3bn, up £0.4bn (3%) y-o-y (31 May 22: £14.9bn). While £0.6bn was added through the acquisition of Doherty Pension and Investment Consultancy, a -£0.2bn (-1%) impact from investment performance and net client flows is unsurprising considering the PIMFA Private Investor Balanced Index fell 2.0% over the year. Revenue also increased 3% to £111.2m (FY22: £108.2m), while adjusted EBITDA of £33.2m (+2% y-o-y) was slightly higher than our previous foreca...
MW has reported a y-o-y revenue increase of 3% for FY23 ending on 31 May 23 (FY22: £108.2m). While this is slightly under our previous estimated growth rate of 4%, the group has reported profits in line with market consensus (adjusted EBITDA of £33.0m) with that consensus being slightly higher than our previous forecast of £32.5m. The cash position remains strong at £45m (31 May 22: £54m), despite £7.2m of cash outlay on acquisitions. Client assets closed on £15.3bn, up £0.4bn (3%) y-o-y (31 Ma...
Mattioli Woods (MW) has acquired 50.1% of White Mortgages Limited (White) with an option to purchase the remaining 49.9% within 24 months. White is based in Lincoln and specialises in providing independent mortgage advice as well as protection insurance advice. In the year to 31 Mar 23 it generated revenues of £0.68m and PBT of £0.35m. White looks like a good fit: MW’s existing advice proposition is extended by adding a new in-house mortgages capability, and the White business is well-positioned...
Mattioli Woods (MW) has acquired Doherty Pension and Investment Consultancy Limited, one of the largest financial planning and wealth management businesses in Northern Ireland. The business will add £635m of AUA and around 1,320 private clients to the MW group. We remind readers that acquisitive growth is a core part of MW’s strategy. It has a long track record of success with 33 acquisitions (excluding Doherty) since its admission to AIM in 2005. Furthermore, the terms of this deal look sensi...
Asset managers had a poor 2022: the S&P Composite 1500 Asset Management Index was down 22% and, according to the Investment Company Institute (ICI), worldwide mutual funds fell by 20%, from $76tr to $60tr. When bond and equity markets fall, the results are unlikely to be pretty: with revenues trending down and multiples contracting, there is a double whammy to contend with. So how do valuations shape up now, after a bullish start to the new year? The first chart is my favourite chart of asset m...
Mattioli Woods (MW) has reported a solid set of interims in challenging market conditions and its Management maintains a confident outlook. They have backed this up by increasing the interim dividend 6% from 8.3p to 8.8p Total client assets closed H1 on £14.6bn, a 3.2% fall y-o-y (£15.1bn on 30 Nov 21): a creditable performance considering huge market and economic uncertainty prevailed. Revenue increased 10% y-o-y from £49.9m in H1 22 to £54.9m in in H1-23, with organic revenue growing 2.2%. Ad...
Mattioli Woods has reported continued new client growth in the first four months of FY23 (to 30 Sep 22) with 289 new clients added, a solid pipeline, and demand for advice remaining robust. Its recently launched range of passive portfolios has seen good initial traction, and its Private Equity business (Maven Capital Partners) is performing well with a solid outlook. Market falls have, however, pegged back assets under management by 7.3% over the four-month period to £4.7bn (31 May 22: £5.1bn)....
MTW has a team of 185 client-facing consultants which gives it control over distribution; it operates its own administrative platform which allows it to capture operational economies of scale; and it has a differentiated suite of investment products giving consultants an advantage over competitors. The group has a record of achieving ambitious goals. In 2014, with client assets of £4.5bn and revenue of £29m, it set medium-term goals of £15bn of client assets and £100m of revenue. It hit those i...
BEG’s latest acquisition, chartered surveying firm Daniells Harrison, extends its geographical coverage across the South Coast. This addition is part of the group’s ongoing strategy to develop the service portfolio and geographical reach of its Property Advisory and Transactional Services division. Since its inception at the end of 2014, BEG has progressively grown this division beyond its original northern base into London, Eastern England and now the South Coast. It demonstrates an intention...
Building further share in key markets The first half result was impressive with 39% revenue growth and a pleasing 16% operating margin (H1 20/21:14.4%), achieved despite important market drivers having been artificially suppressed by government support measures. Growth in revenues and profits reflect successful implementation of earnings enhancing acquisitions, 13 of which have been completed over the last five years. Business Recovery division reported a 48% increase in first half revenue to...
BEG’s trading update confirmed a strong first half as all areas of the business benefit from recent acquisitions: this leaves the group well on track to meet our full year forecasts. Reported first half revenue was c £52m (H120: £37.5m), and adjusted PBT c £8m (H120: £5.0m). The divisional overview confirmed that business recovery and financial advisory benefited from the performance and successful integration of prior year acquisitions. Deal completions drove corporate finance forward and i...
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