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Annual Report 2018

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Annual Report 2018 Annual Report 2018 Annual reporting is a key part of providing effective communication to our stakeholders. We are proud to present our latest results in this Report ii Mattioli Woods plc Annual Report 2018 Highlights Welcome to Mattioli Woods Revenue EBITDA margin Total client assets1 £58.7m 21.6% £8.73bn 2017: £50.5m +16.2% 2017: 20.6% 2017: £7.93bn +10.1% EBITDA2 Adjusted EBITDA3 Profit before tax £12.7m £12.5m £9.8m 2017: £10.4m +22.1% 2017: £10.8m +15.7% 2017: £7.7m +27.3% Basic EPS Adjusted EPS4 Proposed total dividend 31.2p 37.0p 17.0p 2017: 24.5p +27.3% 2017: 33.3p +11.1% 2017: 14.1p +20.6% Operational highlights and recent developments Financial highlights » Reducing client costs while » 134 (2017: 115) consultants at » Organic revenue growth5 of 15.6% maintaining target EBITDA margin: year end (2017: 11.6%) » Lowered custody charges » Recent acquisitions » Recurring revenues6 of 84.8% for all clients using performing well (2017: 85.1%) our core investment platform » Extending strategic geographic » Adjusted EBITDA margin of 21.3% » Gross discretionary AuM footprint: (2017: 21.4%) up 29.3% to £2.34bn » Moved to new Manchester » Strong financial position with net (2017: £1.81bn) office in May 2018 cash7 of £20.2m (2017: £23.0m) » £115.4m (2017: £98.4m) » Opening new Edinburgh office inflows into the Mattioli Woods in September 2018 Structured Products Fund » Moving to new Leicester office » £103.8m inflows into Amati in October 2018 funds » Continued investment in » £49.1m (2017: £76.0m) of new technology, compliance equity raised by Custodian REIT and training » Over 1,300 (2017: 1,200) new clients chose the Group’s services in year For more information, visit our website: www.mattioliwoods.com Mattioli Woods plc AnnualAnnual Report 2018 01 Contents Strategic report Mattioli Woods is one of the UK’s leading providers of wealth management and employee benefit services, with total assets under management, administration and advice of over £8.7bn Governance Governance Welcome Strategic report 01 – 31 Governance 32 – 59 Financial statements 60 – 112 Financial statements Highlights < Chairman's introduction Consolidated statement of Financial statements At a glance 02 to governance 34 comprehensive income 62 Our services 04 Board of Directors 36 Consolidated and company statements of financial position 63 Our operating segments 06 Corporate governance report 38 Consolidated and company Business model and strategy 08 Directors' remuneration report 45 statements of changes in equity 64 Chairman’s statement 10 Directors' report 51 Consolidated and company Directors' responsibilities Chief Executive's review 12 statements of cashflows 65 Key performance indicators 16 for the financial statements 56 Notes to the financial statements 66 Principal risks 23 Independent auditor's report 57 Company information 110 Corporate social responsibility 28 Five year summary 111 Values 30 Financial calendar 112 1. Includes £286.0m (2017: £153.8m) of funds under management by the Group’s associate, Amati Global Investors Limited, excluding £27.0m (2017: £12.1m) of Mattioli Woods’ client investment and £12.1m (2017: £9.8m) of cross-holdings between the TB Amati Smaller Companies Fund and the Amati AIM VCT plc. 2. Earnings before interest, taxation, depreciation, amortisation and impairment, excluding share of profit from associates. 3. Earnings before interest, taxation, depreciation, amortisation, impairment, changes in valuation of derivative financial instruments and acquisition-related costs, including share of profit from associates (net of tax). 4. Before acquisition–related costs, amortisation and impairment of acquired intangibles, changes in valuation of derivative financial instruments and notional finance income and charges. 5. Excluding acquisitions completed in the current and prior financial years. 6. Annual pension consultancy and administration fees; ongoing adviser charges; level and renewal commissions; banking income; property, discretionary portfolio and other annual management charges. 7. Excluding £3.5m of VAT reclaimed on behalf of and to be repaid to clients. 02 Mattioli Woods plc Annual Report 2018 At a glance Overview of our business Where we operate Our clients benefit Number of employees from the backing of the 11 Mattioli Woods group while receiving a local, offices 622 personalised service Aberdeen 2017: 568 +9.5% from each of our offices. Edinburgh The recent acquisition Glasgow of Broughtons Financial Preston Planning and a new office Manchester in Edinburgh give us new Leicester opportunities to grow and Solihull develop our client offering. Birmingham Newmarket Buckingham London Our strategy Read more on pages 8 and 9 Expanding New client New product Acquiring new Investing in distribution acquisition development businesses our people and channels technology Our business areas Wealth management Employee benefits Investment and Pension consultancy Property asset management and administration management Mattioli Woods plc Annual Report 2018 03 At a glance Strategic report Governance Our people Our success is underpinned by dedicated, versatile and experienced individuals whose personal approach has fuelled sustained organic growth over our 27 Financial statements year history. Most importantly, we are a team, working together to deliver great outcomes for our clients. Our marketplace Providing integrated services for individuals, we embrace pension consultancy that covers a strong specialism in both self-invested personal and small self-administered pension schemes, as well as personal investment and estate planning. For corporate clients, we provide a comprehensive range of employee benefits services, founded on a strong culture of client care. Great client outcomes A key difference between Mattioli Woods and many of our larger competitors is our hands-on, tailored approach to financial advice. There is a genuine focus on providing the highest level of personal advice and maintaining close relationships with all clients, which has led to high levels of satisfaction, retention and referrals. Our goals Ambitious medium-term goals: Investing for growth by: Lowering clients' total expense ratios: » £15bn total client assets » broadening our proposition » lowering investment costs on model portfolios » £100m revenue » increasing organic operations » reducing our charges » 20% EBITDA margin » integrating recent acquisitions » using the best of what we and others have 04 Mattioli Woods plc Annual Report 2018 Our services Guidance for life Education Birth and childhood Business start-up and workplace Here are some examples of how our services are useful throughout your life… Childhood pensions – Anyone can Financial education and Employee benefits – Delivering cost- invest into a pension on behalf of a child wellbeing – An employee worrying effective and flexible packages, Mattioli if the plan is established by a parent or about financial problems can cause Woods designs and provides benefits legal guardian. A simple (and affordable) them stress and, in some cases, lead for companies employing anywhere yearly contribution will give a child/ to them taking time off. Through from 10 to 10,000 employees. grandchild a fantastic starting position our employee benefits packages, for their pension – and one that could we provide education to help staff Property – Our subsidiary company almost set them up for life. plan their financial present and future. Custodian Capital facilitates direct property ownership on behalf of Trusts – When appropriate to their School fees – We are seeing more pension schemes and private clients circumstances, we include trust and more clients planning for their and also manages the Mattioli Woods planning as part of our clients’ overall children’s futures. Whether it be for Private Investors Club. financial plans. school or university, a plan made early enough can mitigate the often large Junior ISAs – ISAs give increased costs of education. flexibility for investment on behalf of minors and, ultimately, tax efficiency on death. When combined, the benefits of an ISA portfolio are becoming hard to ignore for many investors who may have overlooked them previously. Mattioli Woods plc Annual Report 2018 05 Our services Strategic report Strategic report Governance Established business Family life Retirement and maturity Financial statements Financial planning – At its best when Protection, Wills and Powers of Pensions – We provide retirement integrated with asset management, Attorney – MWProtect is designed and pensions planning advice and financial planning is about dealing to support our clients‘ protection and support services including trusteeship, with the unknown – tax, protection for estate planning needs. Protection administration, consultancy and a catastrophic event, changes to one’s planning provides cover for unexpected investment advice. We maintain our family, and so on. The financial plans we life events, because the financial technical edge through our in-depth build for our clients are for now as well implications surrounding illness or death understanding of UK pension legislation, as the future. can be significant. Our wills and powers which translates into meaningful of attorney service ensures our clients' advice given to clients by our team of consultants. Loanbacks – with appropriate wishes remain up to date and relevant. planning clients can access their pension assets to provide an alternative Mortgage – We can manage Investments – We use a broad range source of finance
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