Mattioli Woods – 248p

29 January 2013 – Interim results

The specialist pensions consultancy and wealth management business reported a strong set of interim results with revenue up 29.4% to £11.26m (H1 2012: £8.7m). Adjusted pre-tax profit rose 26% to £2.52m (H1 2012: £2.0m) and adjusted earnings per share rose 34.3% to 11.47p (H1 2012: 8.54p). These results included a full six month’s contribution from the Kudos acquisition along with the expansion of the wealth management proposition through the launch of the discretionary portfolio management service. Against this performance and with a strong cash balance of £3.9m the interim dividend has been raised by 26% to 2.33p (H1 2012: 1.85p). We believe that the company is in a good position to benefit from the current changes to the industry through the introduction of RDR. On a rating of 11x. The shares remain good value. BUY 

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