Despite recent stock market turmoil, pensions consultancy Mattioli Woods, first backed by Growth Company Investor at 211p in 2006, delivered further good growth for the six months to November.

On turnover up 22% at £5.3m, profits increased 15.8% to £1.83m. Earnings grew 16% to 7.3p, allowing for an increased interim dividend from 0.85p to 1p. First-half highlights included healthy 8.6% organic growth in the number of self-invested personal pension (SIPP) schemes acted for, reflecting better awareness of the group’s services as well as the widening appeal of the flexibility, control and cost-effectiveness offered by SIPPs. Mattioli Woods, which now acts for more than 2,000 SIPP and small self-administered pension scheme (SSAS) clients in the UK, grew funds under trusteeship from £760m to £1.1bn.

On the acquisitions front, last July’s PCL purchase was successfully integrated, with chairman Bob Woods reporting strong demand for the group’s pension consultancy and investment advice from the PCL client base. Alongside results, Mattioli Woods announced the acquisition of the JB Group for up to £2.59m cash in a move adding a further 235 SSASs and 55 SIPPs to the client portfolio and further consolidating the group’s position in a fragmented market.

While the credit crunch and turbulence in financial markets makes life more difficult for investment advisers generally, Woods insists demand for the high-quality pension advice Mattioli Woods offers actually rises during uncertain times. For the year to May, forecasts suggest Mattioli Woods can improve profits to £3.5m (2007: £3.3m) and earnings to 14.3p (2007: 13.8p), placing the shares on a rather lofty forward multiple of 20.3. However, it is a price worth paying for a robust and growing player in the pensions space.

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Mattioli Woods	AIM	£38.12m	221.00p	0.00p
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