Mattioli Woods has reinstated staff bonuses this year after dropping them last year due to the pandemic.

The firm said the business had recovered significantly since the pandemic and client confidence was returning.

The company reported that the number of new clients added in the first four months of the current financial year exceeded the whole of the previous 12 months.

Outgoing group chairman Joanne Lake, speaking at the Mattioli Woods AGM today, said current trading was in line with expectations and was being helped by an improvement in confidence.

She said: “The further easing of lockdown restrictions and continued roll out of the Covid-19 vaccination programme are supporting improved investor confidence and we expect the increased client inflows and new business enquiries seen in both the prior and current financial year to continue. 

“Current trading is in line with management's expectations and we remain confident that we are well positioned to secure future growth, both organically and through further strategic acquisitions, which will allow us to continue to deliver sustainable shareholder returns.”  

"We remain dedicated to our purpose and to maintaining our culture of putting our clients first , demonstrating resilience despite the pandemic and operating our business in a sustainable and responsible manner throughout. In September, we were pleased to report revenue growth for the year ended 31 May 2021 despite the continued economic uncertainties that persisted throughout the period.  

"We continue to operate in an agile manner, adapting our approach, service offering and the way in which we look after both our new and existing clients. Market stability and investor confidence are showing signs of improving, despite the wider economic uncertainty, with net inflows into the group's investment and asset management services ahead of the equivalent period last year.”

She added that the number of new clients on-boarded in the first four months of this new financial year exceeded the previous year, reflecting successes from existing client referrals and business initiatives including virtual seminars during the pandemic, resulting in an increasing pipeline of new business enquiries outperforming the prior year. 

Organic growth was over 10% in the first four months of the year, she said. 

The board has recommended a final dividend of 13.5p per share (2020: 12.7p) at today's meeting, which makes a proposed total dividend for the year ended 31 May 2021 of 21.0p (2020: 20.0p). 

The company has reinstated year-end bonuses for the financial year ended 31 May to all staff after dropping bonuses last year.  

After nine years as an independent non-executive director, including five as chairman, she plans to hand over to new chairman David Kiddie shortly.