Mattioli Woods profits up as RDR raises recurring income

The group, a product provider and adviser, reported pre-tax profits of £2.2m in the six months to 30 November 2013, marginally higher than the £2.15m it recorded in the same period in 2012. This was derived from revenues of almost £13.5m, up 19% on the £11.3m posted a year prior. Wealth management revenues increased by 40% to £4.08m, with £0.56m of the increase generated by Atkinson Bolton, the IFA and employee benefits group it acquired in a £6m deal in July last year. It said the RDR had changed the division's revenue mix, with a shift away from provider commissions to ongoing advis...