Wealth manager Mattioli Woods said it would continue to buy up rival firms as it revealed a boost in profits and assets under management in its latest financial year.
The firm, which snapped up Aberdeen-based Kudos Financial Services in a deal worth up to £8.7million in 2011, reported an increase in pre-tax profits to £5.1 million in the year to the end of 31 May 2014, compared to the £4.6million reported for the same period in 2013.
Mattioli Woods also announced a 25% increase in revenues to £29.4million while discretionary assets under management almost trebled to £750million. Overall assets managed by the firm were up up 27.2% to £4.6billion.
Last month the company snapped up Ashcourt Rowan’s pension administration business UK Wealth Management for £355,000 and bought advice business Atkinson Bolton in a deal worth up to £6million last year.
Both Kudos and Atkinson Bolton have since been rebranded as Mattioli Woods.
Bob Woods, chairman of Mattioli Woods, said: “With increasing complexity and continuing consolidation in both the Sipp and other key sectors in which we operate, we are confident there will be new opportunities to expand Mattioli Woods’ operations, both organically and by acquisition.”