The Leicester-headquartered wealth manager has announced a new acquisition alongside a robust set of results for the year ending 31 March 2015.

London-listed Mattioli Woods has acquired Taylor Patterson, a wealth management and employee benefits business in the UK's northwest, for £8.3 million ($12.8 million).

The company will pay an initial sum of £5 million, comprising £2.5 million in cash and 419,888 new ordinary shares in Mattioli Woods, which are valued at £2.5 million. In addition, it will pay a deferred sum of up to £3.3 million in cash in the three years following completion dependent upon Taylor Patterson's performance. Initial payments have resulted in a cash outflow of £2.7 million, including deal costs.

Based in Preston, Lancashire, Taylor Patterson employs 38 staff and specialises in strategic financial planning. Following the acquisition, which is expected to be earnings enhancing in the first full year of ownership, Mattioli Woods will retain Taylor Patterson’s management team.

“This acquisition is an important step for Mattioli Woods, as we continue to expand our operations. Taylor Patterson is a great fit culturally and strategically, serving a similar client base to our existing business, while expanding our geographic footprint into the North West of England,” said Mattioli Woods' chief executive, Ian Mattioli.

Alongside the new deal, Mattioli Woods revealed it had boosted its pre-tax profit to £5.29 million over the year to the end of March, up from £5.11 million the previous year. As revenues grew 18 per cent year-on-year £34.57 million, adjusted EBITDA jumped nine per cent to £7.36 million. Meanwhile, a 37 per cent year-on-year rise in discretionary assets under management to £1.01 billion saw total client assets grow 17 per cent to £5.41 billion.

It was a busy year for Mattioli Woods, with the acquisitions of UK Wealth Management's pension business in August 2014 and the Torquil Clark pension business in January this year. The two deals added 566 new SIPP and 49 new SSAS schemes, pushing the number of such pension schemes administered by the company up 14 per cent to 6,580. 

“I am pleased to report another year of growth, in line with our expectations. Revenue was up 17.8 per cent […] as a result of strong growth in our wealth management business, with the Government’s new pension freedoms creating additional demand for advice,” said Mattioli Woods' executive chairman, Bob Woods.

The company's adjusted earnings per share reached 27.54p, up 0.8 per cent from the end of March 2014.