During the half-year, Mattioli Woods acquired Boyd Coughlan, the Taylor Patterson Group, Lindley Trustees' pension business following a share placing in June that raised £18.6 million of new money. The company, which yesterday announced the purchase of healthcare and protection business Maclean Marshall Healthcare, said it would continue to pursue opportunities to expand operations by acquisition.

As revenue climbed 20 per cent to £19.9 million, Mattioli Woods' adjusted EBITDA grew 18 per cent to £4.32 million. The company reported a strong financial position, with net cash of £22.64 million, almost triple that of the corresponding period of 2014. It declared an increased interim dividend, up 15.3 per cent to 3.85 pence per share.

“We are delighted to report further strong growth in the first half of this financial year. We grew revenue by 20 per cent and saw our discretionary assets under management pass the £1bn milestone, growing by over 24.1 per cent to £1.08bn, despite the adverse impact of volatile investment markets on equity and bond values,” said chief executive Ian Mattioli.

As previously reported, Bob Woods will stand down as the company's executive chairman and from the board in October. He will hand over to deputy chairman, Joanne Lake.