The company says that two recent acquisitions - including Amati Global Investors - had contributed to stronger growth and total client assets were up 5.2% to £8.34bn (31 May 2017: £7.93bn).

During the period, Mattioli Woods launched the Mattioli Woods’ multi asset funds in August 2017 and over £160m was invested in Mattioli Woods Structured Products Fund. The company said the profit outlook for year remains “in line with management’s expectations.”

The company says it has substantial cash reserves although these declined during the period from £22.6m to £14.8m.

The company saw a £263.6m increase in SIPP and SSAS funds under trusteeship, with growth of 2% in the number of schemes administered, comprising a 6.1% (1H17: 5.6%) increase in the number of direct schemes and 2.2% decrease (1H17: 2.3% increase) in the number of schemes the group operates on an administration-only basis.

Mattioli said that  in recent years it had been appointed to operate or wind-up a number of SIPP portfolios following the failure of their previous operators with the transfer of certain members of these “distressed portfolios” to alternative arrangements.

There was also a £16.3m increase in the value of assets held in corporate pension schemes advised by its employee benefits business. Also reported was a £95.2m increase in personal wealth and other assets under management and advice, with 160 new personal clients won during the period.

Ian Mattioli, chief executive, said: “The group has achieved real momentum across the range of advice, products and services we offer.

“In recent years, we have seen a period of unprecedented change in regulation, legislation and client needs as the demand for advice and the potential market for our products and services continue to grow.

“During the period we saw an increasing flow of organic new business generated by our maturing consultancy team as we continue to expand our consultancy and technical teams to take advantage of new business opportunities.

“The continued commitment, enthusiasm and professionalism of our people in dealing with the complexity of holistically looking after our clients’ affairs makes us very well placed to succeed in our chosen markets.

“We have designed the group to deliver great client outcomes and sustainable shareholder returns.  The outlook for this year remains in line with our expectations and I believe we are very well positioned to meet the ambitious longer term goals we have set.”