Mattioli Woods has today revealed profit before tax of £2.8m for its six months ended November 2015, up 5.2 per cent from £2.7m for the same period the year before.

Revenue for the wealth management and employee benefits company also rose to £19.9m, up 20 per cent from £16.6m the year before.

Despite the uptick in profits, share price for the Aim-listed company has dropped slightly throughout the day, closing down 0.4 per cent for the day at 622.5p.

The company has made a number of acquisitions to help in grow recently, including three during the period for the reported results. The firm also acquired Maclean Marshall Healthcare this January.

Commenting on the results, Ian Mattioli, chief executive of Mattioli Woods, said that he was “delighted” with the growth the company had achieved and added:

“We are broadening our proposition as trusted adviser, product provider and asset manager and believe our blend of wealth management and employee benefits positions us well to deliver further strong shareholder returns going forward.”

On the company’s prospects for the remainder of the financial year, Mattioli added:

“Against a backdrop of volatile financial markets, regulatory and legislative change, in the second half of this financial year we expect sustained demand for advice from clients, offsetting any impact lower asset values have on investment-related revenues.”

Meanwhile, Bob Woods, the company’s executive chairman, who is due to stand down from the board in October but plans to stay on in an executive role, remarked:

“I am proud of the business I have helped create. Over the last 25 years a large part of our advice has been to assist our clients with their long term investment and succession planning.”

However, the firm’s repeating business has taken a knock over more recent months, with recurring income streams representing 81.6 per cent of the revenue for the six months to November 2015, compared to 82.1 per cent in the same period the year before.