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Specialist wealth manager Mattioli Woods posted a lower first-half profit after rising revenue was more than offset by staff costs.
Pre-tax profit for the six months through November fell to £3.3 million, down from £4.2 million year-on-year, and included higher employee benefit expenses.
Adjusted pre-tax profit jumped 96% to £14.1 million and the company hiked its interim dividend 11% to 8.3p per share.
Mattioli Woods said its outlook for the current year remained in line with management's expectations.