Mattioli Woods has said it expects to produce a profit “well ahead of expectations” for its most recent financial year, as the firm took decisive action to cut the salaries of its best paid staff in response to coronavirus.

In a trading update released this morning (14 July) the firm said margins would improve year-on-year in its final results for the 12 months ended 31 May 2020, following a salary rebasing exercise, the cancellation of bonuses and other cost cutting which saw the wealth manager save over £2.85 million over the period.

Executive salaries had also been rebased on a forward-looking basis, saving the ...