Quilter anticipates steady second half following strong first half performance

QUILTER, the UK wealth manager with listings in London and on the JSE, increased first half profit by 3% to £100 million and anticipates the second half result to be much in line due to stepped up brand spend and business investment plans.

- EDWARD WEST

The interim dividend was raised 18% to 2 pence from 17 pence at the same time last year. Adjusted diluted earnings per share came to 5.4 pence, up 4% from 5.2 pence.

“We have delivered strong flow momentum across the business with core net inflows up 160% to £4.5 billion” CEO Steven Levin said in a statement. The company reported an operating margin of 30% despite lower interest rates reducing investment income on shareholders’ funds.

The company's Affluent business segment saw net inflows of 9% of opening assets (H1 2024: 5%), with the Platform flows maintaining strong momentum from the second half of 2024, with improved net promoter scores as well as winning awards for service. First half Platform net inflows were up 92% to £4.2bn.

The High Net Worth segment saw net inflows to 3% of opening assets. New inflows were stable at £1.5bn, with an easing of outflows leading to a much better performance at the net level of £464m (up from £107m).