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Quilter annual profit up sharply as "supportive" markets boost inflows

6th Mar 2024 07:50

(Alliance News) - Quilter PLC on Wednesday characterised its 2023 financial performance as "strong" after "supportive" markets helped drive inflows, which grew at a slower, though.

The London-based wealth manager said pretax profit surged 35% to GBP88 million in 2023 from GBP65 million in 2022.

Total income swung to GBP4.63 billion from a loss of GBP4.04 billion.

"2023 was a year of strong delivery. We wrote a higher level of new business and delivered record profitability through higher revenues and 3% lower costs," Quilter Chief Executive Officer Steven Levin said.

As at December 31, assets under management and administration rose 7.1% to GBP106.7 billion from GBP99.6 billion as at December 1, 2022. This, the company said, reflected "supportive" markets into year-end, combined with a modest contribution from net flows.

Net inflows fell to GBP500 million in 2023 from GBP1.8 billion in 2022. Gross flows rose 6.7% to GBP11.2 billion, compared to GBP10.5 billion, however.

Quilter declared a final dividend of 3.7 pence, up 12% from 3.3p, lifting the total payout up 16% to 5.2p from 4.5p.

Looking ahead, the company said it expects flows will continue to improve over 2024 as consumer and market sentiment returns to more normal levels.

"The structural need to save for retirement combined with our growth plans and focus on operational efficiency, supported by a strong balance sheet, means we are well positioned as market conditions improve," it said.

In London, shares in Quilter closed at 101.60 pence on Tuesday. They gained 5.0% to ZAR25.51 in Johannesburg early Wednesday.

By Artwell Dlamini, Alliance News reporter

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