7th Aug 2024 08:45
(Alliance News) - Quilter PLC on Wednesday reported sharply higher interim profit as its investment return swelled on the back of positive market movements.
The London-based wealth manager said pretax profit multiplied to GBP77 million in the first half of 2024 from GBP28 million a year earlier.
Income more than doubled to GBP3.38 billion from GBP1.58 billion, with investment return surging to GBP3.08 billion from GBP1.30 billion.
Assets under management and administration rose 13% to GBP110.6 billion as of June 30 from GBP98.3 billion a year before, thanks to positive market movements. AuMA grew 3.7% from GBP106.7 billion as at December 31, 2023.
Net inflows multiplied to GBP1.7 billion in the first half from GBP700 million a year before, while core gross inflows grew 35% to GBP7.4 billion from GBP5.5 billion.
Quilter boosted its interim dividend by 13% to 1.7 pence from 1.5p. Earnings per share and headline EPS climbed 1.0p from 0.4p.
Chief Executive Officer Steven Levin said the company had delivered a "strong" performance in the first half of 2024. But Levin cautioned that the group had more to do to reach its "ambitious goals".
Quilter said Senior Independent Director Tim Breedon will leave the board next month, having joined in 2020.
Quilter shares were up 3.5% to 131.95 pence in London early Wednesday. They were up 4.6% to ZAR31.09 in Johannesburg.
By Artwell Dlamini, Alliance News reporter
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