5th Mar 2025 11:04
(Alliance News) - Quilter PLC on Wednesday credited strong inflows and buoyant investor sentiment for an "excellent" financial performance in 2024, but rising costs hurt profit.
The London-based wealth manager reported pretax profit of GBP35 million in 2024, down 60% from GBP88 million in 2023.
Total expenses inflated to GBP5.41 billion, up 19% from GBP4.54 billion.
Total income rose 18% to GBP5.45 billion from GBP4.63 billion, reflecting higher management fee revenue on higher asset levels, and increased investment revenue generated on shareholder funds.
As at December 31, core assets under management & administration was GBP116.3 billion, up 12% from GBP103.4 billion at December 31, 2023, reflecting net inflows and "supportive" markets. At June 30, AuMA was GBP110.6 billion.
Core net inflows surged to GBP5.2 billion in 2024, from GBP800 million in 2023. Core gross flows were GBP16.0 billion, up 44% from GBP11.1 billion.
Quilter declared a final dividend of 4.2 pence, up 14% from 3.7p, lifting the total payout to 5.9p, up 13% from 5.2p.
Due to high tax, basic loss per share was 2.5p, swung from 3.1p, while basic headline loss per share was 2.5p, flipped from 3.2p.
Income tax expense attributable to policyholder returns rose by a quarter to GBP95 million from GBP76 million, while income tax expense rose 50% to GBP69 million from GBP46 million.
"2024 was an excellent year in terms of net inflows, revenue momentum, cost discipline and profit growth," Quilter Chief Executive Officer Steven Levin said.
Quilter expects a GBP5 million increase in costs from 2025 due to a UK national insurance rate change. It sees mid to high single digit increase in adjusted profit in 2025.
Shares in Quilter were up 6.8% to 161.30 pence in London Wednesday. They were up 7.0% to ZAR37.88 in Johannesburg.
By Artwell Dlamini, Alliance News reporter
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