29th Jul 2026 11:03
(Alliance News) - St James's Place PLC on Wednesday said the financial advice industry in the UK was "under-penetrated" as it posted a fall in net inflows and maintained its dividend.
The Cirencester, Gloucestershire-based financial advice and wealth management company said net inflows fell by 56% in the first half of 2026 to GBP2.74 billion from GBP6.16 billion at December 31, 2025. They were 28% lower than GBP3.83 billion a year ago.
Pretax profit rose 92% to GBP968.2 million from GBP505.4 million, as fee and commission income climbed 47% to GBP2.29 billion from GBP1.56 billion.
Pretax profit attributable to shareholders' returns was up 14% at GBP418.5 million compared to GBP367.9 million.
Investment return rose sharply to GBP19.26 billion from GBP5.32 billion. The cost from movement in investment contract benefits increased to GBP19.20 billion from GBP5.28 billion.
St James's Place maintained an interim dividend of 6.00 pence per share. Further, in the first half of 2026 it bought back GBP45.3 million in shares, up 41% compared to GBP32.1 million a year prior.
The firm added it will start a share buyback programme of up to GBP45.3 million and an additional share buyback programme of GBP82.8 million in August.
Chief Executive Officer Mark FitzPatrick said: "Looking forward, we remain confident in the long-term outlook for financial advice, which is under-penetrated in the UK. As the industry evolves, clients will demand trusted advice, high-quality service, strong investment solutions and modern technology. St James's Place combines the personal relationships of a local adviser with the scale, expertise and security of the UK's leading financial advice business. We continue to invest in enhancing that proposition for both clients and advisers, and believe this increasingly differentiates St James's Place and positions us well to capture the growth opportunities ahead."
St James's shares shares fell 1.0% to 1,074.30 pence each on Wednesday morning in London.
By Tom Budszus, Alliance News slot editor
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