Quilter interim pre-tax profits grow as net client cashflows surge 127%

Wealth management firm Quilter said on Wednesday that interim pre-tax profits had grown thanks to net client cashflows more than doubling year-on-year.

Quilter said net client cash flow had increased 127% to £2.5bn in the first half of 2021, while adjusted pre-tax profits increased 20% to £85.0m.

Adjusted diluted earnings per share were 5.0p, partly driven by an expansion in operating margins from 21% to 24%, despite absorbing cost headwinds from higher regulatory costs and levies, as well as an unwinding of prior year tactical cost savings.

Total assets under management and administration were up 7% at £126.6bn as of 30 June.

The FTSE 250-listed firm also declared an interim dividend of 1.7p per share, up from 1.0p for the first half of 2020.

Chief executive Paul Feeney said: "I am pleased with our Interim results which demonstrate strong growth in flows across our business, with a material improvement from our new platform following our final migration of clients and advisers in February."

As of 0915 BST, Quilter shares were down 3.05% at 163.75p.