St. James's Place's cash results miss forecasts at half-year stage
St. James's Place continued to see strong demand for its services during the first half of the year, despite which its cash result missed analysts' forecasts.
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The interim dividend was also raised by less than anticipated.
For the six months ending on 30 June, the asset manager reported a 27% jump in funds under management to reach £83.0bn (Numis: £82.8bn), as gross inflows increased by a third to £6.9bn.
That drove a 40% pick-up in its operating profits on a european embedded value basis to £397.3m.
Underlying profits before shareholder tax, on an IFRS basis, were 44% higher to £139.0m.
Also on an underlying basis, the post tax cash result improved from £94.4m to £123.1m, but nevertheless fell short of the £130.0m anticipated by Numis.
Meanwhile, the total number of advisers working throughout ts partnership grew 3.7% to 3,540.
Citing momentum across all aspects of its business, the asset manager lifted its interim payout by 25% to 15.41p (Numis: 16.5p), telling shareholders it remained confident in its ability to deliver sustained growth.
The firm cited the continued low interest rate environment, increased longevity and greater pension freedoms as reasons for the latter.