Business
Quilter plc - 2023 Full Year Results Part 1
Quilter plc - 2023 Full Year Results Part 1.
About this update from Quilter Plc
[{"type":"text","content":"\n\n6 March 2024 \nQuilter plc preliminary results for the year ended 31 December 2023\n\nQuilter delivers a 25% increase in adjusted profit to £167 million and a five percentage point improvement in the operating margin to 27%\nSteven Levin, Chief Executive Officer, said:\n\"2023 was a year of strong delivery. We wrote a higher level of new business and delivered record profitability through higher revenues and 3% lower costs. Our Affluent segment is delivering strong growth while our High Net Worth segment is investing in growth which will be realised over the next few years. The structural need to save for retirement combined with our growth plans and focus on operational efficiency, supported by a strong balance sheet, means we are well positioned as market conditions improve.\"\nHighlights:\n· Assets under Management and Administration (\"AuMA\") of £106.7 billion at 31 December 2023 increased by 7% over the year (31 December 2022: £99.6 billion). This reflects supportive markets into year-end combined with a modest contribution from net flows. Core business net inflows of £832 million (2022: £2,122 million) represented 1% of opening AuMA (2022: 2%). This was supported by continued strong inflows into the Quilter channel with net outflows in the IFA channel, reflective of challenging market conditions.\n· Adjusted profit before tax increased by 25% to £167 million (2022: £134 million).\n· Revenue increased by 3% to £625 million (2022: £606 million) supported by interest revenue generated on corporate cash balances. This was coupled with robust expense discipline which delivered another year of lower costs, despite inflationary pressures, supporting an increase in the operating margin to 27% (2022: 22%).\n· Target £45 million Phase One Simplification cost savings were completed by end 2023, a year earlier than planned. An additional £50 million of Simplification (Phase Two) savings are targeted for delivery by the end of 2025, with £8 million already attained on a run-rate basis by end-2023.\n· Broad stabilisation in Quilter restricted adviser headcount which declined by 1% on December 2022 levels. Detailed plans are in place to grow Adviser headcount in 2024 and beyond.\n· &...