Business
Quilter plc 2023 Half Year Results - Part 1
Quilter plc 2023 Half Year Results - Part 1.
About this update from Quilter Plc
[{"type":"text","content":"\n\nNews Release\n8 August 2023\nQuilter plc interim results for the period ended 30 June 2023\n\nQuilter delivers 25% increase in adjusted profit and improved operating margin. Further growth and efficiency initiatives underway\nSteven Levin, Chief Executive Officer, said:\n\"We have delivered a strong improvement in first half profitability, pleasing flow outcomes in the Quilter channel and improved our market share of new advised platform flows. Our business model is fully aligned with the principles of the Consumer Duty regime and my focus is on doing more for our customers to improve business momentum in the near-term, and deliver faster growth and higher returns to shareholders in the longer-term. We are targeting an additional £50 million of Simplification savings by 2025 and we expect consensus profit estimates for this year to increase materially.\"\nHighlights\n· Assets under Management and Administration (\"AuMA\") of £101.7 billion at the end of June 2023, increased by 2% on 31 December 2022 (£99.6 billion) principally due to positive market movements of £1.9 billion and:\no Core business gross inflows of £5.5 billion in the first half which were broadly evenly spread between each quarter. Core net inflows in the first half were £0.7 billion (Q1: £409 million, Q2: £247 million). This reflected a good performance from the Quilter channel in both High Net Worth and Affluent with a more muted performance from our IFA/Direct channels across both segments. Market share of gross platform flows increased in both quarters. Notably, Q2 flows were up 5% year-on-year despite a 9% decline in the overall market over the same period.\no Non-core net outflows of £0.5 billion (H1 2022: £0.2 billion) which relate to assets we still manage on behalf of businesses we have sold.\n· Adjusted profit before tax increased by 25% to £76 million (H1 2022: £61 million). Revenue increased by 3% to £312 million (H1 2022: £303 million) supported by revenue generated on corporate cash balances. This was coupled with strong expense discipline which delivered a third consecutive decline in first half costs, despite inflationary pressures, and supported an increase in the operating margin to 24% (H1 2022: 20%).\n· We expect to deliver our target £45 ...