Business
Quilter plc - 2024 Half Year Results Part 1
Quilter plc - 2024 Half Year Results Part 1.
About this update from Quilter Plc
[{"type":"text","content":"\n\n7 August 2024\nQuilter plc interim results for the period ended 30 June 2024 \n\nQuilter first half results deliver a 164% uplift in core net inflows to £1.7 billion, a 28% increase in adjusted profit to £97 million, and an operating margin of 29%\nSteven Levin, Chief Executive Officer, said:\n\"We delivered a strong performance in the first half of 2024, combining record adjusted profit, consistently strong Quilter channel flows, significantly increased Platform IFA flows, and good progress on delivering our efficiency initiatives. Our work to transform Quilter is delivering tangible results, but we have more to do to reach the ambitious goals we have set for ourselves.\"\nHighlights:\n· Total Assets under Management and Administration (\"AuMA\") of £113.8 billion at the end of June 2024, an increase of 7% on 31 December 2023 (£106.7 billion) driven by total reported net inflows of £1.5 billion (H1 2023: £0.2 billion) and positive market movements of £5.6 billion.\no Core gross inflows of £7.4 billion increased by 35% (H1 2023: £5.5 billion), with the second quarter contribution higher than the first.\no Core net inflows totalled £1.7 billion, an increase of 164% (H1 2023: £0.7 billion). This reflected continued good performance from the Quilter channel in both High Net Worth and Affluent segments and significantly improved IFA channel flows onto the Quilter Platform.\no Net and gross Platform flows increased meaningfully in both quarters. Notably, second quarter Platform flows were ahead of the first, with significantly increased IFA channel flows contributing to much stronger net flows relative to the first half of 2023.\no Non-core net outflows of £0.2 billion (H1 2023: £0.5 billion) relate to assets still managed on behalf of businesses sold.\n· Adjusted profit before tax increased by 28% to £97 million (H1 2023: £76 million), delivering an operating margin of 29%, an increase of five percentage points (H1 2023: 24%).\no Total net revenue increased by 5% to £329 million (H1 2023: £312 million) with an increase in revenue generated on corporate cash balances partially offset by planned revenue margin attrition. This was coupled with strong expense discipline which delivered a third consecutive decline in first half costs. These reduced by £4 million...