St. James's Place plc (STJ) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and welcome to our 2025 full year results. I'm pleased to report a year of significant progress for St James' Place. we delivered growth in new business, growth in funds under management, and growth in the underlying cash result, while at the same time delivering great returns for our clients. It was also a year in which we achieved real positive change in our business that sets us up to keep delivering for all our stakeholders in the years ahead. These results reinforce that now, more than ever, consumers need, want and value trusted, personalised financial advice. Our partnership model continues to set us apart as it combines the best of both worlds. Personal advice delivered through local, long-term relationships backed by the scale, strength and respected brand of a FTSE 100 firm. Today, I'm going to start off by running through our new business and financial highlights and the operational and strategic progress we have made during the year. Unfortunately, Caroline is unable to present this morning due to her family bereavement. So I'll then cover the financials before talking about the market opportunity, forward priorities, and how we see the future for SJP. So let's start with the strong flows results for the year. Looking back, 2025 offered a more stable backdrop for UK consumers, notwithstanding challenges persisting. On the positive side, mortgage rates generally moved lower and equity markets posted new all-time highs. However, household budgets have continued to be under pressure. Economic growth has been anemic. Individuals had to contend with protracted speculation and uncertainty ahead of the autumn budget. And the retirement savings landscape has become significantly more complicated with changes announced by the government. This has led ...