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Quilter delivers record H1 adjusted profits
(Sharecast News) - Wealth management firm Quilter posted record interim adjusted profits on Wednesday as net inflows bounced back amid a recovery in global equity markets throughout the half. Quilter said adjusted pre-tax profits had surged 28% to £97.0m in the six months ended 30 June, while operating margins rose five points to 29%. Assets under management increased 7% to £113.8bn.
The FTSE 250-listed firm stated net inflows into its core businesses came to £1.7bn, up £1.0bn year-on-year, as a result of "continued good progress" from its high net worth and affluent segments, as well as 50% gross inflows growth via its independent financial adviser channel.
"With UK inflation easing, consumers' disposable income has improved, leading to early signs of incremental discretionary saving," said chief executive Steven Levin. "We expect new business levels across the industry in 2024 to be higher than in 2023."
As of 0825 BST, Quilter shares were up 4.63% at 133.40p.
Reporting by Iain Gilbert at Sharecast.com
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