Quilter achieved a 164% uptick in core net inflows to £1.7bn in its interim results, published on the London Stock Exchange today (7 August).
The firm saw net inflows within the core business increase from £0.7bn at the end of June 2023, to £1.7bn at the end of June this year. Overall, Quilter reported a 13% rise in assets under management and advice in H1 2024 compared to H1 2023, with gross flows rising by 35% to £7.4bn.
IFRS post-tax profit increased by 157% from £7m to £18m, while adjusted pre-tax profit rose by 28% from £76m to £97m. Operating margins increased by five percentage points to 29%, although revenue margins dipped by three percentage points to 45%.
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Total net revenue increased by 5% to £329m, compared to £312m at the end of H1 2023, which the firm said was due to “an increase in revenue generated on corporate cash balances, partially offset by planned revenue margin attrition”. “Expense discipline which delivered a third consecutive decline in first half costs,” Quilter added. “These reduced by £4m to £232m in the period, despite inflationary pressures.”
Basic earnings per share increased by 150% from 0.4 pence to 1 pence, while Quilter’s interim dividend per share rose by 13% to 1.7 pence.
Steven Levin, chief executive officer of Quilter, said: “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.”
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