During the half year to the end of June, the net inflow of funds was £1.7bn, up 13% from the £1.5bn posted during the same time period last year. Funds under management now stand at £29.1bn, an 8% rise since 1 January and 30% up over the past 12 months.
Group operating profit was £183.6m, a 13% jump from £162.1m in H1 2010; new business profit is up 27% (from £100.9m to £127.7m); profit before shareholder tax is up 52% (£55.3m from £36.33m).
The effects of RDR negatively hit St James’s Place’s distribution arm with it reporting zero profits, compared to £5.9m it made last year.
Back on the positive side, Chief executive David Bellamy announced a healthy increase in its interim dividend, saying: “In order to rebalance the interim dividend to the historic level of about 40% of the anticipated full-year dividend, the Board proposes increasing the interim dividend by 58% to 3.2p per share.
“The dividend will be paid on 14 September, 2011, to shareholders on the register at the close of business on 5 August, 2011.”
He also confirmed the firm’s fund range is set to expand with the introduction later this year of a Global Equity Fund as well as three new fund managers.
