- FTSE 250-listed Quilter has seen its shares rise sharply in the last year
Quilter shares rose on Wednesday after the group unveiled stronger net inflows into its funds range and beat half-year earnings forecasts.
The firm’s first-half profit reached a record £97million, while assets under management climbed to £113.8billion by the end of June, 7 per cent higher than at the end of 2023.
Earlier this year, the Financial Conduct Authority (FCA) wrote to a number of firms amid concerns over ongoing advice charges for customers. Quilter was one of the businesses the FCA wrote to.
It is carrying out a review of its ongoing advice charges in light of the FCA’s letter.
On the up: Quilter shares have risen sharply in the past year
Quilter shares rose 3.29 per cent or 4.2p to 131.70p on Wednesday, having surged over 84 per cent in the last year.
The group’s operating margins jumped five points to 29 per cent by the end of the period.
Net inflows into Quilter’s core arms reached £1.7billion, up £1billion year-on-year, as a result of ‘continued good progress’ from its high net worth and affluent segments, as well as 50 per cent gross inflows growth via its independent financial adviser channel.
Steven Levin, Quilter’s chief executive, 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.’
He added: ‘With UK inflation easing, consumers’ disposable income has improved, leading to early signs of incremental discretionary saving.’
On the matter of a review into ongoing advice charges. Quilter said an update could be expected early next year. The group appointed a ‘skilled person’ in June to carry out the review.
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