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Quilter PLC on Wednesday reported sharply higher interim profit as its investment return swelled on the back of positive market movements. The London-based wealth manager said pretax profit multiplied to £77 million in the first half of 2024 from £28 million a year earlier. Income more than doubled to £3.38 billion from £1.58 billion, with investment return surging to £3.08 billion from £1.30 billion. Assets under management and administration rose 13% to £110.6 billion as of June 30 from £98.3 billion a year before, thanks to positive market movements. AuMA grew 3.7% from £106.7 billion as at December 31, 2023. Net inflows multiplied to £1.7 billion in the first half from £700 million a year before, while core gross inflows grew 35% to £7.4 billion from £5.5 billion. Quilter boosted its interim dividend by 13% to 1.7 pence from 1.5p. Earnings per share and headline EPS climbed 1.0p from 0.4p. Chief Executive Officer Steven Levin said the company had delivered a ‘strong’ performance in the first half of 2024. But Levin cautioned that the group had more to do to reach its ‘ambitious goals’. Quilter said Senior Independent Director Tim Breedon will leave the board next month, having joined in 2020. Quilter shares were up 3.5% to 131.95 pence in London early Wednesday. They were up 4.6% to R 31.09 in Johannesburg. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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