Half Year 2025 Quilter PLC Earnings Call Transcript
Key Points
- Quilter PLC (QUILF) reported a strong start to 2025 with profits increasing from a robust 2024 base.
- Core net flows rose significantly to GBP4.5 billion, nearly matching the entire 2024 figure.
- The operating margin improved to 30%, aligning with Quilter PLC (QUILF)'s medium-term goal.
- Earnings per share increased by 4% to 5.4p, and the interim dividend was raised by 18% to 2p.
- The Affluent segment experienced a 132% increase in net inflows, with revenue up by 6% and adjusted profit growth of 10%.
- Despite revenue growth, lower interest income on shareholder capital impacted overall revenue growth, which was only 2%.
- Costs increased by 2% due to higher FSCS levies and business investments, impacting profit margins.
- The High Net Worth segment's adjusted profits remained flat despite significant net inflows.
- Revenue margins in the High Net Worth segment declined by 2 basis points, reflecting a mix shift and lower client cash balances.
- The company anticipates interest rate reductions to impact revenue in the second half of 2025.
Good morning, and welcome to our results presentation for the first half of 2025. This morning, I will start with our business highlights, our strong flow momentum and the scale of the opportunity ahead. Then I'll spend a bit of time on something that I don't always think is appreciated, the scalability and market leadership of our Affluent business. Finally, I'll say a few words on our strategic priorities and my areas of focus to further improve our business. As usual, Mark will then take us through the financials. Then I will summarize as to why recent policy developments are a positive quota and we'll end with Q&A.
We've had a good start to 2025. Profits have increased from a very strong 2024 base and flows are much higher. Let me start with the highlights. Core net flows were much higher, up to GBP4.5 billion. That's only GBP700 million less than we achieved in the whole of 2024, and flows into both segments were sharply better year-on-year. Our operating margin, which has improved steadily is now at 30%, in line
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