Half Year 2024 Quilter PLC Earnings Call Transcript
Key Points
- Net flows increased by 160% year-on-year, demonstrating strong growth momentum.
- Adjusted profit rose by 28% to GBP97 million, reflecting robust cost performance and higher revenues.
- Operating margin at 29% remains above the 2025 target, indicating efficient operations.
- Earnings per share increased by 21% to 5.2p, showcasing improved profitability.
- The Board proposed an interim dividend of 1.7p, reflecting confidence in future performance.
- Regulatory uncertainty due to the ongoing advice evidence review, with potential liabilities yet to be determined.
- Elevated outflows in the IFA and direct channels, driven by IFA consolidation and high-value client withdrawals.
- Decline in revenue margin to 45 basis points, influenced by last year's pricing adjustments.
- Exits of advisers due to natural attrition and consolidator activity, impacting adviser numbers.
- Potential negative impact on interest income from expected future interest rate cuts.
Good morning, and welcome to our 2024 interim results. I'll do three things this morning. I'll take you through the business highlights and update you on our strategic priorities. I'll cover our improved flow momentum, and I'll provide an update of our key transformation programs. Mark will walk through the financials, and then I'll summarize and we'll take questions.
We've had a strong first half, and we're in really good shape, having delivered excellent profit growth and higher operating margins. Let me start with the key highlights. Net flows were sharply higher, up around 160% year-on-year. Adjusted profit increased 28% to GBP97 million. That reflects robust cost performance as well as higher revenues.
Our operating margin at 29% remains above our 2025 target. Earnings per share increased by 21% to 5.2p and the Board is proposing an interim dividend of 1.7p, which represents one-third of last year's total dividend. As you know, we have three clear priorities to improve our business, building distribution,
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