Full Year 2024 Quilter PLC Earnings Call Transcript
Key Points
- Adjusted profit increased by 17% to GBP196 million, reflecting robust cost management and higher revenues.
- Operating margin improved to 29%, surpassing the 25% target for 2025 and aligning with the 30% medium-term goal.
- Core net flows rose significantly to over GBP5 billion, indicating strong flow momentum.
- Earnings per share increased by 13% to 10.6p, with a proposed dividend increase of 13% to 5.9p.
- Quilter PLC (QUILF) achieved a 46% increase in adjusted profit before tax over the last two years, demonstrating strong financial performance.
- A provision of GBP76 million was recognized for potential client remediation related to the ongoing advice review.
- The Cirilium Active range experienced outflows, impacting the revenue margin on managed assets.
- High net worth net inflows were at 2%, below the desired mid-single-digit level.
- The ongoing advice review and potential client remediation could impact future financials.
- Interest rate benefits on client cash are expected to diminish, potentially reducing platform margins by around 1 basis point annually.
Good morning everyone, and welcome to our 2024 full-year results. This morning, I will take you through the business highlights and discuss our improved flow momentum. Then, I'll cover our strategic priorities and update on our transformation programs.
Finally, I'll say a few words about how we're thinking about the evolution of our business over the next few years. Mark will talk through the financials, and then I'll summarize and we'll take questions.
We had an excellent year in 2024. Two years ago, at my first results presentation as CEO, I said that Quilter was less efficient than it could be, and it wasn't delivering the growth it was capable of. The strategy was good, but it needed tighter execution, and that's exactly what we've been focusing on. And therefore I'm really pleased to report strong profit growth and higher operating margins, Quilter is now in much better shape.
Let me start with the key highlights. Adjusted profit increased 17% to GBP196 million, that reflects robust cost management as
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