Full Year 2023 Quilter PLC Earnings Call Transcript
Key Points
- Quilter PLC (JSE:QLT) achieved a 25% increase in adjusted profit to GBP167 million, the highest profit with the current portfolio of businesses.
- Operating margin improved to 27%, surpassing the 2025 target.
- Earnings per share increased by 19%, and the Board proposed a total dividend of 5.2p, a 16% increase.
- The company completed its simplification program a year early, driving efficiency and cost savings.
- Quilter PLC (JSE:QLT) became the largest adviser platform by assets and new business flows, with significant growth in the Affluent segment.
- Net flows in the core business were just under half of their level a year ago, indicating challenges in maintaining growth momentum.
- The company saw a rise in outflows in the IFA and Direct channels due to higher interest rates and IFA consolidation.
- Gross flows per adviser increased, but the overall number of restricted advisers remained flat year on year.
- The Affluent Managed revenue margin declined due to the planned reprice of Cirilium Active portfolios and mix effects from inflows into lower-cost products.
- The company is conducting a review of historical data and practices regarding ongoing adviser servicing, which may lead to remedial costs.
Hey, everyone, and welcome to our 2023 full year results. I'm going to do three things this morning. I'm going to take you through our business highlights, I'm going to cover the flows and improved momentum that we're seeing, particularly in our Affluent segment, and I'm going to update you on the three key strategic priorities that we've set out. Mark will then walk through the financials and I'll summarize and take Q&A.
We're one year into the changes that I want to implement and we're in good shape. We've delivered strong profit and markedly higher operating margins. Let me start with a few of the key highlights. The 2023 results were really strong. We achieved a 25% increase in adjusted profit to GBP167 million. That's by far the highest profit we've achieved with the current portfolio of businesses. It reflects robust cost performance and higher revenues. As a result, our operating margin at 27% was above our 2025 target.
Our business transformation plans are well on track. We've driven hard on our simplification program and we've delivered that
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