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Quilter plc interim results for the period ended 30 June 2025 and Interim Dividend declaration
QUILTER PLC
Incorporated under the Companies Act 1985 (UK) with registered number 06404270 and
re-registered as a public limited company under the Companies Act 2006 (UK)
ISIN CODE: GB00BNHSJN34
JSE SHARE CODE: QLT
Quilter plc (the "Company")
6 August 2025
Quilter plc interim results for the period ended 30 June 2025 and Interim Dividend declaration
Quilter reports adjusted profit of £100 million and H1 2025 core net inflows of £4.5 billion representing
8% of opening AuMA (annualised)
Steven Levin, Chief Executive Officer, said:
"I'm pleased with our start to 2025. Flow momentum remains excellent with our Affluent and High Net Worth segments both outperforming
their market peers for level of inflows and growth as a percentage of opening assets. This clearly demonstrates the powerful nature of our
dual-distribution model. Our business has built on the momentum of the last two years, is in great shape and is continuing to deliver on the
growth opportunities ahead."
Highlights:
• Total Assets under Management and Administration ("AuMA") increased by 6% since year end to £126.3 billion reflecting net inflows of £4.3 billion
coupled with a positive contribution from markets despite US Dollar weakness over the period. Core net inflows of £4.5 billion represented an
annualised 8% (H1 2024: 3%) of opening AuMA (7% reported after non-core net outflows).
• Platform Assets under Administration ("AuA") increased by 8% to £92.0 billion since year-end. First half Platform net inflows of £4.2 billion (H1
2024: £2.2 billion) were up 92% on the first half of 2024 and represented 10% (annualised) of opening AuA. Total assets under management by
WealthSelect, the UK's largest Managed Portfolio Service ("MPS") reached £21.0 billion, an increase of 14% from December 2024.
• The High Net Worth segment delivered a strong improvement in net inflows to 3% (annualised) of opening assets (H1 2024: 1%).
• Adjusted profit before tax increased by 3% to £100 million (H1 2024: £97 million) with a percentage point improvement in the operating margin to
30% (H1 2024: 29%).
• Revenues grew by 2% to £337 million (H1 2024: £329 million) reflecting higher management fee revenue partially offset by lower investment
revenue generated on shareholder funds. Cost control limited cost growth to 2%, taking the expense base to £237 million (H1 2024: £232 million).
• Our Simplification programme has now achieved £43 million of savings on a run-rate basis, with the remaining £7 million of the £50 million target
expected to be delivered, on a run-rate basis, by the end of 2025.
• Adjusted diluted earnings per share of 5.4p increased by 4% (H1 2024: 5.2p), broadly in line with the increase in adjusted profit.
• Net increase of 14 Quilter Restricted Financial Planners ("RFP's") to 1,454 and four Investment Managers to 180 since December 2024.
• Ongoing Advice Review: Skilled Person Review submitted to the FCA with discussions now focused on the implementation of a likely remediation
programme. Previously recognised provision remains appropriate.
• Basic headline earnings per share of 3.4 pence (H1 2024: 1.0 pence).
• Diluted headline earnings per share of 3.3 pence (H1 2024: 0.9 pence).
• IFRS profit after tax of £46 million (H1 2024: £13 million).
• Interim Dividend of 2.0 pence per share (H1 2024: 1.7 pence per share), representing an increase of 18%.
• Solvency II ratio of 214% after payment of Interim Dividend (31 December 2024: 219%).
Key financial highlights
We assess our financial performance using a variety of measures including alternative performance measures ("APMs"), as explained further on pages
15 to 17. In the headings and tables presented, these measures are indicated with an asterisk: *.
Quilter highlights H1 2025 H1 2024 Change
Assets and flows – core business
AuMA* (£bn) 123.4 110.6 12%
Gross flows* (£bn) 9.4 7.4 27%
Net inflows* (£bn) 4.5 1.7 160%
Net inflows/opening AuMA* (annualised) 8% 3% 5 ppts
Assets and flows – reported
AuMA* (£bn) 126.3 113.8 11%
Gross flows* (£bn) 9.5 7.5 27%
Net inflows* (£bn) 4.3 1.5 182%
Net inflows/opening AuMA* (annualised) 7% 3% 4 ppts
Profit and loss
IFRS profit before tax attributable to shareholder returns (£m) 62 18 244%
IFRS profit after tax (£m) 46 13 254%
Adjusted profit before tax* (£m) 100 97 3%
Operating margin* 30% 29% 1 ppt
Revenue margin* (bps) 42 45 (3) bps
Adjusted diluted earnings per share* (pence) 5.4 5.2 4%
Interim Dividend per share (pence) 2.0 1.7 18%
Basic earnings per share (pence) 3.4 1.0 240%
Financial review
Review of financial performance
Overview
The Group delivered solid growth in the first half of 2025, with adjusted profit before tax of £100 million, an increase of 3% on the prior period (H1 2024:
£97 million). This was supported by higher net management fees driven by increased average AuMA due to strong net inflows and positive markets,
and continued delivery of our Simplification programme. The Group's reported closing AuMA was £126.3 billion, a 6% increase on the opening position
(FY 2024: £119.4 billion). The AuMA increase of £6.9 billion is driven by net inflows of £4.3 billion and supported by market movements, including
currency movements, of £2.6 billion.
Alternative Performance Measures ("APMs")
We assess our financial performance using a variety of measures including APMs, as explained further on pages 15 to 17.
In the core business, net inflows of £4.5 billion increased by 160% against the prior period (H1 2024: £1.7 billion). This improvement reflected the
overall favourable macro environment, stronger investor confidence, and enhanced effectiveness in our distribution and proposition strategies. Core
gross flows increased 27% to £9.4 billion, (H1 2024: £7.4 billion), driven by higher activity of IFA channel flows onto the Platform. The increase reflects
growth in both the total advised platform market and our market share among IFA firms. Productivity, representing Quilter channel annualised gross
sales per Quilter Adviser, increased by 3% to £3.3 million (H1 2024: £3.2 million).
Within the Affluent segment:
• Quilter channel: Gross flows of £2.1 billion were in line with the prior period, whilst net inflows of £1.3 billion increased 25% (H1 2024: £1.1 billion),
demonstrating our continued strategic commitment to grow our Advice business. Annualised net inflows as a percentage of opening AuMA for
the Quilter channel were 14% (H1 2024: 12%).
• IFA channel: Gross flows of £5.7 billion onto the Quilter Platform increased by 49% (H1 2024: £3.8 billion). Net inflows of £2.9 billion were
significantly higher than the prior period (H1 2024: £1.0 billion) reflecting both the breadth and strength of our proposition and distribution, and an
increased market share of new business as we continued to win flows from competitors. Based on the latest Fundscape data (Q1 2025), the
Platform continues to maintain the leading share of gross and net flows against our retail advised platform peers. Annualised net inflows as a
percentage of opening AuMA for the IFA channel onto the Platform were 9% (H1 2024: 3%).
• Funds via third-party platforms reported net outflows of £88 million, compared to £241 million of net outflows in the previous period.
Asset retention of 91% for the Affluent segment improved by 2 percentage points from the prior period (H1 2024: 89%).
Within the High Net Worth segment, gross flows of £1.5 billion were in line with the first half of 2024. Net inflows of £0.5 billion were meaningfully
ahead of the prior period (H1 2024: £0.1 billion), predominately driven by net inflows in the IFA and direct channel during the first half of 2025 and the
loss of a large value low margin account in the prior period. Asset retention of 93% for the High Net Worth segment was 4 percentage points ahead of
the previous period (H1 2024: 89%).
The Group's core business AuMA of £123.4 billion is 6% ahead of the opening position (FY 2024: £116.3 billion) reflecting positive market movements
of £2.6 billion and net inflows of £4.5 billion. The Affluent core segment AuMA increased by 7% to £95.0 billion (FY 2024: £88.5 billion), of which £32.0
billion is managed by Quilter, versus the opening position of £29.5 billion. The High Net Worth segment AuM was £30.0 billion, up 2% from the opening
position of £29.5 billion, with all assets managed by Quilter.
In total, £61.7 billion, representing 50% of core business AuMA, is managed by Quilter across the Group (FY 2024: £58.5 billion, 50%).
The Group's revenue margin of 42 bps was 3 bps lower than the prior period (H1 2024: 45 bps).
In the Affluent segment, the administered revenue margin was 23 bps, 2 bps lower than the prior period (H1 2024: 25 bps). This is primarily the result
of the impact from our tiered pricing structure and is consistent with our expectations. The managed revenue margin decreased by 2 bps to 35 bps (H1
2024: 37 bps). As anticipated, within our Managed Solutions the proportion of total client assets invested in the Cirilium Active range, our highest
revenue bps contributor, remained in net outflow as advisers continued to favour Managed Portfolio Services ("MPS") for their clients. Reflecting this
ongoing shift towards managed solutions on platforms, WealthSelect remains the largest MPS offering in the industry and continues to grow with AuMA
of £21.0 billion as at 30 June 2025 (FY 2024: £18.4 billion).
The revenue margin in the High Net Worth segment decreased by 4 bps to 67 bps (H1 2024: 71 bps), primarily due to a shift to MPS solutions and
change in asset mix.
Adjusted profit before tax increased by 3% to £100 million (H1 2024: £97 million). Net management fees of £257 million increased 5% (H1 2024:
£245 million) primarily due to an increase in reported average AuMA compared to the prior period of 11% to £122.1 billion (H1 2024: £110.0 billion),
partially offset by the reductions in net management fee margins largely reflecting the changes in the High Net Worth and Affluent Solutions asset mix
and lower Platform margins in line with our guidance.
Interest revenue generated from client funds included within net management fees were £14 million (H1 2024: £16 million) reflecting the reduction in
interest rates compared to the prior period. Other revenue of £48 million, which mainly comprise our share of income from providing advice, was
broadly in line with the prior period (H1 2024: £47 million). Investment revenue, predominantly interest income generated on shareholder cash and
capital resources of £32 million, decreased by £5 million (H1 2024: £37 million) due to lower average interest rates in the first half of 2025 compared
to the prior period.
Operating expenses of £237 million increased by 2% on the prior period (H1 2024: £232 million) as a result of inflationary and National Insurance
increases, higher FSCS levies and planned business investment, partially offset by Simplification cost savings. The Group operating margin improved
by 1 percentage point to 30% (H1 2024: 29%).
The Group's IFRS profit after tax was £46 million compared to £13 million in H1 2024. This primarily reflects variances in policyholder tax outcomes
in the prior period.
Adjusted diluted earnings per share increased 4% to 5.4 pence (H1 2024: 5.2 pence).
Shareholder information – Interim Dividend
The Quilter Board has declared an Interim Dividend of 2.0 pence per share. The 2025 Interim Dividend will be paid on Monday 22 September 2025 to
shareholders on the UK and South African share registers on Friday 29 August 2025 (the "Record Date").
Dividend Timetable
Dividend announcement in pounds sterling with South Africa ZAR Wednesday 6 August 2025
equivalent
Last day to trade cum dividend in South Africa Tuesday 26 August 2025
Shares trade ex-dividend in South Africa Wednesday 27 August 2025
Shares trade ex-dividend in the UK Thursday 28 August 2025
Record Date in the UK and South Africa Friday 29 August 2025
Interim Dividend Payment Date Monday 22 September 2025
From the opening of trading on Wednesday 6 August 2025 until the close of business on Friday 29 August 2025, no transfers between the London and
Johannesburg registers will be permitted. Share certificates for shareholders on the South African register may not be dematerialised or rematerialised
between Wednesday 27 August 2025 and Friday 29 August 2025, both dates inclusive.
Additional information
For shareholders on our South African share register, an Interim Dividend of 47.71146 South African cents per share, being a foreign dividend for
South African income tax purposes and the funds paid from the United Kingdom, will be paid on Monday 22 September 2025, based on an exchange
rate of 23.85573. Dividend Tax will be withheld at the rate of 20% from the amount of the gross dividend of 47.71146 South African cents per share
paid to South African shareholders unless a shareholder qualifies for exemption. After the Dividend Tax has been withheld, the net Interim Dividend
will be 38.16917 South African cents per share. The Company had a total of 1,404,105,498 shares in issue at today's date.
If you are uncertain as to the tax treatment of any dividends, you should consult your own tax adviser.
This short-form announcement is the responsibility of the directors and is only a summary of the information in the full announcement. Any investment
decisions by investors and/or shareholders should be based on consideration of the full announcement as a whole.
The full announcement can be found on the company's website at Investor relations | Quilter plc and on the JSE cloudlink:
https://senspdf.jse.co.za/documents/2025/JSE/ISSE/QLTE/HY25Result.pdf
JSE Sponsor: J.P. Morgan Equities South Africa (Pty) Ltd.
Date: 06-08-2025 08:00:00
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