Quilter PLC on Wednesday credited strong inflows and buoyant investor sentiment for an ‘excellent’ financial performance in 2024, but rising costs hurt profit.

The London-based wealth manager reported pretax profit of £35 million in 2024, down 60% from £88 million in 2023.

Total expenses inflated to £5.41 billion, up 19% from £4.54 billion.

Total income rose 18% to £5.45 billion from £4.63 billion, reflecting higher management fee revenue on higher asset levels, and increased investment revenue generated on shareholder funds.

As at December 31, core assets under management & administration was £116.3 billion, up 12% from £103.4 billion at December 31, 2023, reflecting net inflows and ‘supportive’ markets. At June 30, AuMA was £110.6 billion.

Core net inflows surged to £5.2 billion in 2024, from £800 million in 2023. Core gross flows were £16.0 billion, up 44% from £11.1 billion.

Quilter declared a final dividend of 4.2 pence, up 14% from 3.7p, lifting the total payout to 5.9p, up 13% from 5.2p.

Due to high tax, basic loss per share was 2.5p, swung from 3.1p, while basic headline loss per share was 2.5p, flipped from 3.2p.

Income tax expense attributable to policyholder returns rose by a quarter to £95 million from £76 million, while income tax expense rose 50% to £69 million from £46 million.

‘2024 was an excellent year in terms of net inflows, revenue momentum, cost discipline and profit growth,’ Quilter Chief Executive Officer Steven Levin said.

Quilter expects a £5 million increase in costs from 2025 due to a UK national insurance rate change. It sees mid to high single digit increase in adjusted profit in 2025.

Shares in Quilter were up 6.8% to 161.30 pence in London Wednesday. They were up 7.0% to R 37.88 in Johannesburg.

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