Quilter PLC, a leading financial services company, has announced robust financial results for the fiscal year ending December 31, 2023. Despite facing ongoing geopolitical and macroeconomic uncertainties, the company demonstrated resilience, delivering impressive growth in key financial metrics.
Key Financial Highlights
| Metric | 2023 | 2022 | Change |
|---|---|---|---|
| Adjusted Profit | £167 million | £134 million | +25% |
| Operating Margin | 27% | 22% | +5 pp |
| Assets under Management (AuMA) | £106.7 billion | £99.6 billion | +7% |
| Net Inflows (Core Business) | £0.8 billion | £2.1 billion | -62% |
| Revenue | £625 million | £606 million | +3% |
| Dividend | 5.2 pence per share | 4.5 pence per share | +16% |
Financial Performance Overview
Quilter PLC reported a 25% increase in adjusted profit to £167 million, driven by disciplined cost management and higher interest revenue earned on cash and capital resources. Despite subdued flow environment, the company achieved a significant improvement in operating margin, reaching 27%.
The company’s reported AuMA stood at £106.7 billion, reflecting positive market movements towards the year-end and net inflows of £0.1 billion. However, core business net inflows decreased to £0.8 billion, impacted by increased client drawdown.
In the Affluent segment, gross flows increased by 12%, demonstrating the strength of the integrated channel. However, asset retention fell to 89% due to increased withdrawal activity and inflationary pressure.
Dividend Announcement
Quilter PLC proposed a full-year dividend of 5.2 pence per share, representing a 16% increase from the previous year. Additionally, a final dividend of 3.7 pence per share has been recommended, subject to shareholder approval. The Final Dividend will be paid on May 28, 2024.
Conclusion
Despite facing challenging market conditions, Quilter PLC has delivered a strong financial performance for the fiscal year 2023. With a focus on growth, operational efficiency, and shareholder value, the company remains well-positioned for future success.
