British wealth manager St. James’s Place (SJP) has posted a profit before shareholder tax of £186.1m for the year ended 31 December 2017, a surge of 32% compared to £140.6m in the previous year.
The underlying profit before shareholder tax was £245.1m, a 50% jump from £163.5m a year ago. Underlying post tax cash result increased 41% to £281.2m from £199.5m last year.
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The group’s EEV operating profit was £918.5m, an increase of 36% from £673.6m last year. EEV new business profit at the company soared 50% year-on-year to £779.8m.
SJP said its gross inflows during the year ended 31 December 2017 were £14.6bn, versus £11.4bn in 2016.
The net inflow of funds under management increased 40% to £9.5bn from £6.8bn in the previous year. Funds under management at the end of December 2017 totalled £90.7bn at the end of December 2017, up 20% from £75.3bn in 2016.
SJP CEO Andrew Croft said: “I am very pleased to confirm that this record new business performance is reflected in the strong financial performance, across all measures, that we are reporting today. Given the strong performance of the business, the Board has proposed a final dividend of 27.45 pence per share, up 33%, which brings the full year dividend to 42.86 pence per share, up 30%.”
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