Half year results
Half year results for the six months to 30 June 2011
Record half year new business with new single premiums at £2.7 billion
and strong dividend growth
St. James’s Place plc (“SJP”), the wealth management group, today announces its new business and financial results for the half year ended 30 June 2011.
Highlights of the half year results are:
- Total single investments of £2.73 billion (2010: £2.39 billion) up 14%
- Total new business, on an APE basis, of £335.6 million (2010: £292.6 million) up 15%
- Our own manufactured business represents 93% of new business (2010: 91%)
Funds Under Management:
- Continued strong retention of clients’ funds
- Net inflow of funds of £1.7 billion (2010: £1.5 billion) up 13%
- Funds under management of £29.1 billion up 8% since the start of the year and 30% over the twelve months
St. James’s Place Partnership:
- Partnership numbers at 1,601 up 3% since the start of the year
– EEV basis
- Group operating profit at £183.6 million (2010: £162.1 million) up 13%
- New business profits of £127.7 million (2010: £100.9 million) up 27%
- Net asset value per share 379.6 pence (2010: 294.9 pence) up 29%
– IFRS basis:
- Profit before shareholder tax of £55.3 million (2010: £36.3 million) up 52%
- Net asset value per share 127.4 pence (2010: 116.3 pence) up 10%
– Cash result:
- Post tax cash result £30.8 million (2010: £18.7 million) up 65%
- Interim dividend 3.2 pence per share up 58%
David Bellamy, Chief Executive, commented:
“I am delighted to be reporting another very strong set of results and significant dividend increase. The results were particularly pleasing given the current economic environment, sovereign debt concerns and fragile stock markets. We continue to attract new funds from both new and existing clients who value the advice offered by our Partnership, the breadth of our investment proposition and our quality of service.
Alongside the growth in value, the Partnership are making excellent progress on their professional qualifications with over 80% of the Partnership qualified at Diploma level or close to it.
Later in the year we will be further broadening our investment proposition with the addition of new fund managers and re- launching the St. James’s Place Academy to supplement our recruitment activity.
Despite the continued economic and market uncertainty, our business is in great shape and we are confident about our future prospects.”
|David Bellamy, CEO
||Tel: 020 7514 1963|
|Andrew Croft, Group Finance Director
||Tel: 020 7514 1963|
||Tel: 020 7353 4200|
|John Sunnucks / Mal Patel
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