St. James's Place annual results announcement
Strong Financial Performance And 33% Increase In The Full Year Dividend
St. James’s Place plc ("SJP"), the wealth management group, today announces its annual results for the year ended 31 December 2011:
- EEV new business profit of £246.0 million (2010: £217.8 million) up 13%
- EEV operating profit of £371.5 million (2010: £332.6 million) up 12%
- EEV net asset value per share of 385.0p (2010: 352.9p per share) up 9%
- IFRS profit before shareholder tax of £109.7 million (2010: £84.2 million) up 30%
- Cash result of £67.0 million (2010: £48.3 million) up 39%
- Proposed final dividend of 4.8p (2010: 3.975p) up 21%, providing for a full year dividend of 8.0p (2010: 6.0p) up 33%
- Total single investments of £5.2 billion (2010: £4.75 billion) up 10%
- Net inflow of funds under management of £3.3 billion (2010: £3.0 billion) up 10%
- Funds under management of £28.5 billion (2010: £27.0 billion) up 6%
- Partnership numbers at 1,649 (2010: 1,552) up 6%
- Excellent progress on the new regulatory qualification requirement with 80% of advisers at Diploma level and a further 11% within one or two exams
David Bellamy, Chief Executive, commented:
"I am pleased to report another record year for St. James’s Place in terms of new business, operating profits and funds under management as we celebrate our 20th anniversary. This performance, in market conditions that were far from helpful, is a testament to the strength of the Partnership and the breadth of our investment proposition. I’m particularly pleased with the £3.3 billion net inflows of funds which took funds under management to £28.5 billion at the year end.
The combination of growth in funds under management and their increasing maturity drive future cash flows, which is why we have been able to grow dividends by 33% in each of the last two years and have the confidence today to signal a similarly significant increase for 2012.
New business so far in this quarter is running at the same level as the final quarter of 2011 whilst funds under management have grown to £29.5 billion at the end of January. For the year as a whole, with a stronger Partnership and investment proposition, we have a good platform for further growth in new business and remain confident of continuing to achieve our 15%+ per annum targets over the longer term."
|David Bellamy, CEO
||Tel: 020 7514 1963|
|Andrew Croft, CFO
||Tel: 020 7514 1963|
||Tel: 020 7353 4200|
|John Sunnucks / Michelle Clarke
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