This section corrects inaccuracies in a previous publication.
The headline was amended at 0723 GMT to rectify the company’s name misstated as St James Place.
Another correction made at 0723 GMT was the misstatement of the company’s pretax profit as GBP2.8M. Additionally, the company’s name was erroneously cited as St James Place.
St. James’s Place Adjusts Dividend Strategy
Amid projected slower profit growth attributed to impending changes in its charging model, St. James’s Place has implemented a dividend cut.
The wealth-management establishment announced a final dividend of 8.0 pence per share, resulting in a full-year payout of 23.83 pence. This figure falls short of the expected 51.42 pence based on a consensus compiled by the company.
“In light of the provision we’ve made and an anticipated decline in profit growth in the near future as we transition to our revised charging structure, our ability to invest in long-term business growth over the next years is diminished,” stated Chief Executive Mark FitzPatrick during his inaugural release of results since assuming the position in December.
As part of the new distribution policy, the London-based entity will allocate 50% of the full-year underlying cash outcome to shareholders as dividends moving forward—a reduction from the previous 70%. A steady dividend of 18.0 pence per share is slated for 2024, 2025, and 2026, with a projected increase as earnings show improvement by 2027.
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