St. James’s Place, the FTSE 100 wealth-management group, announced on Thursday that it had achieved a significant turnaround in its financial performance for the first half of the year. The company reported a pretax profit of £385 million ($498.3 million), a marked improvement compared to the £295.5 million loss recorded during the same period last year.
One of the key factors contributing to this success was the robust retention of client funds, which remained strong at 95.6%. St. James’s Place attributed this accomplishment to its ongoing commitment to providing exceptional service and support to its advisers and clients.
Another noteworthy achievement for the company was the substantial increase in fee and commission income, reaching £1.35 billion for the first half of 2022, compared to £687.6 million during the same period in the previous year.
In terms of funds under management, St. James’s Place reported a positive growth trajectory. By June 30, the group’s assets under management had risen to £157.5 billion, up from £148.4 billion as of December 31.
To reward its shareholders, the board declared an interim dividend of 15.83 pence per share, a slight increase from the previous year’s dividend of 15.59 pence.
Despite challenges faced by U.K. consumers, St. James’s Place remains committed to its long-term business strategy. The company focuses on positioning itself as a trusted provider of face-to-face advice and aims to capitalize on the significant market opportunities that lie ahead.
“The commitment to our advisers and clients is at the core of our 2025 plan,” stated Chief Executive Andrew Croft. “We are determined to continue delivering trusted and valued advice over time, ensuring we stay well positioned in the market.”