British wealth manager St. James’s Place (SJP) has posted an IFRS profit before shareholder tax was £151.3m, down 17% from £182.9m in 2014.
This fall was impacted by the negative £21.7m change in the movement of certain accounting intangible assets and liabilities.
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The underlying profit for 2015 was £163.7m compared with £173.6m in 2014 reflecting the increase in share option costs, the higher FSCS levy and the back office development costs in 2015.
The group’s EEV operating profit of £660.2m for year ended 31 December 2015, an increase of 11% compared to £596.4m a year ago. SJP’s underlying post tax cash result for the year was £182.1m.
EEV new business profit at the company increased to £440.7m from £373.1m in 2014 reflecting the strong gross inflows. The net asset value per share increased 12% over the year to 737.3p.
SJP said its gross inflow of funds under management during year ended 31 December 2015 increased 17% to £9.24bn from £7.88bn in the year ago period.
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By GlobalDataThe net inflow of funds under management rose 14% to £5.78bn from £5.09bn a year earlier.
Total funds under management at 31 December 2015 stood at £58.6bn, up 13% from £52bn at the same period last year.
The Board has proposed a final dividend of 17.24p per share, up 20%, which brings the full year dividend to 27.96p per share, also up 20%.
Also, SJP is planning to expand its presence in London by opening a new office in Canary Wharf in May 2016.
Furthermore, SJP has completed the acquisition of Rowan Dartington following the receipt of regulatory approval from the Financial Conduct Authority (FCA).
Rowan Dartington executive chairman Graham Coxell said: "This deal will further enable us to broaden our operation whilst remaining committed to supporting the UK financial adviser market over the long term. It’s a win-win situation, and we look forward to a bright future."
SJP CEO David Bellamy said: The continuing growth and maturity in funds under management has, as expected, translated into continued growth in the underlying cash result.
"That increasing demand, coupled with the ongoing growth in the size of the Partnership, means that we remain well placed to continue our growth in 2016 and beyond, in line with our medium term objectives."
