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August 9, 2018

Quilter reports profit rise in debut results as independent company

Quilter, formerly Old Mutual Wealth, has posted adjusted pre-tax profit of £110m for the first half of 2018, an increase of 16% compared to £95m a year ago.

In its first results since a listed standalone entity, the firm’s IFRS profit before tax from continuing operations surged to £17m from £5m last year.

Assets under management/administration at the end of June 2018 totalled £116.5bn, up 2% from 31 December 2017. The performance was driven by net inflows of £2.2bn.

Quilter CEO Paul Feeney said: “I am delighted to announce a good set of results for our first reporting period since we listed on the London and Johannesburg stock exchanges. Growth in integrated flows of 17% and profit of 16% demonstrate the strength of the Quilter business model.”

Quilter

Quilter was spun out of Old Mutual as part of a managed separation strategy. The wealth manager was listed independently on the London Stock Exchange in June this year with valuation of £2.8bn.

The wealth manager also unveiled a special interim dividend of 12 pence per share, returning £221m in surplus proceeds from the divestment of its single strategy business. The business was offloaded to its management team, led by CEO Richard Buxton, and private equity firm TA Associates last month.

However, Feeney also believes that Quilter is still behind its potential.

“We are focused on delivering what our customers want, an integrated wealth management offering that delivers good outcomes through the cycle. Our market offers significant growth opportunities and, while we have built a leading wealth management business, we are someway from demonstrating its full potential,” he said.

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