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Annual Results

St James's Place more than doubles FY pretax profit

28 February 2017 07:25

St James's Place more than doubled its FY pretax profit to £486.3m, from £174.1m, with gross inflows and funds under management both rising in what the company billed as 12-month period of strong growth.

Net insurance premium income totalled £20.7m, from £22.1m, with net income at £11.4bn, from £3.1bn.

It proposed a final dividend of 20.67p a share, up 20% and providing a FY dividend of 33p a share, from 27.96p.

CEO David Bellamy said that despite economic and political uncertainty the company had achieved strong growth across all key aspects of the business, resulting in another record year of new investments, funds under management and operating profits.

Gross inflows were at a record £11.4bn, from £9.2bn, while the net inflow of funds under management was £6.8bn, from £5.8bn.

Funds under management totalled £75.3bn, from £58.6bn.

"At the heart of our sustained growth is our commitment to achieving good outcomes for our clients and the importance we place on building long term relationships," said Bellamy.

Looking forward, Bellamy said St James's Place began 2017 with a stronger adviser team, a more diversified investment proposition.

"We remain committed to relationship based advice and believe we are better placed than ever to serve our clients well and for the opportunities that lie ahead," he added.

Separately, St James's said Bellamy was stepping down at end-2017, and would be succeeded by Andrew Croft. Chief risk officer Craig Gentle would become Chief Financial Officer.

Story provided by StockMarketWire.com

Related Company: STJ

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