Quilter PLC (LSE:QLT) shares climbed 6% in early trading on Wednesday after the wealth management group delivered strong 2024 results and issued an upbeat outlook for 2025.
The company reported a 17% rise in adjusted profit to £196m, with a two-percentage point increase in operating margin to 29%.
Assets under management and administration grew 12% to £119.4bn, boosted by net inflows of £4.8bn and favourable market conditions. Quilter’s core net inflows reached £5.2bn, a significant jump from £0.8bn in the previous year.
The company saw revenue rise 7% to £670m, supported by higher management fees and increased investment revenue. Costs were kept under control, rising just 3% to £474m.
Chief executive Steven Levin said 2024 was an “excellent year” with strong business momentum.
“Both our High Net Worth and Affluent segments delivered good profit progress and significantly higher new business levels,” he said. “We have started the year well and look forward to building on this momentum in 2025 and beyond.”
Looking ahead, Quilter expects further market share gains, despite rising costs, including an increase in the Financial Services Compensation Scheme levy.
It anticipates a mid to high single-digit rise in adjusted profit for 2025, with faster profit growth in 2026 and beyond. The company raised its dividend by 13% to 5.9p per share, reflecting confidence in future performance.
In early trading, the stock was up 8.8p at 159.8p.