Quilter PLC (LSE:QLT) reported a 12% fall in assets under management as equity markets were hit by “one of the worst periods of negative performance in recent years”.
And the wealth management company cautioned the current market conditions could mean a delay in achieving its operating margin targets.
Furthermore, due to the uncertain outlook, the board stuck to an unchanged interim dividend at 1.2p per share.
“The first half of 2022 brought a tough operating environment, probably the most challenging we have faced since listing,” said chief executive Paul Feeney.
“Current market levels provide a revenue headwind which may delay the achievement of our operating margin targets.”
For the six months ended 30 June 2022, the group reported a 12% fall in assets under management and administration to £98.7bn.
However, adjusted profit before tax was up 9% to £61mln due to “flat revenues and cost discipline,” according to a statement.
Shares fell 3.2% at 115.95p.