Quilter (LSE:QLT) delivered robust first-half results on Wednesday, outperforming expectations on net inflows and earnings, while confirming it will reassess its capital requirements following the conclusion of its ongoing advice review.
The UK-based wealth manager recorded net inflows of £4.5 billion ($6 billion) during the period, surpassing the highest estimates from analysts, according to Jefferies.
Jefferies analysts described this as “a very strong showing, with a marked improvement in both Affluent and HNW segments.”
Assets under management and administration (AUMA) stood at £126.3 billion, approximately 4% above consensus estimates and close to the upper range forecast of £128 billion.
The analysts added, “Higher AUMA and lower costs than consensus will likely lift forecasts and we would expect a positive reaction from the market.”
Adjusted operating profit reached £100 million, beating expectations by 6%, while earnings per share climbed to 5.4 pence, exceeding consensus by 15%.
Quilter is currently reviewing its historical advice services in response to increased regulatory focus on charging practices across the industry.
The company stated on Wednesday that the provision it had already set aside for this matter “remains appropriate.”
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