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Gloucestershire Business News

Firm reveals £1 billion operating profit

An astonishing £1 billion-plus profit has been revealed by a Gloucestershire business.

The Cotswold-headquartered company has seen its operating profit increase by nine per cent to £1,002 million (EEV operating profit).

Publishing its results for its full financial year to the end of December 2017 Cirencester wealth management firm St James's Place also revealed its 'gross inflows' totalled £15.7 billion (2017: £14.6 billion).

Andrew Croft, chief executive officer, said the 2018 figures built on "an exceptional outcome in 2017" despite "a difficult external environment" in the last quarter of 2018.

"This demonstrates once again the resilience of our business," said Mr Croft.

"The financial performance of the business reflects the progression of funds under management together with the contribution of new inflows in the year, resulting in good growth across all our key financial metrics.

"The board proposes a final dividend of 29.73 pence per share, making for a full year dividend of 48.22 pence per share, growth of 12.5 per cent.

"It is pleasing to see a recovery in the global stock markets at the start of 2019 which, together with on-going net inflows during January and February have, at the time of writing, taken our funds under management to some £102 billion.

"The business continues to perform well relative to the industry. However, challenging external factors, like those currently being experienced, are not in our control and the pace of fund flows has moderated compared with last year.

"I would note though that the inflows for the same period last year represent a very strong comparative and March typically accounts for around 50 per cent of the first quarter's flows."

Funds under management grew to £95.6 billion (2017: £90.7 billion) and the firm is now represented by 3,954 qualified advisers across its partnership.

"We remain extremely well placed to continue to grow our business," said Mr Croft.

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