Quilter, the wealth-management company, has announced that its adjusted profit for the year is expected to surpass current market expectations. Despite a shrink in pretax profit to £7 million ($8.9 million) for the first half of the year, down from £182 million in the same period last year, the company remains optimistic. Market valuation changes and policy-holder tax charges contributed to this decline. However, on an adjusted basis, pretax profit rose to £76 million from £61 million.
Notably, Quilter saw its revenue increase by 3% to £312 million, primarily due to corporate cash balances. Additionally, assets under management and administration rose to £101.7 billion at the end of the period, up from £99.6 billion six months prior. Reflecting this positive performance, an interim dividend of 1.5 pence per share was declared, an increase from the previous 1.2 pence.
Looking ahead, Quilter does not anticipate second-half profit to match that of the first half. The full impact of repricing its platform and introducing its Cirilium Active range, which brings higher costs, will influence results. However, CEO Steven Levin expressed confidence in achieving cost savings of £45 million by the end of 2023, anticipating consensus profit estimates for this year to increase significantly. The company is also targeting an additional £50 million in simplification savings by 2025.
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