St. James's Place (STJ) H1 2025 (Q&A) earnings summary

Executive summary

• Achieved record net inflows, doubling to £3.8bn, with gross inflows up 23% to £10.5bn and funds under management reaching £198.5bn at June 2025.

• Underlying post-tax cash result rose 17% to £240.4m, with IFRS profit after tax up 69% to £279.5m.

• High client retention at 95.3% and positive investment returns contributed to growth.

• Progressed strategic initiatives: new charging structure launching August 2025, cost and efficiency programme, and review of historic servicing.

• Released £63.4m post-tax from Ongoing Service Evidence provision, returned to shareholders via buy-back.

Financial highlights

• Net inflows doubled to £3.8bn; gross inflows reached £10.5bn; FUM at £198.5bn as of June 2025.

• Underlying cash result increased 17% to £240.4m; IFRS profit after tax up 69% to £279.5m.

• EEV NAV per share rose 7% to £17.43; interim dividend of 6.00p per share; £95.5m share buy-back.

• New business margin improved to 23% due to increased inflows and operational leverage.

• Controllable expense growth contained at 7%.

Outlook and guidance

• New charging structure launches August 2025; margin on mature FUM expected at 43–45bps post-implementation.

• Temporary dip in profitability expected in 2025–2026, with compounding earnings growth targeted and ambition to double underlying cash result by 2030.

• On track to deliver £100m annual cost savings by 2027; cost and efficiency programme progressing.

• Dividend and capital return policy remains under review, with annual returns set at 50% of underlying cash result.

• No major changes anticipated in advisor headcount or academy graduation rates.