St. James's Place (STJ) H1 2026 earnings summary

Executive summary

• Delivered strong H1 2026 results with record FUM of £240.8 billion, robust investment returns of 16.4% annualised, and continued growth in client and adviser numbers.

• Gross inflows were £10.5 billion, net inflows £2.7 billion, and FUM retention improved to 95.4%.

• Adjusted IFRS profit before tax was £278.4 million, with after-tax profit at £224.4 million, reflecting the impact of a new charging structure.

• Interim shareholder returns totaled £159.1 million, including a 6.00p per share interim dividend and £128.1 million in share buy-backs.

• Strategic investments in technology, adviser support, and operational simplification continue to drive progress.

Financial highlights

• Annualised investment returns were 16.4% of opening FUM, supporting future earnings growth.

• FUM retention remained high at 95.4%, above long-term ambition.

• Adjusted IFRS profit before tax was £278.4 million, down 9% year-over-year due to lower margins from the new charging structure.

• IFRS profit after tax increased to £310.8 million, up from £279.5 million in H1 2025.

• Free liquidity at Group centre stood at £276.0 million at 30 June 2026.

Outlook and guidance

• Profit from FUM margin expected to remain in the 47–49bps range for 2026, with c.3bps annual increase projected through 2031.

• Anticipate sharply accelerating earnings from 2027, targeting to double adjusted IFRS profits from 2023 to 2030.

• Full-year people, property, and technology costs expected to rise 5% in 2026, with cost growth weighted to the second half.

• Cost and efficiency programme on track to deliver £100 million annual savings by 2027, with significant reinvestment planned.

• Standard UK corporation tax rate of 25% assumed for future periods.