Full Year Results announcement 2022

St. James's Place announces record financial results for 2022

St. James’s Place plc (SJP) today issues its results for the year ended 31 December 2022:

Financial Highlights

• Underlying cash result £410.1 million (2021: £401.2 million) 
• Underlying cash basic earnings per share of 75.6 pence (2021: 74.6 pence) 
• EEV operating profit £1,589.7 million (2021: £1,545.4 million)
• EEV net asset value per share £16.66 (2021: £16.57)
• IFRS profit before shareholder tax £501.8 million (2021: £353.8 million)
• IFRS profit after tax £405.4 million (2021: £287.6 million)

Dividend

• Proposed full year dividend of 52.78 pence per share (2021: 51.96), in line with our 70% target pay-out ratio

Other Highlights

• Gross inflows of £17.0 billion (2021: £18.2 billion)
• Exceptional retention of client investments
• Net inflow of funds under management of £9.8 billion (2021: £11.0 billion)
• Funds under management of £148.4 billion (2021: £154.0 billion)
• Represented by 4,693 qualified advisers across the Partnership

 
Andrew Croft, Chief Executive Officer, commented:

“After a year when the external environment proved favourable to many businesses in our industry, 2022 presented a more challenging backdrop as UK consumers faced the reality of sharply rising inflation, macroeconomic and geopolitical uncertainty, and investment market volatility. Despite this, we achieved the second-best year for new business flows in our history as our advisers performed admirably in helping clients feel confident in their finances and remain on track for the future. While investment markets recorded negative returns over the year, the strength of our net inflows means that funds under management closed the period at £148.4 billion.

We continued to manage our controllable cost base well, containing growth to 5% as planned, and this supported the delivery of a record Underlying cash result of £410.1 million. Reflecting our policy of paying out around 70% of the Underlying cash result, the Board therefore proposes a final dividend of 37.19 pence per share, making for a full year dividend of 52.78 pence per share, up c.2%.

It remains clear to us that the demand for trusted, face-to-face advice is only getting stronger, so with a growing Partnership and a business in great shape, we continue to be well positioned to capitalise on our market opportunity and deliver against our 2025 ambitions. 

2023 has continued in much the same way that 2022 ended, but we remain encouraged to see indicators that UK inflation may have peaked and that there are some signs of optimism for the direction of economies and investment markets worldwide. As we stated in our new business update in January, a sustained recovery in such indicators would naturally be conducive towards improving consumer sentiment, activity levels and of course funds under management, as 2023 unfolds.”

View the full press release.

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