Press release and Half Year Report and Accounts 2025

St. James’s Place plc (SJP) today issues its half-year results for the six months ended 30 June 2025:

Operating highlights

• Gross inflows of £10.5 billion (2024: £8.5 billion)
• Retention remained high at 95.3%¹ (2024: 94.6%¹)
• Net inflows of £3.8 billion (2024: £1.9 billion), representing an annualised 4.0% of opening funds under management (2024: 2.3%)
• Record funds under management of £198.5 billion (31 December 2024: £190.2 billion)

Financial highlights and shareholder returns

• Post-tax Underlying cash result of £240.4 million² (2024: £205.2 million), up 17% period-on-period 
• IFRS profit after tax of £279.5 million (2024: £165.1 million)
• EEV net asset value per share £17.43² (31 December 2024: £16.25)
• Interim dividend of 6.00 pence per share (2024: 6.00 pence per share)
• Interim share buy-back of £32.1 million (2024: £32.9 million)
• Additional share buy-back of £63.4 million following the Ongoing Service Evidence provision release 
  (2024: £nil)

Other highlights

• Continued growth in client numbers and adviser headcount 
• Investment returns, net of all charges, represented 4.7% of opening funds under management (annualised)

Mark FitzPatrick, Chief Executive Officer, commented:

“I am pleased to report strong operating and financial performance in the first half of 2025. During the period our highly qualified, professional advisers helped over one million clients to navigate a complex macroeconomic environment, ensuring clients’ financial plans remain on track for the future. This resulted in gross inflows of £10.5 billion, up 23% on the first half of 2024. Retention¹ of client funds under management (FUM) remained high, leading to net inflows of £3.8 billion - double the net inflows we saw in the first half of 2024. This, together with positive investment performance for clients, drove FUM to a record £198.5 billion, underpinning a strong Underlying cash result² of £240.4 million.

Beyond new business, the first half was a busy period of heavy lifting as we progressed in delivering our key programmes of work. We expect our new simple, comparable charging structure to be in place from 26 August 2025, and we look forward to achieving this important milestone. Meanwhile, our cost and efficiency programme is proceeding as expected and we are confident in delivering against our plan to take around £100 million out of our addressable cost base³ by 2027. Finally, our programme to review historic client servicing records is progressing. Following the FCA’s new industry guidance around ongoing financial advice services, issued in February 2025, we have revised our redress methodology to better align it with both the new industry guidance and our experience from the project to date. This revised redress methodology has led to an £84.5 million release in the Ongoing Service Evidence provision. After tax this release equates to £63.4 million, which we will be returning to shareholders in full through a share buy-back. 

Alongside delivering our key programmes, we have progressed with our strategic priority to broaden our investment shelf for clients. Our investment team has worked hard developing Polaris Multi-Index, a new range of multi-asset funds, which we hope to launch in late 2025 subject to regulatory approval.

The strategic progress we are making will strengthen our business for the future, ensuring we are best placed to continue to capitalise on the compelling market opportunity in UK wealth management. The demand and need for financial advice are high and here to stay. We have more than one million clients already securing their long-term financial futures through the power of invaluable advice, and we are driven by our desire to help more people achieve this. I see an exciting future with SJP as the clear home of trusted financial advice in the UK, delivering great outcomes for clients and all our other stakeholders.”

View the full press release here.

¹ Throughout this press release our retention rate is calculated as the proportion of FUM retained over the period after allowing for the effect of full and partial withdrawals, but excluding the effect of intrinsic regular income and maturity payments. 

² The Underlying cash result and EEV net asset value per share are alternative performance measures (APMs). The glossary of alternative performance measures on pages 71 to 73 defines these APMs and explains why they are useful. The Underlying cash result is reconciled to International Financial Reporting Standards (IFRS) on page 68.

³ The addressable cost base is total IFRS expenses, less those which were either out of scope for the business review conducted in July 2024, one-off in nature or outside of management’s control.

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