St. James’s Place annual results announcement 2021

Strong new business and financial performance

St. James’s Place plc (“SJP”) today issues its annual results for the year ended 31 December 2021.

Financial Highlights

• Underlying cash result £401.2 million (2020: £264.7 million)
• Underlying cash basic earnings per share of 74.6 pence (2020: 49.6 pence)
• EEV operating profit £1,545.4 million (2020: £919.0 million)
• EEV net asset value per share £16.57 (2020: £14.49)
• IFRS profit before shareholder tax £353.8 million (2020: £327.6 million)
• IFRS profit after tax £287.6 million (2020: £262.0 million)

Dividend

• Proposed final dividend of 40.41 pence per share (2020: 38.49 pence per share), resulting in full year dividend of 51.96 pence per share (2020: 38.49 pence per share)

Other Highlights

• Gross inflows of £18.2 billion (2020: £14.3 billion)
• Exceptional retention of client investments
• Net inflow of funds under management of £11.0 billion (2020: £8.2 billion)
• Funds under management of £154.0 billion (2020: £129.3 billion)
• We are now represented by 4,556 qualified advisers across the Partnership
• Achieved strong early progress against 2025 business plan ambitions

Andrew Croft, Chief Executive, commented:

“In 2020, at the height of the pandemic, St. James’s Place demonstrated real resilience during very difficult circumstances, thanks largely to the agility of our advisers and employees. Whilst 2021 was another extraordinary year, with society continuing to navigate lockdowns and disruptions caused by COVID-19, the roll-out of vaccination programmes saw many economies rebound strongly with investment markets recording positive returns.

Supported by this more favourable external environment and the desire by individuals to save and invest for the future, I am very pleased to report that St. James’s Place had an excellent year. During 2021 we achieved record gross and net flows and these, together with positive investments markets, drove funds under management to an all-time high of £154.0 billion.

With controllable expense growth contained to 5%, we also delivered a strong financial outcome for the year, with the Underlying cash result of £401.2 million (2020: £264.7 million) being more than 50% higher than in 2020. Reflecting our policy of paying out around 70% of the Underlying cash result, the Board therefore proposes a final dividend of 40.41 pence per share, making for a full year dividend of 51.96 pence per share, up 35%.

Looking forward there is no doubt in my mind that the demand for face-to-face financial advice remains as strong as ever. In fact, as we emerge from the pandemic, I believe more people will be reassessing their life plans and be more likely to seek out a trusted adviser.

St. James’s Place is ideally positioned to continue to benefit from this increasing demand for advice. We have a Partnership that continues to grow in scale bolstered in part from our Academy, a rigorous and well-proven investment management approach, modern and scalable infrastructure, and a unique culture and brand. I believe this combination stands us apart from other advisory firms and means we are well placed to continue to lead in our sector with the benefits that confers.

As we look ahead, our performance in 2021, taken together with the investments we are making for the future, means we remain confident in achieving our 2025 ambitions and continuing to prosper thereafter.”

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