St. James's Place Full Year Results 2024

St. James’s Place plc (SJP) today issues its results for the year ended 31 December 2024:

Financial and operating highlights

• Post-tax Underlying cash result of £447.2 million (2023: £392.4 million), up 14% year-on-year despite charge structure implementation costs headwind
• Post-tax Underlying cash result basic earnings per share 82.0 pence (2023: 71.7 pence)
• IFRS profit after tax £398.4 million (2023: loss of £9.9 million)
• EEV net asset value per share £16.25 (31 December 2023: £14.11)
• Gross inflows of £18.4 billion (2023: £15.4 billion)
• Net inflows represented 2.6% of opening funds under management (2023: 3.5%)

Shareholder returns

• Final dividend for 2024 of 12.00 pence per share (2023: 8.00 pence per share)
• Final share buy-back for 2024 of £92.6 million (2023: £nil)
• Full year shareholder distributions of £223.6 million (2023: £130.3 million), equivalent to 50% of the Underlying cash result for 2024 and in line with our shareholder return guidance

Other highlights

• We now have over 1 million clients
• Investment returns, net of all charges, represented 10.5% of opening funds under management
• Good progress made across each of our key programmes of work, in line with our plans and financial guidance

Mark FitzPatrick, Chief Executive Officer, commented:

“I am pleased to report a strong financial performance for the Group, once again demonstrating the power and quality of our advice-led model, and the value that more than one million clients place in the trusted relationships they enjoy with our advisers. Momentum in the business built as the year unfolded, with sustained net inflows and strong investment returns leading to record funds under management of £190.2 billion. This underpinned an Underlying cash result of £447.2 million, an improvement of 14% on 2023 despite the short-term costs incurred during 2024 as we progress with the implementation of our simple, comparable charging structure.

2024 was a busy year for SJP. We announced our redefined purpose and refreshed strategy, which position us for further success. We ran our first ever national brand campaign, and explored the power of financial advice through our Real Life Advice research series and our client stories. Our Polaris funds continued to be hugely popular, growing to become the UK’s largest multi-asset fund range less than two years after they were launched. We also made good progress on each of our key programmes of work, in line with our plans and the financial guidance we have previously given.

As we look forward, the work we are doing to enhance our business by strengthening our core and building on our key strengths will ensure we continue to capture the compelling market opportunity in UK wealth management. The demand, and need, for financial advice is high, driven by systemic factors which means this isn’t going away. We are passionate about helping more people to secure their financial futures through the power of advice, we are leveraging our scale advantage, and we are seeking to deliver better outcomes for all our stakeholders.”

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