St. James's Place, the UK's largest wealth management and financial advice business, reported adjusted IFRS profit before tax of £278.4 million for the six months to 30 June, down from £307.0 million a year earlier.
Funds under management rose to a record £240.8 billion, up from £220.0 billion at the end of December, driven by net inflows of £2.7 billion and investment returns equivalent to 16.4% of opening funds under management on an annualised basis.
Gross inflows held flat at £10.5 billion, while funds under management retention improved to 95.4% from 95.3%, above the company's long-term ambition of 95%.
Statutory IFRS profit after tax rose to £310.8 million from £279.5 million, boosted by a further £110.4 million release from the company's Ongoing Service Evidence provision, up from £84.5 million a year earlier.
The board declared an interim dividend of 6.00p per share, unchanged from the prior year, alongside a £45.3 million ordinary share buy-back and an additional £82.8 million buy-back funded from the post-tax OSE provision release.
Client numbers grew nearly 3% in six months to 1.06 million, while adviser numbers rose to 4,951 from 4,934 at the end of December.
"We have delivered good operating and financial performance, continued to grow our client and adviser base, and made further progress against our strategic priorities," said chief executive Mark FitzPatrick.
FitzPatrick said the company has entered the final stages of its Ongoing Service Evidence review and its cost and efficiency programme, moves he said have created "a fundamentally simpler, more efficient, and more effective business."
