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(Alliance News) - Quilter PLC on Thursday swung to an annual profit with 2020 seeing "significant progress on strategic execution" as the firm's assets grow.
Quilter shares surged 6.5% to ZAR33.26 each in Johannesburg on Wednesday, and advanced 7.3% in London at 157.35 pence each.
The London-based wealth management company swung to a pretax profit in 2020 of GBP50 million, from a GBP53 million loss in the year prior, on the back of reduced investment contract liabilities.
Investment contract liabilities narrowed 43% to GBP3.33 billion from GBP5.81 billion.
Total income was down 37% to GBP4.71 billion from GBP7.42 billion.
Assets under management at December 31 climbed 6.7% to GBP117.8 billion from GBP110.4 billion the year before.
Chief Executive Paul Feeney said: "For all of us, 2020 was a year of extraordinary challenges, both personal and professional. At Quilter, I am pleased that we have not only come through the year well but also strategically and operationally stronger. The successful completion of our platform transformation programme is a significant milestone. It not only proves our organisational capability to manage a project on this scale safely, but also sets us up for more accelerated growth in the huge UK wealth market."
Quilter declared a final dividend of 3.6 pence per share, up 2.9% from 3.5p, bringing the total payout to 4.6p, which is 12% lower than the prior year.
Going forward, Feeney said: "2020 has been an intense year with significant progress on strategic execution coupled with strong operational performance. Since we listed, our focus has been on transformation. Our focus is now on execution, leveraging the strengths and capabilities of the modern integrated wealth manager that we have built. Now that Quilter is much closer to being the finished article, I look forward to the business reaching its full potential in 2021 and beyond."
Quilter also said it has hired Tazim Essani as an independent non-executive director. Essani is currently a non-executive director of City of London Investment Group PLC.
Essani's executive career has focused on strategy and business development to drive growth and transformation, Quilter said. Essani held roles at at Close Brothers Group PLC, Santander UK PLC and GE Capital.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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