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(Alliance News) - St James's Place PLC on Tuesday lifted its full-year dividend as profit grew, despite a fall in net inflows.
Shares were up 3.4% at 1,277.73 pence each on Tuesday late morning in London.
The blue-chip wealth manager reported gross inflows of GBP17.0 billion for 2022, down from GBP18.2 billion a year earlier. Net inflows fell to GBP9.8 million from GBP11.0 million.
Funds under management as of December 31 amounted to GBP148.4 billion, down from GBP154.0 billion a year earlier.
More positively, net asset value as of December 31 stood at 231.6 pence per share, up from 207.1 pence per share on the same date a year earlier.
Pretax profit grew by 42% to GBP501.8 million from GBP353.8 million.
Chief Executive Officer Andrew Croft said: "After a year when the external environment proved favourable to many businesses in our industry, 2022 presented a more challenging backdrop as UK consumers faced the reality of sharply rising inflation, macroeconomic and geopolitical uncertainty, and investment market volatility.
"Despite this, we achieved the second-best year for new business flows in our history as our advisers performed admirably in helping clients feel confident in their finances and remain on track for the future."
St James's Place proposed a final dividend of 37.19p per share, taking the total dividend to 52.78p for the year, up 1.6% from 51.96p a year prior.
Looking ahead, St James's Place said demand is getting stronger, and that it is well-capitalised for its 2025 ambitions.
By Xindi Wei, Alliance News reporter
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