- Wealth management group Quilter booked a rise in adjusted annual profit, as it improved is operating margins and experienced positive net inflows into its funds.

Statutory pre-tax profit for the year through December amounted to £5m, compared to a £5m loss on-year.

Quilter was spun out of insurer Old Mutual and listed on the London and Johannesburg Stock Exchanges on 25 June 2018.

Its adjusted pre-tax profit, which stripped out one-off gains and losses, rose 11% to £233m.

Quilter declared a final dividend of 3.3p per share.

Its assets under management and administration fell 4% to £109.3bn, due to negative market performance, but the blow was softened by net inflows of £2.7bn.

Operating margin improved to 30%, up from 29% in 2017.

'Quilter performed well in 2018 despite increasingly challenging market conditions as the year progressed,' chief executive Paul Feeney said.

'We are delighted to report record profit with adjusted profit up 11% and adjusted diluted earnings per share up 15%.'

'Although deteriorating investor sentiment over the course of the year made net client cash flows more challenging, the resilience in our integrated flows demonstrated that our business model is generating real traction with our customers.'

'2019 will again be an important year for our business.'

'We will substantially implement our new UK platform, progress our optimisation plans which will help to drive up our operating margin in 2020 and 2021, and we will increase numbers of advisers and investment managers to deliver high quality solutions that our customers need.'

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