StockMarketWire.com - Wealth manager Quilter posted a rise in underlying profit and lifted its dividend after enjoying fresh inflows into its funds.

At the bottom-line level, the company booked a £21 million pre-tax loss from continuing operations, citing the impact rising equity markets had on policyholder tax accounting recognition.

Adjusted pre-tax profit rose 20% to £85 million, which £29 million came from Quilter International, which it is selling.

The company declared an interim dividend per share of 1.7p per share, up from 1p year-on-year.

Net client cash flow jumped to £2.5 billion and assets under management rose 7% to £126.6 billion.

Chief executive Paul Feeney said the results demonstrated strong growth in flows across the business, with a material improvement from its new platform following a final migration of clients and advisers.

'This improving momentum sets us up well to achieve our medium-term target of 6% net flows from 2022 onwards,' he said.

'With the sale of Quilter International, our results demonstrate good early progress on our more focused, UK-based strategic path and gives a taste of what we know our business can deliver in the future.'

'We are ahead of where we planned to be at this stage and are on track to meet our operating margin targets of 25% in 2023 and 30% by 2025.'


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