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Company News

2004

Interim results for the six months to 30 June 2004

27/07/2004

NEW BUSINESS UP 31% AND OPERATING PROFITS UP 73%

St. James’s Place Capital plc (“SJPC”), the wealth management group, today announces its new business and financial results for the half year ended 30 June 2004.

Key points include:

  • Pre-tax operating profits up 73% to £43.4 million (on an achieved profit basis), before £3.0 million systems development costs
  • New business profits of £20.2 million (2003: £6.9 million)
  • New business premiums of £90 million (on an APE basis), up 31%
  • Funds under management at £8.6 billion, up 9% since the start of the year (28% over the twelve months)
  • Size of the Partnership increased from 1,124 to 1,155
  • Fees from wealth management services at £9.4 million, up 17.5%
  • Net asset value per share 127.4p
  • Dividend maintained at 1.25p per share

Sir Mark Weinberg, Chairman commented:

“We are delighted with our achievements in the first half of the year. All areas of the business have seen strong growth, with new business up 31% and operating profits up 73%.

The Board firmly believes that, subject to external shocks, we are back on track with our long-stated target of achieving growth in new business over the longer term of 15 to 20 per cent per annum.”

Enquiries:

Sir Mark Weinberg, Chairman Tel: 020 7514 1960
Andrew Croft, Group Finance Director Tel: 020 7514 1985
   
Nitya Bolam, Brunswick Tel: 020 7404 5959

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