Wealth manager St James’s Place has reported 33% growth in IFRS profit after tax - a key measure of profit - in its full year results out today.
IFRS profit after tax for the past year was £531.4 million (2024: £398.4 million), up a third year on year.
The post-tax underlying cash result was £462.3 million (2024: £447.2 million), up 3% year on year.
Funds Under Management rose 16% over the year to a record £220bn.
The company hailed the results as showing "strong delivery and execution" but it also faces a substantial bill for reviewing previous business.
The company continues to set aside large sums for its review of previous business. SJP said that its historic ongoing service evidence (OSE) review was “progressing at pace” and there was an £18.7m post-tax additional release from the OSE provision at year-end, bringing the total released during 2025 to £82.1 million. It anticipates completing the review this year.
During the year it launched its new Polaris Multi-Index range of funds, broadening the range of investments available for SJP’s 1,037,000 clients.
SJP CEO Mark FitzPatrick said: “We delivered growth in new business, growth in funds under management, and growth in the underlying cash result, while at the same time delivering strong returns for our growing number of clients.
“We have also executed against our key priorities as we position for the future. This included successfully implementing our new simple, comparable charging structure, progressing our historic ongoing service evidence review, and advancing our cost and efficiency programme.
“Going forward, we intend to increase total annual shareholder distributions to 70% of the underlying cash result through a combination of dividends and share buy-backs.
“We look to the future with confidence. While the external consumer outlook remains uncertain, the changes we have already made to our business, combined with our focus to strengthen and grow SJP over the long-term, mean we are well positioned to capture the structural market opportunity ahead and deliver for all our stakeholders in 2026 and beyond.”
The proposed final dividend for 2025 is 12p per share (2024: 12p per share). The total dividend for 2025 is set to be 18p per share (2024: 18 pence per share). A final share buy-back for 2025 of £103.9 million is planned (2024: £92.6 million).
Financial Planning Today Analysis: These are a decent set of results for SJP and an indication that the wheels remain firmly attached to the trolley, despite what some critics have speculated. The company has been undergoing some pain in dealing with persistent criticism of high charges and lack of transparency in some areas. Its ongoing review of previous business is now under way and is nearing some sort of completion this year. The company will no doubt report back when the review is over but the costs will be substantial. Looking to the future, charges - as elsewhere in the sector - will continue to come under scrutiny. The company continues to prosper in its wealth management niche but that may come under attack in future from new players trying to tempt clients with lower charges. In the meantime, SJP remains a successful wealth manager with profitability and growth the envy of many.