Quilter PLC

Quilter posted record core net flows of GBP6 billion in the first half of 2026, up over 30% year-on-year and representing 9% of opening assets. Adjusted profit rose 12% to GBP112 million, while adjusted diluted earnings per share increased 13% to 6.1 pence. Revenue grew 12% to GBP379 million, driven by a 16% increase in net management fees, though costs also rose 13% to GBP267 million amid inflation and business investment. The company declared an interim dividend of 2.1 pence per share, a 5% increase, and had completed over GBP68 million of a GBP100 million share buyback program as of July 31. CEO Steven Levin attributed the record flows to strategic investments in distribution and adviser productivity, which reached GBP3.9 million per adviser, and expressed confidence in sustaining momentum despite a competitive market.

The fair value estimate for Quilter has increased from £2.02 to approximately £2.12 per share, reflecting updated analyst assumptions. Revenue growth expectations remain negative, easing slightly from a decline of about 54.80% to about 54.53%, while the profit margin estimate has shifted from about 22.41% to about 21.32%. The future price-to-earnings ratio has changed from about 18.0 times to about 19.6 times, and the discount rate has edged lower to about 8.34%. Analyst ratings are mixed, with Keefe Bruyette initiating coverage with an Outperform rating and a 230 GBp price target, RBC Capital maintaining an Outperform rating with a 225 GBp target, and Deutsche Bank holding a Hold rating while raising its target to 180 GBp from 170 GBp.

More than 200,000 applications have been made for specified adult childcare credits, which can boost state pensions for grandparents who help with childcare, according to wealth manager Quilter. Quilter obtained the figures via a freedom of information request to HM Revenue and Customs, showing 202,037 applications between 2016-17 and 2024-25, with around 79% approved. Applications jumped from 29,967 in 2022-23 to 42,964 in 2023-24, which HMRC attributed to increased media coverage raising awareness. The credits transfer weekly national insurance credits from a child benefit recipient to an eligible family member caring for a child under 12, helping to fill gaps in NI records that often affect women. Jon Greer, head of retirement policy at Quilter, said the credits offer grandparents a simple way to strengthen their state pension entitlement while supporting working families, but noted that clearer guidance is needed as a significant number of applications remain unsuccessful.

Quilter has appointed Goldman Sachs International to manage the second tranche of its share buyback programme, worth up to 30 million pounds. The wealth management company launched a 100-million-pound buyback in March to reduce share capital, and has so far repurchased 40 million pounds worth of shares. The second tranche will run from June 22 to September 30, with a maximum aggregate purchase price of 30 million pounds and a cap of 133.62 million shares. Repurchased shares will be cancelled, and the board will keep the programme under review to ensure efficient capital returns.