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SJP annual profits up 39 per cent

St James’s Place operating profit is up 39 per cent, from £176.0m last year to £244.7m to the year ended December 31, 2007.

The wealth management group’s new business profits were up 31 per cent, from £115.2m in 2006 to £150.9m last year, on a European Embedded Value basis.

The net asset value per share is up 13 per cent, to 252.5 pence.

SJP partnership numbers are up 8 per cent, now at 1,251, which chairman Mike Wilson says gives it a major competitive edge in the UK wealth management space.

Total single investments are up 28 per cent to £3.4bn and total funds under management now reaching £18.2bn – a rise of 18 per cent on last year’s figure.

Wilson turns 65 in September but will retain his contract for a further three years beyond that date, reducing his time to three days a week from January 31, 2009.

He says: ““We are delighted with the 39 per cent increase in operating profit and the strength of our financial results.

“For the fourth consecutive year substantial growth has been achieved in operating profit, new business and funds under management.

“There is an increasing demand for financial advice and our own team of advisers, the St. James’s Place partnership, is ideally placed to capitalise on this. The strength, quality and the 8 per cent increase in the size of the partnership gives us a major competitive edge in the UK wealth management market.

“While 2008 could be a challenging year in view of current market uncertainty, we remain confident that we will continue to achieve our objective of growing new business at 15-20 per cent a year in the longer term.”

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