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Quilter pre-tax profit rises by 5% in first half

Financial planning firm wants to make advice more accessible

Financial planning firm Quilter has reported adjusted profit before tax of £115m for the first half of the year, up 5% from the first half of 2018.

Excluding Quilter Life Assurance (GLA), which is being sold to ReAssure, profits increased by 7% to £89m.

Gross sales (excluding QLA) totalled £6bn, up from £7.9bn a year ago.

Quilter said its business optimisation and cost saving initiatives are progressing well, with £11m of benefits realised for 2019.

Paul Feeney, chief executive officer, said following the acquisitions of Charles Derby Group and Lighthouse plc, the business has consolidated its place as the second largest retail advisory business in the UK.

“We are on a mission to make advice more valued and accessible, and want Quilter to be recognised as the best place to go for trusted financial advice in the UK,” he stated.