St. James’s Place Beats H1 Profit Forecasts, Announces £128M Buyback

St. James’s Place (SJP.L) reported first-half 2026 financial results that surpassed analyst expectations, supported by a lower tax rate and growth in assets. The wealth management firm also announced a significant share buyback program, signaling confidence in its financial position.

Key Financials Exceed Expectations

The company posted an adjusted profit after tax of £224 million for the first half, coming in 14% ahead of consensus forecasts. This result was aided by a lower effective tax rate of 19%, compared to 23% in the same period a year prior, according to the company's report.

Total funds under management (FUM) grew to £240.8 billion as of June 30, a figure 2% higher than analyst projections. The firm's FUM retention rate saw a slight improvement, increasing by 10 basis points from 2025 to 95.4%. Net inflows for the period were £2.7 billion, matching consensus estimates, though the company noted that pension flows were below historical levels while unit trust and ISA flows showed strength.

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Shareholder Returns and Operations

St. James’s Place announced it will return capital to shareholders through a buyback program totaling £128 million. This is comprised of a £45 million ordinary buyback and an additional £83 million funded by a provision release. The company also maintained its interim dividend at the expected level.

On the operational side, operating costs remained controlled. The adviser headcount was largely stable at 4,951, a slight increase of 17 from the end of 2025. The company reiterated its guidance that full-year adviser numbers are expected to remain broadly flat.