UK wealth manager Quilter’s half-year profit beats forecasts

British wealth manager Quilter (QLT.L), opens new tab beat half-year earnings forecasts on Wednesday and reported stronger net inflows of cash, as more wealthy clients flocked to the firm’s funds.

Quilter reported a 28% jump in adjusted pretax profit to 97 million pounds ($123 million), and net inflows of 1.5 billion pounds for the first half of the year, up from around 200 million pounds a year earlier.

Analysts welcomed the rebound in flows and lower-than-expected costs, down 4 million pounds to 232 million. Quilter’s shares were up 5% in early trading.

Source: REUTER