LONDON (dpa-AFX) - Wealth management firm St. James's Place plc (STJ.L)
reported Wednesday that its fiscal 2023 IFRS profit before tax was 439.6 million
pounds, significantly higher than last year's 2.8 million pounds.

On IFRS basis, loss before shareholder tax was 4.5 million pounds, compared to
prior year's 503.9 million pounds profit. Loss after tax was 9.9 million pounds,
compared to profit of 407.2 million pounds a year earlier. Loss per share was
1.8 pence, compared to profit of 74.3 pence last year.

The company said it has established a provision of 426.0 million pounds pre-tax
or 323.7 million pounds post-tax for potential client refunds linked to the
historic evidencing and delivery of ongoing servicing.

The Cash result plunged to 68.7 million pounds from prior year's 410.1 million
pounds, significantly impacted by the Ongoing Service Evidence provision.

Underlying cash result was 392.4 million pounds, compared to last year's 410.1
million pounds.

On European Embedded Value or EEV basis, loss before tax for the year was 1.39
billion pounds, compared to last year's 510.8 million pounds profit, benefitted
from a positive investment return variance.

The EEV operating profit before exceptional items for the year was 1.04 billion
pounds, compared to 1.59 billion pounds a year ago.

Funds under management was 168.2 billion pounds, up 13 percent compared to the
beginning of the year at 148.4 billion pounds.

Further, the Board proposed a final dividend of 8.00 pence per share, down from
last year's 37.19 pence per share. This makes a total of 23.83 pence per share
for the full year, down from last year's 52.78 pence per share.

Looking ahead, Mark FitzPatrick, Chief Executive Officer, said, 'In the
near-term, we expect the industry outlook to remain challenging in 2024 given
the pressures consumers continue to face. The near-term environment
notwithstanding, the longer-term structural opportunity for the financial advice
industry is hugely attractive.'

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