- Quilter
- 12 August 2024 15:05:37
Source: Sharecast
Berenberg said Quilter’s H124 results came in ahead of consensus-adjusted pre-tax profit expectations, primarily driven by lower-than-expected operating expenses. It also expects Quilter to continue to generate "solid levels" of flows, with the platform business in particular performing well.
However, Berenberg also said it was still awaiting clarity on the outcome of an ongoing advice evidence review, and to determine if and what level of customer remediation may be required, leading it to reiterate its 'hold' rating on the stock.
"We update our forecasts with a circa 4% upgrade to FY24 EPS, driven primarily by lower operating expenses and higher average AuMA, partially offset by a lower average revenue margin," said the German bank.
Reporting by Iain Gilbert at Sharecast.com