Underlying cash result and EPS growth
Underlying cash result of GBP 462 million, up 3% year‑on‑year and 4% ahead of consensus; underlying cash basic EPS of 87p, up 6% year‑on‑year.
Strong shareholder returns and upgraded payout policy
Returned 50% of the underlying cash result to shareholders in 2025 (total GBP 313 million). Board announced an earlier-than-expected increase in payout ratio to 70% of underlying cash result from 2026 (target composition: at least 40% of returns as ordinary dividends — equivalent to at least 28% of underlying cash — with buybacks making up the remaining ~42%).
Product launch traction — Polaris Multi-Index
Launched Polaris Multi-Index late summer and grew to over GBP 1 billion of funds under management within two months of launch, broadening client choice and offering a lower-cost, rebalanced fund-of-funds solution.
Provision releases and progress on historic review
Released a further GBP 25 million from the historic ongoing service evidence provision during H2, taking total releases to GBP 109.5 million for the year; management expects to complete the program in 2026.
Cost and efficiency program progress
Completed transition to a new organizational design and remain on track to remove around GBP 100 million per annum from the addressable cost base by 2027.
Technology and AI adoption to improve adviser productivity
Multiple AI-enabled tools in trials/rollout (advice assistant, meeting summarizers, ChatSJP); management expects AI and tech to give advisers back time, deepen adviser-client relationships and support future productivity gains.
Scale and client base metrics
Business scale cited: c. GBP 220 billion of funds under management and c. 1 million clients (management highlighted growth in new business, FUM and stronger adviser productivity). Notable client demographics: over one-third of new clients are under 40.
Idle client cash opportunity
Flagstone deposits increased (Flagstone balance cited at GBP 5.7 billion), management pursuing options to monetize/streamline conversion of savings into investable assets.