ST JAMES'S PLACE (+) : Some thoughts and figures on SJP’s new financial reporting framework

研报英文原文证据摘录

ST JAMES'S PLACE (+) : Some thoughts and figures on SJP’s new financial reporting framework

EQUITIES

DIVERSIFIED FINANCIALS

ST JAMES'S PLACE OUTPERFORMPRICE* 1,167p  TARGET PRICE 1,580p (UPSIDE 35%)

FLASH NOTE

Some thoughts and figures on SJP’s new financial reporting framework

18 JUNE 2026 Securities Research Report Production time: 10:39* (London time)

Research Analyst & Publishing Entities

Gregory Simpson BNP Paribas London Branch (+44) 203 430 8548 gregory.simpson@uk.bnpparibas.com

St James’s Place have announced changes to their financial reporting framework, something we have argued for in the

past given complex accounting for what should be a relatively straight forward fee-driven UK advice business. This is

ultimately about presentational changes and it is stated that there is no change to the level or shape of profit ambitions

(e.g. the doubling profits 2023-2030 ambition still applies) or consensus. With price action weak into the print, we did

have a few incomings asking if the scheduled update today could be a risk to guidance, but this is not the case.

We map out SJP’s new P&L format below, which will effectively replace the current ‘cash P&L’ format of reporting,

although the bottom-line outcome is the same (underlying cash result in old P&L = adj. IFRS profit after tax in new one).

SJP new reporting framework, note 4Q25 is most useful as this is clean of the new fee structure (live in August)

SJP £m FY23 FY24 FY25 4Q25 Comments

Income from FUM 1599.8 1867.6 2295.5 710.1 Ongoing advice/product/AM charges, 1.3% vs. headline 1.6-1.7% tariff

Expenses from FUM -801.4 -917.6 -1280.4 -456.5 Fees paid to advisers e.g. ongoing advice fees and fund managers

Profit from FUM 798.4 950.0 1015.1 253.6 47bp net margin 4Q, guide 47-49bp 2026, +3bp p.a. through 2031