Evelyn Partners HY EBITDA jumps 18% to £103.9m

Evelyn Partners has revealed that its adjusted EBITDA rose 18.3% to £103.9m for the six months ended 30 June 2024.

Alongside this, the company’s assets under management (AUM) hit a record £62.2bn, up 13.3% year-on-year and 5.2% since 31 December 2023.

The firm’s operating income increased 10.3% to £360.8m up from £327.2m in the same period last year.

This included a 23.4% growth in professional services operating income which the company put down to continued strong organic growth alongside the contribution of acquisitions made last year.

Moreover, it saw a 5.2% rise in financial services operating income driven primarily by an increase in average AUM.

Furthermore, the firm posted gross inflows of £3.5bn, down from the £3.8bn it posted in the same period last year, equivalent to an annualised growth rate of 11.8%.

Paul Geddes, group CEO, said: “We have made a great start to the year supporting our clients in addressing their financial needs and delivering strong financial performance. Healthy top-line growth combined with a disciplined approach to managing our costs, resulted in a 18.3% increase in adjusted EBITDA, which is our key measure for underlying cash profits.

“In Professional Services, we continued to see strong organic growth in fee income and the benefit of the five acquisitions we completed last year coming through. We will build on this over the coming months, with the recently announced acquisition of the Manchester, Leeds and Newcastle offices of Haines Watts which has brought us 150 new colleagues. In our Financial Services business, positive market movements in the first half and resilient new business generation have delivered higher AUM and operating income.”

He added: “Since the merger in 2020, Evelyn Partners has demonstrated the strength and resilience of its business model in challenging market conditions, including during the pandemic and subsequently in an environment of high inflation and interest rates. Despite this we have delivered net inflows of new assets every quarter since the merger. Our Professional Services business has shown consistently strong growth in operating income, offering a broad range of services to private clients and businesses.

“With inflation having settled back and the first interest rate cut made in the UK, there are good grounds to be positive on the medium-term outlook despite the turbulence seen in global equity markets in recent days. Evelyn Partners is well positioned to support clients to navigate periods of market volatility and with potential changes to tax and pensions on the horizon we also expect to see strong demand for financial advice in the second half of the year.”