{"id":41183,"date":"2023-07-27T11:48:09","date_gmt":"2023-07-27T15:48:09","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/st-james-place-and-bt-slump-following-weak-trading-updates\/"},"modified":"2023-07-27T11:48:11","modified_gmt":"2023-07-27T15:48:11","slug":"st-james-place-and-bt-slump-following-weak-trading-updates","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=41183","title":{"rendered":"St James\u2019 Place And BT Slump Following Weak Trading Updates"},"content":{"rendered":"<div>\n<p>FTSE 100 shares St James\u2019 Place and BT Group both sank in value in Thursday following a poor reception to their latest financials. Here are the key takeaways from both firms\u2019 updates.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">St James\u2019 Place<\/h2>\n<p>Asset manager St James\u2019 Place dropped 14.5% in value as it indicated a slowdown in investor activity in the first half. At \u00a310.10 per share it was the FTSE 100\u2019s biggest daily loser in Thursday trading.<\/p>\n<p>Gross inflows declined \u00a31.1 billion during the six months to June, to \u00a38 billion, while net inflows reversed to \u00a33.4 billion from \u00a35.5 billion a year earlier.<\/p>\n<p>The financial services firm also endured an exceptional charge of \u00a3859.2 million in the first half. This reflected the introduction of the charge cap on client bond and pension investments that last longer than 10 years.<\/p>\n<p>However, a positive investment performance meant that total funds under management rose to record highs of \u00a3157.5 billion, up from \u00a3148.4 billion at the close of 2022.<\/p>\n<p>St James\u2019 Place\u2019s swung to an operating loss of \u00a3119.1 million from a profit of \u00a3914.2 million a year earlier. But the business hiked the interim dividend to 15.83p per share from 15.59p during the same 2022 period. Cash on the company\u2019s books after tax rose 4% to \u00a3207.1 million.<\/p>\n<p><fbs-ad position=\"inread\" progressive=\"\" ad-id=\"article-0-inread\" aria-hidden=\"true\" role=\"presentation\"><\/fbs-ad><\/p>\n<p>Chief executive Andrew Croft said that today\u2019s update reflected \u201ca robust business performance in the first half of 2023\u201d that \u201c[highlighted] once more the fundamental resilience of our business model and the strength of relationships our advisers enjoy with their clients.\u201d<\/p>\n<p>But he added that \u201cthis has been a challenging period for many UK savers and investors who have had to contend with high and persistent inflation, rising borrowing costs, a mini banking crisis in the US and attendant stock market volatility, and continued macro-economic and geo-political uncertainty.\u201d<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\"><strong>BT Group<\/strong><\/h2>\n<p>Telecoms giant BT Group\u2019s share price fell 2.3% to 123.7p despite news that revenues and earnings rose both in the last quarter.<\/p>\n<p>Adjusted revenues increased 5% in the three months to June, to \u00a35.2 billion. Meanwhile adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) edged to \u00a32 billion from \u00a31.9 billion a year earlier.<\/p>\n<p>Sales at its Consumer division rose 3% to \u00a32.4 billion thanks to higher contracted prices and continued rollout of its fibre broadband across the UK. Turnover at its Openreach infrastructure division improved 8% in the period to \u00a31.5 billion thanks to fibre-enabled product sales and increased prices.<\/p>\n<p>Better equipment trading in Business pushed sales at the division to \u00a32 billion, up 3% year on year.<\/p>\n<p>BT\u2019s fibre to the premises (FTTP) footprint now covers 11 million premises, it said, which represents 44% of target. Initial build is also underway at a further 6.2m sites.<\/p>\n<p>Chief executive Philip Jansen \u2014 who this month announced plans to leave his role within the next 12 months \u2014 said that &#8220;we&#8217;ve made a strong start to the year, in what remains a very competitive market, with improved customer satisfaction, pro forma revenue growth in all of our business units and pro forma group EBITDA up by 5%.&#8221;<\/p>\n<p>He added that &#8220;we continue to drive transformation across the group, and while there remains much to do it&#8217;s clear that our strategy is working and BT Group is set up for success.&#8221;<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.forbes.com\/sites\/roystonwild\/2023\/07\/27\/ftse-100-st-james-place-and-bt-slump-following-trading-updates\/\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>FTSE 100 shares St James\u2019 Place and BT Group both sank in value in Thursday following a poor reception to their latest financials. Here are the key takeaways from both firms\u2019 updates. St James\u2019 Place Asset manager St James\u2019 Place dropped 14.5% in value as it indicated a slowdown in investor activity in the first [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":41184,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-41183","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>St James\u2019 Place And BT Slump Following Weak Trading Updates | iFintechWorld<\/title>\n<meta name=\"description\" content=\"FTSE 100 shares St James\u2019 Place and BT Group both sank in value in Thursday following a poor reception to their latest financials. 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