St. James’s Place plc (STJPF) Discusses New Simplified Framework for Reporting Financial Performance Transcript

Operator

Good afternoon, and welcome to the St. James’s Place Q&A call on the new framework for reporting financial performance. [Operator Instructions]

I’d now like to hand over to Caroline Waddington, Chief Financial Officer, for opening comments.

Caroline Waddington
CFO & Director

Thank you. Good afternoon, everyone, and thank you for joining the call. And I’m here today with Sophia Johnson from our Investor Relations team. Before I open the floor to questions, I want to spend a couple of minutes reiterating the key points about the new simplified framework for reporting financial performance that I’m very pleased to have announced today.

Importantly, nothing about our profitability changing. There is no change to our financial business model, anticipated profitability, financial ambitions or shareholder returns guidance. The new framework is purely a change in how we present our results with the aim of making them easier to understand and better aligned with our financial business model, charging structure and statutory IFRS reporting.

Our key profit metric is being renamed from the underlying cash result to adjusted IFRS profit after tax. This is the same number, just under a new label. As a result, we expect no material change to consensus profit expectations when you refresh your models to accommodate our new framework and associated guidance. Whilst the bottom line number isn’t changing, the way we present financial performance to get to