Despite a plummeting share price, since 2022, and a £426 million customer refund scandal, SJP’s newly announced £500m cost-cutting programme and better-than-expected half-year results have boosted its stock by over 20%.

New client inflows of £1.9bn exceeded analyst predictions, demonstrating SJP’s resilience in the face of market scepticism. The company plans to reinvest 50% of cost savings back into the business, with ambitions to double underlying cash profits by 2030.

Additionally, the company’s adviser count continues to grow.

St James’s Place chief executive Mr FitzPatrick said: “I am encouraged to report robust business performance for the first half of 2024 across each of our key operating and financial metrics, demonstrating the continued resilience of our business model even as we work to address the past challenges that I set out earlier in the year.

“We have seen high levels of activity and engagement between our advisers and our clients, contributing to positive flows. Helped by strong investment returns for our clients, we have achieved record funds under management, delivered a good outturn for the cash result, and grown the partnership and our client base. It’s evident that we remain in good shape.”

He added: “We must though acknowledge that for all our qualities as a business, we have a lot of hard work ahead of us over the next 24 months to strengthen our core and execute our existing programmes of work, helping us to become a more efficient and effective business.

“From a strong base, we can capture the structural market opportunities ahead of us and drive growth over the long-term.”