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Interim Results

Aberdeen underlying pretax profits up 19.8%

02 May 2017 07:23

Aberdeen Asset Management's revenue increased by 10.6% to £534.9m in the six months to the end of March and underlying profit before tax rose by 19.8% to £195.2m.

The group's assets under management totalled £308,1bbn - up from £292.8bn a year ago.

Other highlights include:

- Underlying earnings per share 11.5p (+19.9%)

- Interim dividend per share unchanged at 7.5p

- Operating margin 35.3% (2016: 32.2%)

- Improving trend in net new business flows - Q1: -£10.5bn, Q2: -£2.9bn The group also said that actions to deliver £70m of annualised cost synergies had now been completed.

Chief executive Martin Gilbert said: "These figures reflect improving sentiment towards emerging markets combined with our transition to becoming a full-service asset manager offering a broad range of capabilities via multiple distribution channels globally.

"We have experienced net inflows into our emerging market strategies in recent months and encouragingly into our diversified growth strategies and the Parmenion platform during the period.

"These together with favourable market conditions and the delivery of £70 million of cost savings have resulted in a healthy rise in revenues and profits.

"Global growth appears to be recovering but elections and geo-political issues will continue to weigh on investor sentiment.

"Our fund managers across asset classes will remain focused on investment fundamentals in helping our clients achieve their long-term financial objectives.

"Our proposed merger with Standard Life is on track and the combined businesses will form a world-class investment company strengthening further both companies' ability to meet the evolving needs of clients and customers."

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