Aberdeen Asset Management Improves Figures, But Outflows Reflect Nervy Emerging Market Sentiment

by | Nov 30, 2015

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Aberdeen Asset Management has improved net revenue and profit before tax for the 12 months to 30 September, but outflows reflect negative sentiment towards emerging markets.

Net revenue is up 5% to £1,169.0 million (2014: £1,117.6 million) and underlying profit before tax increased to £491.6 million (2014: £490.3 million). Year-end cash is £567.7 million and the final dividend of 12.0p per share (2014: 11.25p), makes 19.5p for the full year (2014: 18.0p).

Assets under management were £283.7 billion (2014: £324.4 billion) which, says management, reflects negative sentiment towards emerging markets.

AAM CEO Martin Gilbert said: “These solid financial results reflect, in part, the work we have undertaken to diversify the business and maintain a strong balance sheet. The cyclical correction in Asian and Emerging Markets and resulting negative investor sentiment has, as expected, led to further flows from our equities business. While we believe the current weakness may have some way to run, the long term fundamental attractions of investing in these high growth economies remain compelling for patient investors.

“We continue to rebalance and diversify the business, to focus on managing our costs and to generate cash and this has helped to mitigate the impact of the outflows we’ve seen. We intend to continue with this strategy alongside ensuring we continue to deliver long term value for our clients and shareholders.”

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