Aberdeen Asset Management has posted underlying pretax profit of £162.9m for the first half ended 31 March 2016, a slump of 40% compared to £270.2m a year ago.
The group’s pre-tax profits on a statutory basis for the period was £98.8m, a fall of 47% from £185.4m in the corresponding period in 2015.
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Net revenue dipped 20% to £483.6m from £605.2m during the prior year. Assets under management at the period end were £292.8bn, compared to £330.6bn a year earlier.
The company’s net new business for the period was £16.7bn, while gross new business decreased to £21.5bn.
The group’s operating costs slumped 2% year-on-year to £327.7m from £334.6m. Operating margin for the period stood at 32.2%.
Performance related fee income dropped to £1.5m from £3.4m in the prior year, while recurring fee income fell to £482.1m from £601.8m a year ago.
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By GlobalDataAberdeen Asset Management CEO Martin Gilbert said: "These results reflect the challenging conditions Aberdeen has faced during the past three years, in particular the weakness in emerging markets. However our balance sheet strength has allowed us to continue to invest in the business, including the completion of a number of bolt-on acquisitions which have added new capabilities and new client channels."
