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November 30, 2015updated 04 Apr 2017 1:33pm

Aberdeen Asset Management reports marginal rise in underlying pre-tax profit

Aberdeen Asset Management has posted underlying pretax profit of £491.6m for the full year ended 30 September 2015, a marginal increase compared with £490.3m a year ago.

By Verdict Staff

Aberdeen Asset Management has posted underlying pretax profit of £491.6m for the full year ended 30 September 2015, a marginal increase compared with £490.3m a year ago.

The group’s pre-tax profits on a statutory basis for the period declined to £353.7m from £354.6m in 2014.

For the year ended 30 September 2015, net revenue rose by 5% to £1.16bn from £1.12bn at the end of September 2014.

Assets under management at the year end fell 12% to £283.7bn from £324.4bn a year ago.

The firm’s net new business was £33.9bn, while gross new business increased to £42.5bn in 2015.

The group’s operating costs grew by 7% to £670.3m, largely due to the inclusion of a full year of the SWIP business this year, while the operating margin fell slightly to 42.7% from 43.9% in 2014.

Performance fees reduced to £13.5m from £21.7m, while recurring fee income was 5% higher.

The company’s board has recommended a 7% increase in the final dividend, making a total dividend for the year of 19.5p per share.

Aberdeen Asset Management 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.

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