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Abrdn beats 1H estimates, upbeat on outlook
(Sharecast News) - Abrdn beat analysts' estimates for revenues and profit at the half-year stage.
Management also sounded an upbeat note on the outlook and the scope for cutting costs.
Furthermore, according to abrdn boss, Jason Windsor, "in the first half of the year we have made an encouraging start as we become more efficient, and we enhance our propositions to lay the foundations for growth.
"[...] While market conditions remain challenging, we are firmly on track to realise at least £150m of annualised cost savings by the end of 2025.
"These are solid foundations, positioning us for a step-change in performance and allowing us to invest further in growth."
For the six months ending on 30 June, the asset manager reported a 7% decline
in revenues to reach £667m (consensus: £663m).
Adjusted operating profits on the other hand edged up 1% to £128m.
That too was better than the analyst consensus, which had pencilled in £118m of profit.
The Asset manager also swung to a profit before tax of £187m, after £169m of red ink one year before.
Net flows reached £0.8bn, reversing the 2023 outflow of -£5.2bn, albeit thanks to £2.4bn of liquidity net inflows.
Assets under management and administration grew to £505.9bn, versus £494.9bn at the end of 2023.
The interim dividend was kept at 7.3p.
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