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ABRDN IMPRESSES WITH PROGRESS ON TURNAROUND, DESPITE CONTINUED OUTFLOWS

Stock Markets
Published 06/08/2024, 09:29



Abrdn impresses with progress on turnaround, despite continued outflows

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Abrdn impresses with progress on turnaround, despite continued outflows


ABDN
-4.54%

FTMC
1.02%


Proactive Investors - Abrdn PLC (LON:ABDN) shares rose after it reported a
slight improvement in profit and progress with its transformation despite fund
outflows continuing.

The asset manager and owner of the Interactive Investor investment platform saw
net outflows of roughly £1 billion in the first half of 2024, which was an
improvement on the £6.5 billion outflow a year ago, as it saw higher gross
inflows of £31.3 billion partly offset by net outflows in equities, multi-asset
and from insurance partners.

This means net operating revenues fell 12% to £406 million.

However, adjusted operating profits inched 1% higher to £128 million, as costs
were cut 9%, partly from a 13% reduction in front- and middle-office staff.

Interim chief executive Jason Windsor, who has been temporarily promoted from
chief financial officer after the company parted ways with CEO Stephen Bird in
May after four troubled years, said that there had been progress made with the
transformation programme announced in January.

Abrdn is “firmly on track” to meet targets for the year, he said, namely cost
savings of around £60 million for the full year and at least £150 million of
annualised savings by the end of 2025, as well as making “a positive impact on
performance, particularly in Investments, which is the main focus of the
programme”.

Actions to reduce outflows included making improvements to the group’s “service
proposition”, launching a new cash savings solution and a “strategic reprice” of
its adviser proposition to be more competitive.

The interim dividend was kept at 7.3p per share, with Windsor’s outlook
statement acknowledging that despite an improvement in market conditions in the
first half, “the outlook for global financial markets remains uncertain”.


3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure
here or remove ads.

Shares in the FTSE 250-listed company, which earlier this year fell to an
all-time low below 135p, rose 3.5% in early deals on Tuesday to 165.65p.

Read more on Proactive Investors UK

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Abrdn impresses with progress on turnaround, despite continued outflows

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30.22M
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32.00
SSR Mining
6.17-69.82%
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12.58-67.20%
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TRENDING STOCKS


NameLastChg. %Vol.
Rolls-Royce Holdings
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43.70M
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Glencore
404.20+2.81%
30.22M
Lloyds Banking
57.00+3.34%
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73.200+3.92%
80.23M

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