Scottish-based global investment company and asset manager abrdn today reported an increase in revenue for the first time since being formed following the 2017 merger of Standard Life and Aberdeen Asset Management.
The results for 2021 show that fee-based revenues jumped by 6% to £1.515billion, while adjusted operating profits surged by 47% to £323million.
The business, which has its HQ in Edinburgh, is structured around three vectors focused on client needs - investments; adviser; and personal.
Chief executive Stephen Bird said 2021 was abrdn's reset year, when a clear strategy was set out for how the group would create long-term sustainable growth and arrest a decline in revenue.
He added: "I am very pleased to report strong progress for this first year of our three-year plan. We are delivering on our strategy for growth.
"Strategically, we have made huge strides forward.
"We have simplified and extended the relationship with our largest client, Phoenix.
"We have successfully rebranded as abrdn, which gives us a unified global identity and purpose. We have divested non-core assets and built out our capabilities across our three vectors, including in private markets and digital content.
"More broadly, we have sharpened the focus of our Investments business to identify the key areas where we have a true competitive advantage.
"And, late in the year, we announced our proposed acquisition of interactive investor - a transaction that transforms our personal vector, diversifies group revenues and significantly expands our client reach. As stated when we announced, this acquisition is expected to be double-digit earnings accretive in the first full financial year following completion."
It was December when abrdn revealed plans to acquire interactive investor, the UK's leading subscription-based investment platform, for £1.49billion.
Mr Bird said markets are volatile right now.
He went on: "Geopolitical risk and inflation are rising, and there remains an element of uncertainty about the pace at which different economies are recovering from the impacts of the Covid-19 pandemic.
"We benefit from a strong capital position, enabling us both to continue to invest in the business and return money to shareholders. This balance underpins our ability to create long-term value for shareholders."
FTSE 100
Meanwhile, it was yet another roller coaster ride on Monday for the top UK share index.
The FTSE 100 opened at 7,489 before plunging by more than 120 points then making up most of the lost ground to finish the day at 7,458.
The index was up six points at 7,464 shortly after trading resumed this morning.
Companies reporting today
- Finals: Abrdn, Croda International, Flutter Entertainment, Intertek Group,
- Man Group, Page Group, Reach, Rotork, Travis Perkins, XP Power
- Interims: Revolution Bars
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- Bank of England money and credit report for January
- IHS Market/CIPS UK manufacturing PMI survey for February