Operating Profit
Abrdn, the investment company, announced its adjusted operating profit for the first half of 2023. The company reported a profit of £127 million ($162.3 million), slightly below the consensus expectation of £133 million. This figure represents an increase from the £115 million reported for the same period the previous year.
Abrdn's net operating revenue for the six months ended June 30 stood at £721 million, surpassing the previous year's figure of £696 million and slightly exceeding the consensus forecast of £719 million.
The FTSE100-listed company recorded outflows of £4.4 billion (excluding liquidity) or a total net outflow of £5.2 billion for the first half of the year. This surpassed the consensus estimate of £2.6 billion in net outflows.
Assets Under Management and Administration
As of the end of the period, Abrdn's assets under management and administration totaled £495.7 billion, which is slightly lower than the £500 billion reported six months prior and consistent with the consensus estimate.
Key Points of Interest
Growth Outlook
Abrdn acknowledges that the outlook for global markets remains uncertain. The company is taking proactive measures to position its Investments business for success in light of changing client demand and preferences.
Share Buyback
Abrdn has decided to extend its current share buyback program. Originally set at £150 million, the program will now be increased to £300 million, with an additional £150 million allocated. This decision comes as the program nears completion, and UBS analysts had previously anticipated a launch of a £250 million program.
Dividend
As expected, Abrdn has declared an interim dividend of 7.3 pence per share, maintaining consistency with previous periods.
