Abrdn PLC (LSE:ABDN) reported its first profit growth in three years and set out a strategy tweak as it looks to become a leading wealth and investments group.
For the past calendar year, the fund manager and owner of the Interactive Investor (ii) platform reported £1.3 billion of net revenue, down 6% on the previous year, and an adjusted operating profit of £255 million, up 2% year-on-year.
The total annual dividend was maintained at 14.6p per share.
CEO Jason Windsor said growing profits for the first time in three years reflected an increased contribution from each of the group’s three business: ii achieved number one position in the UK direct-to-consumer market for net flows, “and we expect continuation of this growth”, the Adviser arm was number two in what he called “an attractive growth market”, while the Investment arm saw much lower outflows compared to 2023.
“Alongside our results, we are setting out our strategy to become a leading Wealth & Investments group, with new 2026 targets that underline the potential for the profitable growth we see in all of our businesses. Together with active capital management - and by further lowering restructuring spend - we are able to maintain the historic dividend per share from materially higher, and sustainable capital generation.”
He said each of the three businesses has "scale positions and headroom for growth".
The new targets include that 2026 will see adjusted operating profit increasing to at least £300 million, uo 18% from 2024, with the same level of net capital generation, which would be an increase of around 26%.
Aberdeen Group will become the company's name.