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Aberdeen Asset boosted by chirpier markets

Aberdeen Asset boosted by chirpier markets

 

Fund manager Aberdeen Asset Management (LON:ADN) reported better than expected profits in the first half of the year as investor confidence returned for risk assets.

Underlying pre-tax profit increased 14 per cent to £162.2 million, well ahead of the consensus forecasts for flat pre-tax profits of £143 million.

Martin Gilbert, Aberdeen's chief executive, said: "Global economic conditions remain uncertain and any recovery is still tentative."

Revenue increased seven per cent over the to £413.1 million. The company said investor appetite for risk assets was stimulated by recovering global financial markets during the period.

Gilbert added: “We are encouraged by the strong start to the current financial year but, as we have already seen during the first few weeks of April, global markets remain susceptible to periodic bouts of volatility.” 

Gross new business inflow was down to £18.2 billion, from £23 billion a year ago, but outflows were also down by a simlar amount to leave net outflows over the six months at £0.4 billion.

 

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