Business
Half-year Report - Part 1 of 3
Half-year Report - Part 1 of 3.
About this update from Aberdeen Group Plc
[{"type":"text","content":"\n\nabrdn plc\nHalf Year Results 2024\nPart 1 of 3\n6 August 2024\n \n \nDelivering better performance\n- Profitability supported by progress in transforming our cost base\n- Performance transformation in Investments ongoing\n- Strong earnings in Adviser with action being taken to address outflows\n- Increased investment in interactive investor supporting organic growth\n \nSummary results\n\n\n\n\nPerformance indicators \n\n\nH1 2024\n\n\nH1 2023\n\n\nChange\n\n\n\n\nNet operating revenue\n\n\n£667m\n\n\n£721m\n\n\n(7)%\n\n\n\n\nCost/income ratio\n\n\n81%\n\n\n82%\n\n\n1ppt\n\n\n\n\nAdjusted operating profit\n\n\n£128m\n\n\n£127m\n\n\n1%\n\n\n\n\nAdjusted capital generation\n\n\n£144m\n\n\n£142m\n\n\n1%\n\n\n\n\nNet capital generation\n\n\n£104m\n\n\n£50m\n\n\n\n\n\n\n\nIFRS profit/(loss) before tax\n\n\n£187m\n\n\n£(169)m\n\n\n\n\n\n\n\nIFRS profit/(loss) for the period\n\n\n£171m\n\n\n£(145)m\n\n\n\n\n\n\n\nAdjusted diluted earnings per share\n\n\n6.8p\n\n\n6.2p\n\n\n10%\n\n\n\n\nDiluted earnings per share\n\n\n9.1p\n\n\n(7.7)p\n\n\n\n\n\n\n\nAUMA1\n\n\n£505.9bn\n\n\n£494.9bn\n\n\n2%\n\n\n\n\nNet flows\n\n\n£0.8bn\n\n\n£(5.2)bn\n\n\n\n\n\n\n\nNet flows excluding liquidity2\n\n\n£(1.6)bn\n\n\n£(4.4)bn\n\n\n64%\n\n\n\n\nInvestment performance - 3 years1,3\n\n\n54%\n\n\n51%\n\n\n3ppts\n\n\n\n\nInterim dividend per share\n\n\n7.3p\n\n\n7.3p\n\n\n-\n\n\n\n\n1. Comparative as at 31 December 2023.\n2. Excludes Institutional/Retail Wealth liquidity net inflows of £2.4bn (H1 2023: £0.8bn outflows).\n3. Percentage of AUM outperforming. Calculations for investment performance use a closing AUM weighting basis and are made gross of fees except where the stated comparator is net of fees. The scope of the investment performance calculation has been extended to cover all funds that aim to track or outperform a benchmark, with certain assets excluded where this measure of performance is not appropriate or expected. 2023 comparative has been restated. As at 30 June 2024, 77% (31 December 2023 restated: 75%) of AUM is covered by this metric.\n \nJason Windsor, Interim Chief Executive Officer of abrdn plc, said:\n\"In the first half of the year we have ...