Standard Life Aberdeen pre-tax profit at £487m
Standard Life Aberdeen (LON:SLA) has cut its dividend by a third following a dip in profits last year, while its chief executive has promised a return to growth.
The FTSE 100 company reduced its full-year dividend by one third to 14.6p per share, a move that was in line with analysts’ expectations.
Standard Life Aberdeen confirmed a profit before tax of £487m for 2020, down 16.6% on the year before, while its fee-based revenue fell by £0.2bn to £1.4bn.
The group is currently in the middle of a restructuring programme that saw the Standard Life name sold to Phoenix recently. A new name for the business will be announced later in 2021.
Stephen Bird, chief executive at Standard Life, commented on the results:
“We have seen growing momentum in the second half of 2020 with improved investment performance and flows which represent an inflection point as we pull out of the post-merger era. We remain on track to deliver targeted synergies and have identified more that we can deliver. We have exited some non-core businesses and made an acquisition that has extended our capabilities in private markets. We have simplified and clarified leadership structures across the business and placed a refreshed focus on Asia,” said Bird.
“We have a clear vision; we will focus on the future to enable our clients to be better investors. To do this we will pursue efficient, sustainable growth by ensuring that our product capabilities, technology and performance are first class. Our pursuit of client led growth, combined with focus on efficiency and careful deployment of capital, will enable us to generate sustainable value for our shareholders.”
“We have three growth vectors – Investments, Adviser and Personal. Thanks to our strong capital position, we have strategic flexibility around how we grow these businesses and we have set out clear ambitions.”
