Aberdeen Asset Management Issues Strong Results


LONDON -- Aberdeen Asset Management (ISE: ADN.L) released its final-year results this morning, with the headline figure of pre-tax profit rising 15% year on year, to 347.8 million pounds from 301.9 million pounds in 2011.

Elsewhere in the report, revenue increased by 11% to 869.2 million pounds against 784 million pounds at the same stage last year, while net cash more than doubled from 2011's figure of 127.5 million pounds to 266.4 million pounds.

Of particular interest to shareholders, management announced a 21% increase in underlying earnings per share to 22.6 pence, compared to 18.7 pence last year. The final dividend was reported as 7.1 pence per share (2011: 5.2 pence), making 11.5 pence for the full year (2011: 9 pence), an increase of 28% on the total payment for last year.

Chief executive of Aberdeen Asset Management Martin Gilbert stated:

"This has been a difficult and uncertain year in the financial markets. Against this backdrop we are pleased to have delivered extremely strong performance for our shareholders by focusing on investment performance and by delivering for our clients. We have been rewarded by continuing strong interest in our funds and significant growth in assets under management. We have strengthened our balance sheet further and remain confident that our long-term philosophy and rigorous investment processes will continue to drive investment performance and shareholder value."

Private investors will be cheered by management's commitment to "a progressive dividend policy," with today's news seeing little change to the share price of around 343 pence. This is a huge leap from 2008's price of 80 pence, with canny shareholders who got in at the five-year low now sitting on gains of over 400%.

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