Aberdeen pre-tax profit jumps 44% despite AUM fall

Pre-tax profit at Aberdeen Asset Management rose by 44% in the 12 months to the end of September even as net new business dropped by £1.6bn over the same period.

Aberdeen posted a rise in pre-tax profit from £210m to £301.9m as revenue rose from £638.2m to £784m over the 12-month period, with a final dividend of 5.2p per share pushing the full-year dividend up to 9p from 7p in 2010. The fund manager also saw a turnaround in its cash position over the course of the year, transforming net debt of £7.7m in 2010 into net cash of £127.5m by 30 September 2011. "We remain committed to growing the business organically and focusing on operational excellence. This approach has seen us strengthen our balance sheet considerably, and position the business ...