28 Feb, 2023 07:33

Abrdn swings to annual loss as inflation bites

Abrdn

179.50p

17:15 03/06/25

-0.72%

-1.30p

UK asset manager abrdn swung to a full-year loss citing volatile markets and surging investments in what the company called “one of the hardest investing years in living memory”.

FTSE All-Share

4,766.13

17:14 03/06/25

n/a

The company on Tuesday reported a full-year pre-tax loss of £651m for the 12 months to December 31, compared with a profit of £1.1bn a year earlier.

Assets under management fell 8% to £500bn from £542bn. The annual dividend was maintained at 14.6p a share.

Abrdn said the outlook for global markets “remains uncertain and while this presents risks, we are taking actions to put our Investments business on a better footing through both focusing on our key areas of strength to drive revenue growth and simplifying the operating model”.

“In the short term, additional headwinds arise from changing client demand and preferences.”

“Almost all asset classes dropped in value as the cost of money soared to quell the rising tide of inflation.”

Reporting by Frank Prenesti for Sharecast.com