In
its
full-year
results
for
2023,
the
Edinburgh-based
investment
company
reports
an
IFRS
pretax
loss
of
£6
million
last
year,
narrowed
substantially
from
a
restated
£612
million
loss
in
2022,
despite
net
operating
revenue
declining
by
4.0%
to
£1.40
billion
from
£1.46
billion.
This
was
thanks
to
total
administrative
and
other
expenses
being
reduced
to
£1.46
billion
in
2023
from
£1.92
billion
in
2022.
Just
last
month,
Abrdn
announced
plans
to
cut
around
500
jobs
to
save
a
further
£150
million
per
year
by
the
end
of
2025.
Currently,
Abrdn
currently
employs
around
5,000
people.
In
the
January
announcement,
Abrdn
stated
that
assets
under
management
and
administration
fell
to
£494.9
billion
as
of
December
31
from
£495.7
billion
at
June
30
and
£500.0
billion
at
the
end
of
2022.
Net
outflows
worsened
to
£12.4
billion
in
the
second
half,
from
£5.2
billion
in
the
first
half,
leaving
net
outflows
of
client
cash
for
the
full
year
at
£13.9
billion,
from
£10.3
billion
in
2022.
With
the
cost
cuts
and
despite
the
decline
in
revenue
and
AuMA,
Abrdn
says
its
cost-to-income
ratio
stayed
steady
at
82%.
Abrdn
also
declares
a
7.3
pence
per
share
final
dividend,
meaning
its
full-year
payout
remains
at
14.6p.
Stephen
Bird,
CEO
of
Abrdn,
comments:
“Our
balance
sheet
remains
strong
which
enables
us
to
fund
our
cost
transformation
while
continuing
to
strategically
invest
in
growth
areas
and
maintain
our
dividend.
“There
is
significant
work
ahead,
but
we
are
confident
we
will
be
successful
in
delivering
future
growth.”
Abrdn
shares
were
initially
up
6.1%
at
171.50
pence
early
Tuesday
in
London,
but
have
since
come
down
to
160.92p
(at
10.30
AM),
compared
to
162.80p
at
market
open.
The
stock
remains
down
20%
over
the
past
12
months.
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