abrdn plc (LON:ABDN) has announced its half-year results for 2023.
“We continued to move at pace to execute our strategy over the first six months of 2023 in a challenging macro environment. Thanks to abrdn’s revenue diversification and the resilience we have built into our business with the acquisition of interactive investor last year, we grew revenue by 4% and adjusted operating profit by 10% over the period. We are on track to deliver our £75m cost savings target in Investments as we continue our work to restore that business to a more acceptable level of profitability.
We have a strong balance sheet, bolstered by £535m of cash realised during the period from the sales of our non-core Indian investments in HDFC Life and HDFC Asset Management. This supported a share buyback of £150m, which is near completion, and we are announcing an extension to this programme to £300m. We have also deployed capital during this period to further strengthen our position in Investments through bolt-on acquisitions. We look forward to completing our acquisition of the specialist healthcare fund management business of the US-based Tekla Capital, during H2, which will add some $3.2bn1 of AUM and $32m1 of revenues.”
Stephen Bird, Chief Executive Officer
Media
A conference call for the media will take place at 08:00am (BST) on 8 August 2023. To access the conference call, you will need to pre-register at: https://event.loopup.com/SelfRegistration/registration.aspx?booking=DRKZbXkIeQh4cubwZHMpNRO3cEyEX64RZI38at9Yn1A=&b=2389e96d-457b-46a8-bebb-fec356d5b031
Institutional investors and analysts
A presentation for analysts and investors will take place via webcast at 09:45am (BST) on 8 August 2023. To view the webcast live please go to www.abrdn.com
