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Svend - why was I earmarked for that?
Topped up £400 today at 159p
Wow, a whole 400 quid😂 Gordon gecko. Normal service resumed with the share price of this capital destructive dogshxt I see.
G73 - just FYI
Stephen Bird announces exciting times for the business
with New growth investments.
Something to look forward regards SP
Where did he say this
Abject Performer,
ABDN USA company buying Four closed end funds from First Trust.
Is this correct strategy buy Stephen Bird?
6 months -25%
YTD - 17%
5year - 43%
since 2006 -43%
just saying
According to ABRDN's financial results for the last three years, the company's adjusted operating profit has been as follows:
2020: £323 million
2021: £419 million
2022: £263 million
This represents a profit growth of 20% in 2021 and a decline of 19% in 2022.
It is important to note that 2022 was a challenging year for the investment industry, as markets were volatile and many investors experienced losses. Despite this, abrdn was able to generate a profit of £263 million, which shows that the company is resilient and well-positioned for the future.
Overall, abrdn has been profitable in the last three years, although there has been some volatility. The company is well-positioned for growth in the future, particularly in its Adviser and Personal businesses.
Analysts are forecasting that Abrdn's adjusted operating profit will grow at an average of 107.3% per year over the next three years. This would mean that the company's profit would increase from £263 million in 2022 to £1,005 million in 2025.
It is important to note that these are just forecasts, and actual results may vary. However, the outlook for Abrdn's profit is positive, given the company's strong track record and its focus on growth opportunities.
The estimated profit for Abrdn over the next three years, based on analysts' forecasts:
Estimated profit (£ million)
| 2023 | £376
| 2024 | £650
| 2025 | £1,005
Be careful with 'adjusted operating profit'. Dividends are paid from distributable reserves, not management's preferred view of profit...
Be careful with any financial aspect of this company. My pension fund after 33 years is 78k. I have paid 14k less into Prudential over exactly the same period and it is also £78k. That's £14k into someone's pocket at Stad Life/Abrdn. Fees Fees Fees....
Svend, If you are talking about the earnings forecast on Simply Wall Street, it is only £185m for 2026. Interactive is already generating half of that figure.
Having worked there for 9 months in 2021-2, it was clear that Bird has no strategy beyond flogging assets to get cash to continue the share buyback at inflated prices, hence the recent gains. Now that the buyback has stopped the shares are already halfway back to the September point if 155p. Bird was going to flog the active manager (about 70% of AUM) last year and they are trying to sell a commercial park in the Gyle (west of Edinburgh) for £126m at the moment. The line management is rubbish and HR are convinced that the new religion of "diversity" will save them. In a truly genius move just as they were replatforming, abrdn announced that the contact centre (somewhat key to two of the three vectors) was being sent to a desolate building in the Gyle, while the rest of the company stayed in a newly refurbished building in central Edinburgh - the result has been an exodus of experienced staff, just as they claimed to be recruiting 35 more staff and a net loss of AUA while almost everyone else was getting inflows. They proudly touted that a staff survey showed 70% backed Bird's strategy - assuming they knew what it was!
I think Bird is just trying to slim down to a Wealth Administrator, which will be taken over and he can retire with a nice cheque. The platform is supposed to be worth £1.4-1.7bn based on the figure being touted for Parmenion. Say ii is worth what abrdn paid (£1.5bn) and the rest of the business is not worth much by market assessment. Bird is almost at the end of his three year turnaround plan and not much has changed, due to a lack of strategy - as Panmure Gordon said last October following he break-up suggestion by Numis. The platform has fallen to the 8th most popular among IFAs and more platforms are coming, notably Scottish Widows.
As a middle manager, abrdn/Bird may have to take the risk of initiating the inevitable consolidation. I wondered about running the rule over the troubled Jupiter - it has a market cap of £480m, but does generate £45m in profit - about the same as ii did on takeover. Then there would be the savings from consolidating the fund management side. Even a total takeover cost of £600m would generate a 7.3% return, which is more than cash is earning now. I gather there is to be an emphasis on Emerging Markets - with a strong dollar and rising interest rates!
I understand Stephanie Bruce wanted to leave in 2023.
No suitable opportunities have arisen elsewhere.
SP may be lower with her leaving.
SB did leave. A new CFO started in October.