RE: Don't Panic!!!10 Mar 2020 08:15
UPDATE 1-Standard Life Aberdeen profit down 10%, eyes 'turbulent' 2020
Tue, 10th Mar 2020 07:54Thomson Reuters
* Fee-based revenue down 13% to 1.63 bln stg
* Adjusted pretax profit 584 mln stg from 650 mln stg
* Ups expected synergies to annual 400 mln stg
(Adds detail from statement, background, CEO quote, bullet
points)
By Simon Jessop
LONDON, March 10 (Reuters) - British asset manager Standard
Life Aberdeen said full-year profits fell 10% after
revenues were hit by outflows and warned of a "turbulent" market
outlook given market flux sparked by the coronavirus.
Global markets have slid sharply over the last week,
spooking investors and raising concerns of recession, although
markets bounced in Asia on Tuesday amid hopes of concerted
stimulus efforts from policymakers.
"The outlook for the markets and our industry in 2020 is
turbulent with the additional complexity of COVID-19," Chief
Executive Keith Skeoch said in a statement.
"Given the inherent uncertainties, it is not practicable at
this time to determine the impact of COVID-19 on the Group or to
provide a quantitative estimate of this impact."
Despite improved flows in the second half of 2019, fee based
revenue fell 13% to 1.63 billion pounds ($2.12 billion) amid
outflows of 17.4 billion pounds, largely from its equities and
multi-asset products. Outflows in 2018 were 40.9 billion pounds.
As a result, pretax profit, adjusted for restructuring costs
and impairments, fell to 584 million pounds from 650 million, it
said in a statement.