AAM profits beat expectations

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Aberdeen Asset Management (AAM) has a reported better-than-expected 15 per cent rise in full-year profits despite a “difficult and uncertain year”.

The fund manager posted underlying pre-tax profits of £347.8 million for the year to 30 September, up from £301.9m a year earlier and ahead of City forecasts of around £335m.

Revenues rose 11 per cent to £869.2m and assets under management were up 10 per cent at £187.2 billion.

Martin Gilbert, chief executive of the Aberdeen-based firm, said: “This has been a difficult and uncertain year in the financial markets. Against this backdrop we are pleased to have delivered extremely strong performance for our shareholders by focusing on investment performance and by delivering for our clients.

“We have been rewarded by continuing strong interest in our funds and significant growth in assets under management. We have strengthened our balance sheet further and remain confident that our long-term philosophy and rigorous investment processes will continue to drive investment performance and shareholder value.”

AAM proposed a final dividend of 7.1p per share, up from 5.2p last time, giving a total dividend for the year of 11.5p.