Aberdeen Asset Management full-year profits surge

12/04/06 - newratings.com

LONDON, December 4 (newratings.com) – Aberdeen Asset Management PLC (ADN-GBX) Monday announced that its full-year underlying pretax profits more than tripled, aided by the acquisition of funds businesses from Deutsche Bank.

The company said its pretax profits before exceptional items and amortisation of intangibles for the year to September 30 rose to £79 million, from £24.8 million last year. Aberdeen Asset Management’s revenues rose by almost 100% to £302.1 million, from £156.1 million in the previous year. Assets under management climbed to £73.2 billion in the year, from last year’s £59.7 billion. Aberdeen Asset Management has recommended a final dividend of 2.4p per share, taking the total payment for the year to 4.4p per share, representing an increase of around 47% from the 2005 levels.