Standard Life Aberdeen Plc (SLA) has published its Annual Report and Accounts 2020, which shows an IFRS (International Financial Reporting Standards) profit before tax of £838 million.
The abovementioned figure represents an increase from 2019’s £243 million. Profit for the year attributable to equity shareholders of SLA, meanwhile, amounted to £848 million.
The group’s adjusted pre-tax profit, however, stood at £487 million, which is lower than the £584 million posted previously. Similarly, the group’s adjusted operating profit slipped from £301 million in 2019 to £219 million this time around.
Commenting on SLA’s performance, chief executive Stephen Bird noted: “We have seen growing momentum in the second half of 2020 with improved investment performance and flows which represent an inflection point as we pull out of the post-merger era. We remain on track to deliver targeted synergies and have identified more that we can deliver.
“We have exited some non-core businesses and made an acquisition that has extended our capabilities in private markets. We have simplified and clarified leadership structures across the business and placed a refreshed focus on Asia.”
Bird added that SLA – whose total dividend for 2020 is at 14.6 pence per share – has a clear vision and will pursue efficient and sustainable growth.
Separately, the company announced its offloading of Parmenion Capital Partners LLP to Preservation Capital Partners for proceeds of up to £102 million. “The sale demonstrates our commitment to simplify our operations and reconfigure our business, and investment, around our growth vectors,” said the CEO.
