Aberdeen Asset Management Annual Profit Up - Quick Facts

(RTTNews) - Aberdeen Asset Management Plc (ADN.L) posted higher full-year pre-tax profit of 390.3 million pounds, versus last year's 269.7 million pounds. Excluding amortisation and acquisition costs, pre-tax profit stood at 482.7 million pounds for the year.

Earnings per share advanced to 26.22 pence, from 17.55 pence reported a year back, whereas earnings per share before amortisation of intangibles and acquisition costs were 32.5 pence this year.

For the year to September 30, 2013, net revenue was 1.08 billion pounds, up 24% from 869.2 million pounds in 2012, with healthy growth in recurring management fees supplemented by increased performance fee income. Some 95% of net revenue was earned from recurring fees, and the blended average management fee rate rose to 50.0 basis points, according to the company.

In addition, the board is urging a final dividend of 10 pence per share, making a total payment for the year of 16 pence per share, an increase of 39% on the total payment for 2012.

Separately, the Group announced the formation of a long-term strategic relationship with Lloyds Banking Group plc (LLOY.L, LYG), that includes the acquisition of Scottish Widows Investment Partnership Group Ltd. or SWIP. The consideration of about 550 million pounds would be satisfied by the issue of 131.8 million new Aberdeen shares to Lloyds, which is equivalent to around 9.9% stake in the Group following the transaction closure.

Further, there would be a performance-related five-year earn-out payment of up to 100 million pounds dependent on growth delivered by the strategic relationship with Lloyds in the Investment Solutions business. The acquired business, which would add nearly 136 billion pounds of assets under management with annualised revenues of some 234 million pounds to the Group, is largely standalone without significant dependencies on Lloyds.