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LONDON - abrdn plc has reported its full year results for 2024, showcasing a year of strategic progress and improved financial outcomes. The investment company saw an increase in adjusted operating profit, a significant improvement in net flows, and a continued focus on cost reduction and efficiency across the group.
The company’s transformation program, introduced in January 2024, exceeded its initial cost targets, delivering £70m of in-year cost savings and over £100m on an annualized basis, all within risk appetite. This progress contributed to a 7% reduction in adjusted operating expenses and laid the groundwork for future growth.
In the wealth management sector, interactive investor (ii) maintained strong organic customer growth, with net flows significantly increasing to £5.7bn in 2024 from £2.9bn in 2023. The Adviser business reported increased profits despite market challenges and a reduction in total customer numbers. The Investments business demonstrated improved investment performance and net flows, with a notable reduction in redemptions and an improved new business win rate.
Jason Windsor, who was appointed as Chief Executive Officer in September 2024, brought over 30 years of industry experience to the role. Under his leadership, abrdn has made strides in employee engagement, with scores rising from 50% in 2022 to 57% in 2024. The company also continued its commitment to diversity, equity, and inclusion, with increases in global senior leadership gender representation and UK ethnicity diversity targets.
The financial performance measures for the annual bonus came out towards the upper end of the range, reflecting the company’s strong performance in 2024. The Long-Term Incentive Plan (LTIP) for 2022, however, did not meet the required threshold performance and consequently will not vest.
abrdn’s commitment to sustainability remained a priority, with the company progressing towards its target of a 50% reduction in carbon intensity in in-scope public market portfolios by 2030. Operational net zero targets also saw improvement, with a 74% reduction versus the 2018 baseline in 2024.
The full year results indicate that abrdn is on a positive trajectory, with a focus on streamlining operations, enhancing customer experience, and driving growth. The company’s strategic initiatives and leadership changes have positioned it well for continued success in the future.
This information is based on a press release statement.
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