Abrdn made a pre-tax lack of -£615m final yr down from a £1,115m revenue in 2021, pushed by a decline in investments income.
The corporate mentioned it was “one of many hardest investing years in residing reminiscence.”
Adjusted working revenue at Abrdn fell 19% final yr to £263m from £323m in 2021.
Gross inflows fell 5% to £69bn, in comparison with £72.3bn the earlier yr, whereas property underneath administration slipped 8% to £500bn from £542bn.
Internet working income was 4% decrease at £1,456m with the complete yr dividend of 14.6p in step with dividend coverage.
Stephen Hen, chief government, mentioned: “In one of many hardest investing years in residing reminiscence, the resilience we have now created in our enterprise mannequin helped us to ship adjusted working revenue of £263m.
“We’re constructing a stronger Abrdn. As we exit yr two of our three-year strategic plan, the construction of our group is now broadly set. We’re more and more effectively positioned for development.”
Throughout the yr it accomplished the acquisition of Interactive Investor (ii) for £1.49bn in Might.
Within the seven months since becoming a member of Abrdn, ii delivered £114m in web working income and £67m in adjusted working revenue, at a value/revenue ratio of 41%, the corporate mentioned.
Primarily based on the seven months income, the £1.49bn buy value represents a a number of of 16 occasions annualised post-tax adjusted earnings.
Mr Hen mentioned: “Adviser and Private, which benefited from the acquisition of ii, each delivered elevated income and income.
“This offered an vital offset to the impression of market circumstances on our Investments enterprise.”
Abrdn’s Private Vector arm was restructured in 2022 to incorporate Monetary Planning, digital retirement recommendation, discretionary wealth and ISA and digital investing.
Private Wealth, Abrdn’s Monetary Planning operations throughout the Private Vector, noticed web working income for 2022 fall to £87m from £92m.
Working bills of £82m for the yr had been barely down from £84m the earlier yr, however that noticed adjusted working revenue for Private Wealth fall to £5m from £8m.
Private Wealth’s property underneath administration fell barely to £13.1bn from £14.4bn.
Gross flows fell to £1.5bn from £1.7bn whereas web flows had been right down to £0.3bn from £0.6bn.
Mr Hen mentioned: “We’re making progress on our dedication to concentrate on areas of scale and energy, and to simplify and scale back prices within the enterprise.”
As a part of that the corporate has immediately bought its discretionary asset administration enterprise discretionary fund administration enterprise Abrdn Capital to LGT Wealth Administration for £140m.
Mr Hen mentioned: “Total, we’re more and more effectively positioned for the cycle turning. Our three companies work effectively collectively and we’re constructing the linkages that may create worth throughout the group.
“Our capital place is robust and we’re reinvesting into development areas, whereas offering returns to shareholders.
“We glance to the yr forward with confidence and a transparent concentrate on delivering for purchasers and our wider stakeholders.”
