StockMarketWire.com - Wealth manager Standard Life Aberdeen booked a 19% rise in annual profit after lower revenue was more than offset by gains from an asset sales and cost cutting.

Pre-tax profit for the year through December rose to £699m, even as revenue fell 11% to £2.10bn.

The rise in profit could mostly be attributed to a gain on the sale of a UK and European insurance business.

Underlying pre-tax profit fell 1.5% to £650m after hostile market conditions shrunk the group's assets under management.

Revenue margins also edged back to 30.8 basis points, down from 33.0, reflecting outflows from higher-margin products.

Standard Life Aberdeen lowered its full-year divided slightly to 21.3p per share, down from 21.6p per share.

It said it planned to maintain the dividend at the 2018 level during a period of transformation.

'In a tough year of continued change for our industry, we saw further net outflows - equivalent to about 7% of our starting assets,' co-chief executive Martin Gilbert said.

'Yet as we have shown by our increased gross inflows, we continue to develop a business that has the scale and breadth to compete globally - and to continue to get closer to British savers through our growing platforms.'






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