StockMarketWire.com - Wealth manager Standard Life Aberdeen swung to a first-half loss after revenue slumped on the back of outflows from its funds last year and it wrote down the value of its assets.

The company, however, held its interim dividend steady at 7.3p per share, citing the strength of its balance sheet.

Pre-tax losses for the six months through June amounted to £498m, compared to a profit of £629m on-year.

Standard Life Aberdeen said the impairment charges relating to goodwill and intangible assets were partly offset by gains on sales of investments in India.

Fee-based revenue dropped 13% to £706m, which the company said reflected 2019 outflows, client preferences changing asset mix and withdrawals from Lloyds Banking.

Net inflows for the first half of 2020 amounted to £0.1bn, excluding Lloyds tranche withdrawals of £24.9bn.

'Despite exceptional circumstances we have delivered a resilient performance' chief executive Keith Skeoch said.

'In the first half of 2020 redemptions have slowed and net inflows have improved, excluding expected Lloyds withdrawals.'

'Investment performance has been robust and we continue to deliver on our synergy commitments.'

'Our foundations are firm, we have a strong balance sheet which enables us to both invest in our business and maintain our interim dividend of 7.3p.'




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