StockMarketWire.com - Abrdn, formerly Standard Life Aberdeen, reported a swing to a profit in the first half fo the year, underpinned by higher fee revenue and 'significantly' lower impairments amid an improving macroeconomic environment.

For the six months ended 30 June, pre-tax profit was £113m compared with a loss of £498m million, 'reflecting higher adjusted operating profit and significantly lower impairments than H1 2020,' the company said.

Fee based revenue was 7% higher and adjusted operating profit was 52% higher than prior year.

Net outflows were reduced to £5.6 billion, including liquidity net outflows of £3.7 billon.

'Excluding liquidity flows, which are volatile, net outflows were £1.9bn representing a significant improvement over prior periods and less than 10% of outflows at the low point in H2 2018,' the company said.

Assets under management and advisement fell to £532 billion from £535 last year as 'reductions due to flows and corporate actions were partially offset by positive market movements,' it added.

The company declared an unchanged interim dividend of 7.3 pence per share.

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