Aberdeen Asset Management profits slump 82%

Aberdeen Asset Management reported a drop in pre-tax profits for the year to the end of September of 82% to £10.5m, down from £60.5m the previous year.

The fall - after accounting for exceptionals - is mainly due to the poor performance of the group's fixed income products following price falls associated with global deleveraging and the economic crisis. Before tax and exceptionals, underlying profit is £85.1m which is down £10m from £95.1m in 2008. Aberdeen reports underlying earnings per share, on a diluted basis, of 6.31p; a decrease of 30% on last year. However, final dividend payment is set at 3.2p per share to be paid on 28 January 2010 to qualifying shareholders registered by 11 December 2009. Total assets under management ...