Update: Aberdeen shares drop 7% despite slowing outflows

Profit and revenue falls

Aberdeen Asset Management's shares have fallen over 7% in early trading as chairman Roger Cornick warned the group is not expecting sudden turnaround in emerging market sentiment, despite reporting slowing EM outflows in its latest company update.

The group reported net outflows of £16.7bn for the six months to 31 March 2016, which Cornick said "slightly moderated" from the £22.6bn seen in the second half of 2015. However, he warned flows remained "vulnerable" as investors need more evidence the emerging market turnaround is "firmly established" before committing investments. Shares fell 7.9% in early trading to 275.1p, as the group also reported net revenues were down 20% from £605.2m to £483.6m while underlying profit before tax fell 40% to £162.9m. Assets under management ended the period at £292.8bn, down from £330.6bn at t...