A global investment management group, managing assets for both institutional and retail clients from offices around the world. I have a holding in my income portfolio (epic code: ADN).
Aberdeen Asset Management released their final results today showing that net revenues were 3.6% higher at £1,117.6m and underlying profit before tax had increased by 1.6% to £490.3m.
With a 5% increase in average shares in issue due to the SWIP acquisition, underlying EPS decreased 4.1% to 31.1p, with reported EPS down 13.1% to 22.79p due to increased amortization and acquisition costs. A final dividend of 11.25p was declared, making 18.0p for the full year – an increase of 12.5% and covered 1.3x by earnings and 2x by free cash flow. Aberdeen Asset Management have an excellent record of paying out increasing dividends as demonstrated by the chart below, where the pay-out was increased by 18% pa over this period.
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Free cash flow at £442.2m was 3% below last year and after paying dividends of £222m and purchasing £64m of their own shares net cash was improved to £653.9m.
AuM were £324.4bn, a £124bn increase that included £134.9bn added from the SWIP acquisition.
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Management stated in their outlook "...We remain confident that, over the longer term, we will be able to deliver attractive returns, both for our investment clients and our shareholders..."
ADN is a strong dividend payer with plenty of headroom within their level of cash generation and net cash balances. Despite halving my position in early 2012, they still represent 8% of my income portfolio and, have performed well over the 8 years I have held them, both in terms of the SP and more importantly the 16% pa growth in dividends I have received.
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