Momentum driven by focus on clients and customers, solid progress on costs, strong capital position supports investment in business and returns to shareholders.
Keith Skeoch, Chief Executive, commented:
"We have seen growing momentum in the second half of the year across the business with improved investment performance and flows. We remain on track to deliver targeted synergies and have identified more we can deliver as we continue to reshape the business and sustain resilience.
Our strong financial position, capital generation potential and focus on operational efficiency enables us to invest in the business to drive profitable revenue growth and shareholder return.
The outlook for the markets and our industry in 2020 is turbulent with the additional complexity of COVID-19. Importantly we are focused on what we can control, namely delivering for our clients, customers, colleagues and shareholders; diversifying our revenues; investing for the future and maintaining financial discipline."
|Fee based revenue||£1,634m||£1,868m|
|IFRS profit/(loss) before tax||£243m||(£787m)|
|Adjusted operating profit||£301m||£473m|
|Adjusted profit before tax||£584m||£650m|
|Adjusted diluted EPS2||19.3p||17.8p|
|Full year DPS||21.6p||21.6p|
|Investment performance (AUM) – 3 years||60%||50%|
The Annual report and accounts 2019 (Annual report 2019) has been published today and is available in full here. This press release contains certain information that has been extracted from the Annual report 2019.
1 Unless otherwise stated, all figures in this press release are on a continuing operations basis excluding the UK and European insurance business sold to Phoenix on 31 August 2018.
2 In accordance with IAS 33, earnings per share has not been restated following the share consolidation as there was an overall corresponding change in resources. As a result of the share consolidation and share buyback earnings per share from continuing operations for the period ended 31 December 2019 is not directly comparable with the prior year. Refer to Note 12 of the Annual report and accounts 2019 for information relating to the calculation of diluted earnings per share.