REG - Aberdeen Group PLC - Half-year Report
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RNS Number : 0826T Aberdeen Group PLC 30 July 2025
Aberdeen Group plc
Half Year Results 2025
Part 1 of 2
30 July 2025
Half year results 2025
Contents
1. Management report 1
2. Statement of Directors' responsibilities 14
3. Independent review report from our external auditors 15
4. Financial information 17
5. Supplementary information 55
6. Glossary 66
7. Shareholder information 69
8. Forward-looking statements 70
Media and analyst calls
A conference call for media will take place today at 07:30am (BST). To access
the conference call, you will need to pre-register at:
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A recorded presentation for analysts and investors will be available from
07:45am (BST). This will be available at www.aberdeenplc.com/en-gb/investors
(http://www.aberdeenplc.com/en-gb/investors)
FOR A PDF VERSION OF THE FULL HALF YEAR REPORT, PLEASE CLICK
HERE http://www.rns-pdf.londonstockexchange.com/rns/0826T_1-2025-7-29.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/0826T_1-2025-7-29.pdf)
For further information please contact:
Institutional equity investors and analysts Retail equity investors
Duncan Heath 0207 1562 495 Equiniti *0371 384 2464
0788 4109 285
Media Debt investors and analysts
Duncan Young 0792 0868 865 Graeme McBirnie 0131 372 7760
Iain Dey (Teneo) 0797 6295 906
*Calls may be monitored and/or recorded. Call charges will vary.
Aberdeen Group plc's LEI Code is 0TMBS544NMO7GLCE7H90
The half year results are published on our website at
www.aberdeenplc.com/hyresults (http://www.aberdeenplc.com/hyresults)
The Management report (section 1) is on pages 1 to 13. Details of
forward-looking statements can be found on page 70.
APM Certain measures such as adjusted operating profit, adjusted profit before
tax, adjusted capital generation and net capital generation, are not defined
under International Financial Reporting Standards (IFRS) and are therefore
termed alternative performance measures (APMs). APMs should be read together
with the Group's condensed consolidated income statement, condensed
consolidated statement of financial position and condensed consolidated
statement of cash flows, which are presented in the financial information
section of this report. Further details on APMs are included in Supplementary
information.
See Supplementary information for details on assets under management and
administration (AUMA), net flows and the investment performance calculation.
Net flows on page 1 are also presented excluding liquidity flows as these are
volatile and lower margin.
All movements shown are compared to H1 2024 unless otherwise stated.
Delivering against strategic priorities
Group is delivering well against plan, with transformation on track
interactive investor: sustained organic growth and record net inflows driving
25% profit growth
Adviser: improving net flows, with lower profitability reflecting strategic
decision to reprice the book
Investments: delivery of greater efficiency mitigated lower revenue, whilst
the business pivots to growth areas
Summary results
Performance indicators H1 2025 H1 2024 Change
Adjusted net operating revenue £628m £667m (6) %
Adjusted operating expenses £(503)m £(539)m 7%
Adjusted operating profit £125m £128m (2) %
Net capital generation £111m £104m 7%
IFRS profit before tax £271m £187m 45%
IFRS profit for the period £252m £171m 47%
Adjusted diluted earnings per share 7.5p 6.8p 10%
Diluted earnings per share 13.5p 9.1p 48%
AUMA(1) £517.6bn £511.4bn 1%
Net flows £(0.9)bn £0.8bn
Net flows excluding liquidity(2) £0.5bn £(1.6)bn
Investment performance - Percentage of AUM performing over 1 year(1) 70% 77% (7)ppts
Investment performance - Percentage of AUM performing over 3 years(1) 71% 60% 11ppts
Interim dividend per share 7.3p 7.3p -
1. Comparative as at 31 December 2024.
2. Excludes Institutional & Retail Wealth (I&RW) liquidity net
outflows of £1.4bn (H1 2024: £2.4bn inflow).
Jason Windsor, Chief Executive Officer, said:
"In the first six months of 2025 we have made good progress against our
strategic ambition to become the UK's leading Wealth & Investments group.
Our financial performance reflects our transition to achieving our growth and
efficiency targets.
"interactive investor continues to go from strength to strength, delivering
sustained growth in customers and profit with record net inflows. Our decision
to reprice in Adviser had the expected impact on profitability. With Q2 net
flows at their best level for over two years and much improved service and
sales performance, the foundations are in place to return Adviser to growth.
"In Investments we have made further progress in improving efficiency, which
has kept profits stable as we reposition the business towards our strengths in
credit, specialist equities and real assets.
"Looking ahead, there is clear growth potential across all three of our
businesses and we remain focused on delivering against our 2026 targets."
Business delivering against plan, with transformation on track
- Group adjusted operating profit (AOP) resilient at £125m (H1 2024: £128m)
with net capital generation up 7% to £111m (H1 2024: £104m).
- Transformation programme achieved £137m of run rate savings by end H1 2025,
on-track to deliver target of at least £150m of annualised cost savings by
the end of 2025, the majority of which will benefit Investments.
- IFRS profit before tax of £271m (H1 2024: £187m) included gains of £155m
(H1 2024: losses of £15m) from the change in fair value of our Phoenix stake
and reduced restructuring and corporate transaction expenses.
- Adjusted diluted earnings per share increased to 7.5p (H1 2024: 6.8p), with
interim dividend maintained at 7.3p.
interactive investor (ii) Record net inflows and 25% increase in profit
- AOP increased by 25% to £69m (H1 2024: £55m) with adjusted net operating
revenue 12% higher at £154m (H1 2024: £137m) reflecting sustained growth in
the business.
- Trading revenue 36% higher at £45m (H1 2024: £33m) with trading volumes
reaching record levels in April.
- Treasury income 10% higher at £75m (H1 2024: £68m), with cash balances up
19% to £7.0bn (H1 2024: £5.9bn) and average cash margin of 221bps (FY 2024:
229bps).
- Adjusted operating expenses increased by £3m reflecting investment in
brand, technology, and capacity to support future growth.
- AUMA up 9% to £84.7bn (FY 2024: £77.5bn), with net inflows increasing by
29% to £4.0bn
(H1 2024: £3.1bn).
- Net growth of 9% in total customers to 461k (H1 2024: 422k) ahead of 8%
target, including 27% growth in SIPP customers to 92.4k (H1 2024: 73.0k).
Adviser Improving net flows, lower profit reflects actions to return to growth
- AOP lower at £42m (H1 2024: £65m), with adjusted net operating revenue 14%
lower at £102m (H1 2024: £119m).
- Platform revenue lower at £72m (H1 2024: £84m) largely reflecting the
previously announced repricing.
- Treasury income lower at £15m, (H1 2024: £17m) with average margin earned
of 257bps
(FY 2024: 263bps).
- Adjusted operating expenses increased by 11% to £60m (H1 2024: £54m),
reflecting the reduced benefit from a temporary third-party outsourcing
discount of £4m (H1 2024: £7m)
and investment to enhance the client proposition.
- AUMA increased slightly to £75.7bn (FY 2024: £75.2bn) reflecting positive
market movements partially offset by net outflows. Net outflows reduced by 55%
to £0.9bn (H1 2024: £2.0bn) with four consecutive quarters of improved net
flows and Q2 outflows of £0.3bn at their lowest level for over two years.
- Improved service helping to drive 9 points improvement in net promoter score
to +43 (FY 2024: +34), ahead of FY 2026 target of >+40. Continuous
improvement in client service remains a strategic priority for the business.
Investments Resilient performance benefiting from efficiency focus
- AOP increased by 3% to £35m. Adjusted net operating revenue 9% lower at
£371m (H1 2024: £406m), reflecting changes to the asset mix including the
impact of net outflows in equities.
- Adjusted operating expenses reduced by £36m (10%) to £336m (H1 2024:
£372m).
- Total net inflows in I&RW excluding liquidity improved by £3.8bn to
£1.8bn, (H1 2024: £2.0bn outflow) with gross inflows £9.3bn (74%) higher at
£21.9bn (H1 2024: £12.6bn), at the highest level for more than two years.
- Total net outflows of £4.1bn includes the previously announced redemption
of a low margin mandate, and net outflows in Insurance Partners of £4.5bn
from heritage business in run off.
- Investment performance improved to 71% of AUM performing over three years
(FY 2024: 60%). Further work remains to improve our equities performance, in
particular in Asia.
Outlook
- We are confident in the outlook for the business, underpinned by the FY 2026
Group targets of adjusted operating profit above £300m, and net capital
generation of c.£300m set out at our Full year results.
- Capital generation benefit of c.£35m p.a. from actions to unlock value from
the DB pension surplus from July 2025.
- FY 2025 cash margin in interactive investor expected to be in the region of
210-220bps.
- Adviser revenue margin in FY 2025 is expected to be c.27bps, principally due
to repricing.
- Revenue margin in Investments expected to be c.20bps in FY 2025, reflecting
changes to asset mix.
- In Investments we have clear plans to grow in our focus areas in I&RW,
and we expect the business mix with Phoenix to evolve over time, in line with
their asset management strategy.
Chief Executive Officer's statement
Introduction
Aberdeen has made good progress in the first half of 2025 as we implement our
strategy to be the UK's leading Wealth & Investments group. Despite
significant market volatility during the first half of the year, our
overriding objective has remained to support our clients to achieve their
investment goals - whether they are novice investors, or some of the world's
most sophisticated financial institutions.
As I set out a year ago, my top three priorities for Aberdeen are: to
transform performance, improve the client experience, and to strengthen our
talent and culture. We have made good progress across all three over the last
twelve months. Earlier this year we established our 2026 targets and set
sharper priorities for each business, all led by a strengthened executive
leadership team. We are delivering through a focus on execution, simplifying
the business and strengthening our talent.
In the first half, the Group made significant progress to improve our growth
outlook and efficiency, and we continue to see considerable headroom as we
drive to improve performance. I would like to take the opportunity to thank
our clients, shareholders and colleagues for their continued support.
It was with deep sadness that we announced the unexpected death in May of
Michael O'Brien, one of our Non-Executive Directors. Mike was a source of
inspiration and advice to all of us who worked with him, and he'll be sorely
missed by all of us at Aberdeen.
Our strategic priorities and 2026 targets
In March, we set out our strategic priorities:
- interactive investor - sustain efficient growth by building on our
differentiated proposition and investing in the ii brand;
- Adviser - return to net inflows by enhancing our proposition and delivering
leading client service; and
- Investments - deliver a step change in profitability by repositioning to
areas of strength and opportunity and expanding further in growth areas,
whilst driving improved efficiency.
We also announced new Group targets for FY 2026: adjusted operating profit of
at least £300m and net capital generation of c.£300m, with the latter
demonstrating our commitment to supporting the dividend.
2025 is a year of transition for Aberdeen. During an extraordinary six months
from a macro and geopolitical perspective, the business has made good progress
on improving our proposition to clients and the long-term value creation for
shareholders.
The reasons for my confidence are clear. We are well positioned as a Wealth
& Investments group with two leading businesses in the fast-growing UK
Wealth sector, alongside an international specialist asset manager
repositioning to focus on its strengths and where we see growth opportunities.
This is underpinned by a commitment to continuous improvements in efficiency,
technology and talent.
Strengthened leadership team
We need our people engaged and motivated, with belief and confidence in
Aberdeen, to realise the opportunity in front of us. And that starts with
leadership.
Last week, I was pleased to welcome Siobhan Boylan as our new Group CFO.
Siobhan's skillset and experience in the wealth and investments industry is
highly relevant and I am very much looking forward to working with her.
In Investments, John McCareins joined as Chief Client Officer, with a clear
priority to grow our client business and Alain Courbebaisse - previously part
of interactive investor's leadership team - was appointed as Investments COO.
By putting the best talent in the right roles, and with a relentless focus on
execution, we are well placed to accelerate progress against our strategic
priorities.
Update on transformation programme
As at the end of H1 2025, the transformation programme had delivered £137m of
run rate cost savings, the majority of which benefit the Investments business.
We remain on track to deliver the target of at least £150m of cost savings on
an annualised basis by the end of 2025.
Our transformation programme is about more than just cost reduction; it is
also designed to deliver improved outcomes for our clients and colleagues, and
set up Aberdeen for the future. Under the leadership of Richard Wilson (Group
COO and ii CEO), we are starting to deliver improved operational efficiency,
simpler processes, better operating models, greater automation and smarter use
of technology and AI.
Overview of H1 2025 performance
Strong performance by interactive investor and continued cost discipline
enabled us to maintain Group adjusted operating profit in the half broadly in
line with last year at £125m (H1 2024: £128m) - notwithstanding the impact
of the previously announced Adviser repricing.
IFRS profit before tax increased by 45% to £271m
(H1 2024: £187m) driven by the increase in the value of our 10.4% stake in
Phoenix, and lower restructuring spend.
AUMA is broadly flat compared to the end of last year at £517.6bn. Group net
inflows excluding liquidity were £0.5bn (H1 2024: £1.6bn outflow), driven by
strong inflows in interactive investor, and lower outflows in Adviser, with
much improved momentum. Overall, Investments had net outflows; with inflows in
Institutional & Retail Wealth more than offset by outflows in Insurance
Partners.
interactive investor
Sustained growth in assets, customers and profits - while maintaining
efficiency
interactive investor has delivered strongly for its customers and our
shareholders. Customer numbers increased year-on-year by 9% to 461k, with SIPP
customers growing by 27%, as customer awareness steps up following greater
investment in the ii brand. This helped to deliver record net inflows of
£4.0bn (H1 2024: £3.1bn), and contributed to a 9% increase in AUMA to
£84.7bn. Trading and FX revenues increased with retail trades up 23%.
Adjusted operating profit was up 25% year-on-year to £69m (H1 2024: £55m).
We expect continued growth in customers as we broaden engagement in the second
half of 2025, with proposition enhancements including the launch of ii's
Managed SIPP (designed with Aberdeen Investments), ii Advice (a digital advice
service) and ii 360 (an advanced trading platform). We will also see the
benefit of acquiring the direct-to-consumer retail book from Jarvis Investment
Management Limited. We completed the integration earlier this month and expect
this to result in around 20k additional customers by the end of the year.
With our outstanding customer service and exceptional value offering, we are
well placed to sustain growth and to enjoy the compound effects of gaining a
growing share of a growing market.
Adviser
Laying foundations to return to growth in flows and profits
In the first half, we saw net outflows of £0.9bn, an improved picture
compared with net outflows of £2.0bn in H1 2024 and £1.9bn in H2 2024. AUMA
was up slightly at £75.7bn (FY 2024: £75.2bn), driven by higher markets.
Adviser remains number two in the market by AUMA, serving over 50% of the UK's
IFAs.
The strategic reprice we implemented to enhance our market competitiveness had
the expected impact on adjusted operating profit, which reset down by 35% to
£42m in the half (H1 2024: £65m). This was a necessary step to set the
conditions for future growth.
As highlighted at the Q1 results, service levels have been restored and
improved further in Q2. Our Net Promoter Score (NPS) reached +43 in the first
half (FY 2024: +34), ahead of our 2026 target (>+40). We will now seek to
maintain this level of service, day in, day out. We are also partnering with
consolidators, which is critical to capturing growth and driving a healthy
pipeline. Overall, we remain committed to our target of £1bn of net inflows
in FY 2026.
Investments
Resilient performance underpinned by focus on efficiency
Total Investments AUM was down marginally at £367.9bn in the half (FY 2024:
£369.7bn) reflecting net outflows of £4.1bn (H1 2024: £1.0bn outflow),
including the previously announced redemption of a low margin mandate, offset
by positive markets.
Excluding this previously announced redemption, Institutional & Retail
Wealth (I&RW) delivered a net inflow of £4.4bn (H1 2024: £0.4bn inflow),
reflecting significant mandate wins in quantitative strategies and fixed
income partially offset by equities and liquidity outflows.
Excluding liquidity, gross inflows in I&RW were £9.3bn higher at £21.9bn
(H1 2024: £12.6bn) - the highest level for over two years. This was offset by
Insurance Partners, which saw £4.5bn of net outflows (H1 2024: £1.4bn
outflow), largely from outflows from heritage business in run-off.
Investment performance has improved over five years (72% of AUM performing,
versus 71% for FY 2024) and over three years (71% versus 60%), albeit it has
reduced over one year (70% versus 77%). Further work remains to improve our
equities performance, in particular in Asia.
In the half, we launched two more active ETFs, won a Long-Term Asset Fund
mandate with Scottish Widows and completed infrastructure deals including
London's £1bn Silvertown tunnel project - all helping to demonstrate our
capabilities in focus areas.
The ongoing trend towards passive strategies continues to put pressure on
margins and hence cost discipline has been critical. Against this backdrop, a
10% reduction in adjusted operating expenses helped to deliver adjusted
operating profit of £35m for the half (H1 2024: £34m).
Looking ahead
Our ambition is to be the UK's leading Wealth & Investments group, with
fast growing direct and advised wealth platforms, and a specialist asset
manager that operates worldwide. Across our markets there are long-term
structural growth drivers we are well placed to leverage - the UK population
needs great value savings, retirement and investment propositions, and asset
management clients globally need high quality and distinctive investment
solutions.
As we head into the second half of 2025, we remain focused on realising the
significant potential of this Group through disciplined delivery. I am
confident we have the right team to meet this challenge. We have clear
strategic priorities and 2026 targets which will enable us to provide evidence
of our progress, as we build a business capable of long-term, sustainable
growth.
Jason Windsor
Chief Executive Officer
Results summary
H1 2025 H1 2024
Analysis of profit £m £m
Adjusted net operating revenue(1) 628 667
Adjusted operating expenses (503) (539)
Adjusted operating profit 125 128
Adjusted net financing costs and investment return 56 42
Adjusted profit before tax 181 170
Adjusting items including results of associates and joint ventures 90 17
IFRS profit before tax 271 187
Tax expense (19) (16)
IFRS profit for the period 252 171
The IFRS profit before tax was £271m (H1 2024: £187m) including adjusted
operating profit of £125m (H1 2024: £128m) and adjusted net financing costs
and investment return of £56m (H1 2024: £42m). Adjusting items were £90m
(H1 2024: £17m) including:
- Restructuring and corporate transaction expenses of £41m (H1 2024: £51m),
including costs relating to our transformation programme.
- Gains of £155m (H1 2024: losses of £15m) from the change in fair value of
significant listed investments as a result of the increase in the share price
of Phoenix in H1 2025.
- H1 2024 adjusting items also included profit on disposal of subsidiaries of
£88m.
Adjusted operating profit was £3m lower than H1 2024. Lower revenue in
Investments and Adviser was partly offset by growth in revenue in ii. Lower
expenses reflected the benefit of further cost reduction activity particularly
in Investments. Our cost transformation programme has helped us to deliver a
£36m reduction in adjusted operating expenses in H1 2025, and with an
annualised benefit of £137m achieved to date, we remain well on track to
deliver at least £150m of annualised cost savings by the end of 2025. The
implementation costs, included in restructuring expenses, were £39m in H1
2025, resulting in total cumulative implementation costs of £112m.
Adjusted net operating revenue
Adjusted net operating revenue decreased by 6% reflecting:
- Impact of net outflows primarily in equities and changes to asset mix
resulting in lower Investments margin.
- Other margin changes including higher trading and FX activity as well as
higher treasury income in ii, partially offset by the impact of the repricing
in Adviser.
- £6m benefit of favourable market movements.
- £(10)m net impact from corporate actions mainly reflecting the sales of our
European headquartered Private Equity business, threesixty and our digital
innovation group, partially offset by the acquisition of First Trust Advisors
closed-end funds in H2 2024.
Adjusted operating expenses
H1 2025 H1 2024
£m £m
Staff costs excluding variable compensation 226 233
Variable compensation 39 43
Staff and other related costs(2) 265 276
Non-staff costs 238 263
Adjusted operating expenses 503 539
Adjusted operating expenses reduced by 7% reflecting:
- 3% reduction in staff costs (excluding variable compensation), with the
benefit of 4% fewer FTEs reflecting our cost transformation programme and net
result of corporate transactions, partly offset by salary increases and
increased investment to drive growth.
- Lower variable compensation reflecting fewer FTEs.
- 10% reduction in non-staff costs, with cost savings partly offset by the
impact of inflation.
1. In 2024 the measure of segmental revenue was renamed from net
operating revenue to adjusted net operating revenue. See Note 4.4(c) for a
reconciliation of these revenue measures.
2. See Supplementary information for a reconciliation to IFRS staff and
other employee related costs.
interactive investor(1)
Adjusted operating profit Adjusted net operating revenue Cost/AUMA ratio Net flows
£69m £154m 21bps £4.0bn
H1 2025 H1 2024
Adjusted net operating revenue £154m £137m
Adjusted operating expenses £(85)m £(82)m
Adjusted operating profit £69m £55m
Cost/AUMA ratio 21bps 24bps
Cost/income ratio 55% 60%
AUMA(2,3) £84.7bn £77.5bn
Gross inflows £8.0bn £7.1bn
Redemptions £(4.0)bn £(4.0)bn
Net flows £4.0bn £3.1bn
Adjusted operating profit
- Profit increased by 25% to £69m, including higher trading and treasury
income and the benefit of lower losses in the financial planning business.
Adjusted net operating revenue
- Revenue of £154m, was £17m higher than in H1 2024, reflecting the
continued benefit of sustained customer growth and diversified revenue
streams.
- Subscription revenue, gross of marketing incentives, of £30m (H1 2024:
£29m) reflecting customer growth and customers benefiting from our
differentiated pricing plans.
- Trading revenues of £45m reflected higher trading activity, which rose to
record levels during the period of heightened market volatility in early Q2
2025. Daily average retail trades were 25.2k in H1 2025, 23% up on H1 2024.
- Treasury income increased to £75m, resulting from higher cash balances
partially offset by a reduction in average cash margins.
- The average cash margin in H1 2025 was 221bps (FY 2024: 229bps) and is
expected to be in the region of 210-220bps for FY 2025.
H1 2025 H1 2024
Adjusted net operating revenue £m £m
Trading transactions 45 33
Subscription/account fees(4) 26 26
Treasury income 75 68
Fee income 12 13
Less: Cost of sales (4) (3)
Adjusted net operating revenue 154 137
1. See Supplementary information for additional ii metrics.
2. Comparative as at 31 December 2024.
3. Includes financial planning business AUA of £3.7bn (31 December
2024: £3.7bn).
4. Net of £4m (H1 2024: £3m) of marketing incentives.
5. Excludes our financial planning business.
Adjusted operating expenses
- Expenses increased by £3m or 4%, reflecting investment in brand awareness,
technology developments and capacity to support future growth.
AUMA
- AUMA increased to £84.7bn benefiting from strong markets and growth in net
flows driven by sustained customer growth.
- Average customer cash balances as a percentage of average AUA were 8.8%(5)
(H1 2024: 8.8%(5)).
- Total customers increased by 9% to 461k(5) (H1 2024: 422k(5)) due to organic
growth. The acquisition of the direct-to-consumer retail book from Jarvis
Investment Management Limited completed on 7 July 2025, bringing an expected
additional c.20k customers. Our strategy to increase SIPP market penetration
continues, with the number of customers holding a SIPP account up by 27% to
92.4k(5) (H1 2024: 73.0k(5)).
Gross and net flows
- Net inflows increased by 29% to £4.0bn due to growth from new customers and
existing customers choosing more of our products, including our SIPP.
- Within this, the ii direct platform generated net inflows of £4.1bn with
£0.1bn net outflows in the financial planning business.
Adviser
Adjusted operating profit Adjusted net operating revenue Adjusted net operating revenue yield Net flows
£42m £102m 27.4bps £(0.9)bn
H1 2025 H1 2024
Adjusted net operating revenue £102m £119m
Adjusted operating expenses £(60)m £(54)m
Adjusted operating profit £42m £65m
Cost/income ratio 59% 45%
Adjusted net operating revenue yield(1) 27.4bps 31.4bps
AUMA(2,3) £75.7bn £75.2bn
Gross inflows £3.3bn £3.1bn
Redemptions £(4.2)bn £(5.1)bn
Net flows £(0.9)bn £(2.0)bn
Adjusted operating profit
- Profit decreased by 35% to £42m (H1 2024: £65m).
- Expenses impacted by reduced benefit from a temporary third-party
outsourcing discount of £4m (H1 2024: £7m), which ended in February 2025.
- Other expenses higher due to further investment to enhance the client
proposition.
- Cost/income ratio increased to 59%, due to reduction in revenue and higher
expenses.
Adjusted net operating revenue
- Revenue decreased by 14% to £102m mainly due to lower Platform charges.
- Platform charges reduced by 14% to £72m mainly reflecting the previously
announced repricing, which was applied to the back book in Q1 2025 and the
effect of strategic pricing initiatives.
- Treasury income on client balances reduced to £15m reflecting a reduction
in average cash balances and lower cash margins.
- The average margin earned on client cash balances during H1 2025 was 257bps
(H1 2024: 263bps). The indicative Adviser average cash margin for FY 2025 is
expected to be lower reflecting the impact of expected Bank of England rate
cuts.
- Other revenue decreased by £4m to £15m primarily reflecting the sale of
threesixty in July 2024.
H1 2025 H1 2024
Adjusted net operating revenue £m £m
Platform charges 72 84
Treasury income 15 17
Other revenue(4) 15 19
Less: Cost of sales - (1)
Adjusted net operating revenue 102 119
1. Adjusted net operating revenue yield excludes revenue of £nil (H1
2024: £4m) for which there are no attributable assets.
2. Comparative as at 31 December 2024.
3. Includes Platform AUA of £72.8bn (31 December 2024: £72.4bn) and
MPS AUMA of £2.9bn (31 December2024: £2.8bn).
4. Includes £12m (H1 2024: £13m) from the distribution agreement with
Phoenix.
Adjusted net operating revenue yield
- Decreased to 27.4bps due to the lower revenue as outlined under adjusted net
operating revenue.
- We expect to see a reduction in revenue yield of 3bps in 2025 reflecting the
previously announced repricing which was applied to the back book in Q1 2025.
- In addition to the reprice above, we continue to offer strategic firm level
and individual large case pricing as part of our competitive proposition.
- FY 2025 revenue margin is expected to be c.27bps.
AUMA
- AUMA increased slightly to £75.7bn reflecting positive market movements
partially offset by net outflows.
- Average AUMA of £75.1bn was 1% higher than H1 2024.
- Average customer cash balances as a percentage of average AUMA (excluding
bonds and Wrap SIPP) were 2.7% (FY 2024: 2.4%).
Gross and net flows
- Restored service levels, enhanced platform functionality and repricing led
to a significant improvement in net outflows. H1 2025 net outflows were
£0.9bn (H1 2024: £2.0bn). The £1.1bn improvement reflects £0.2bn growth in
gross inflows combined with £0.9bn reduction in outflows.
- Progress made towards our goal of delivering market-leading service levels
as part of our broader priority of returning to net inflows as soon as
possible; further supported by an improving new business pipeline.
Investments
Adjusted operating profit Adjusted net operating revenue Adjusted net operating revenue yield Net flows
£35m £371m 19.9bps £(4.1)bn
Total Institutional & Retail Wealth Insurance Partners
H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024
Adjusted net operating revenue(1) £371m £406m
Adjusted operating expenses £(336)m £(372)m
Adjusted operating profit £35m £34m
Cost/income ratio 91% 92%
Adjusted net operating revenue yield(2) 19.9bps 22.0bps 29.0bps 31.7bps 7.8bps 9.1bps
AUM(3) £367.9bn £369.7bn £209.8bn £210.5bn £158.1bn £159.2bn
Gross inflows £32.8bn £31.3bn £24.1bn £18.5bn £8.7bn £12.8bn
Redemptions £(36.9)bn £(32.3)bn £(23.7)bn £(18.1)bn £(13.2)bn £(14.2)bn
Net flows £(4.1)bn £(1.0)bn £0.4bn £0.4bn £(4.5)bn £(1.4)bn
Net flows excluding liquidity(4) £(2.7)bn £(3.4)bn £1.8bn £(2.0)bn £(4.5)bn £(1.4)bn
1. Includes performance fees of £3m (H1 2024: £3m).
2. Adjusted net operating revenue yield excludes revenue of £6m (H1
2024: £nil) for which there are no attributable assets.
3. Comparative as at 31 December 2024.
4. Institutional & Retail Wealth liquidity net flows excluded.
Adjusted operating profit
- Profit increased by 3% or £1m to £35m reflecting reduced costs largely
offset by lower revenues.
Adjusted net operating revenue
- 9% lower than H1 2024 reflecting changes to the asset mix including the
impact of net outflows in equities.
- Performance fees of £3m (H1 2024: £3m) were earned mainly from active
equities and fixed income.
Adjusted operating expenses
- Adjusted operating expenses reduced by £36m (10%) to £336m (H1 2024:
£372m) primarily benefiting from transformation cost reduction activity
including lower outsourcing, staff costs, project and change spend and market
and data costs.
- Adjusted operating expenses also benefited from reduced central Group costs
and lower costs following the disposal of our European-headquartered Private
Equity business in April 2024.
Institutional & Retail Wealth
Adjusted net operating revenue
- 7% lower at £310m (H1 2024: £335m) primarily due to net outflows
particularly from higher margin asset classes and the net impact of corporate
actions.
- 1% reduction in average AUM to £208.9bn (H1 2024: £211.0bn) with equities
average AUM down 15% and average quantitatives AUM up 21%.
Adjusted net operating revenue yield
- 2.7bps lower at 29.0bps largely due to changes in asset mix including the
impact of net outflows in equities.
Gross inflows
- Excluding liquidity, £9.3bn (74%) higher at £21.9bn (H1 2024: £12.6bn),
at the highest level for over two years. Improvements in quantitatives and
real assets, reflecting continued demand for these asset classes and the
strength of our offering.
Net flows
- Net inflows of £0.4bn (H1 2024: £0.4bn). Excluding liquidity, net flows
improved by £3.8bn to £1.8bn despite a £4.0bn outflow relating to the
redemption of a low-margin mandate, as previously announced. Redemptions are
offset by higher gross inflows including significant mandate wins in quants
and fixed income.
- Excluding liquidity, net flows improved to 1% of opening AUM compared with
(1)% in H1 2024.
- Redemptions (excluding liquidity) were £5.5bn higher than H1 2024 at
£20.1bn (H1 2024: £14.6bn).
Insurance Partners
Adjusted net operating revenue
- 14% lower at £61m (H1 2024: £71m), reflecting the impact of asset mix and
lower pricing offset by a 1% increase in average AUM to £157.9bn.
Adjusted net operating revenue yield
- Adjusted net operating revenue yield decreased to 7.8bps (H1 2024: 9.1bps)
due to a shift in asset mix from active to passive strategies. This, together
with related pricing changes, is expected to result in a further reduction in
revenue yields.
Gross inflows
- £4.1bn lower than H1 2024 at £8.7bn (H1 2024: £12.8bn).
Net flows
- Net outflows reflect outflows from heritage business in run-off, partially
being offset by inflows from workplace pensions.
- Net outflows of £4.5bn in H1 2025 (H1 2024: £1.4bn outflow), representing
(2.8)% of opening AUM compared with (0.9)% in H1 2024.
Investment performance
1 year 3 years 5 years
% of AUM performing(1) H1 2025 FY 2024 H1 2025 FY 2024 H1 2025 FY 2024
Equities 19 32 19 15 11 25
Fixed income 71 83 90 90 94 93
Multi-asset 64 85 50 36 77 71
Real assets 38 30 25 46 55 56
Alternatives 100 94 100 100 100 100
Quantitative 96 98 99 90 100 96
Liquidity 100 100 100 100 100 100
Total 70 77 71 60 72 71
Investment performance is now at 70% or above across the key one-, three- and
five-year periods following an improvement in the three-year measure in 2025.
This increase has been largely driven by an improvement in three-year
multi-asset and quantitative performance. Despite the volatile geopolitical
market backdrop, strong investment returns and outperformance continue to be
delivered by our fixed income, liquidity, quantitative and alternatives teams.
Fixed income remains an area of strength with outperformance in Credit,
Emerging Market (EM) Debt, US Municipal and Liquidity strategies. Client
interest, flows and pipeline remain positive.
In multi-asset, our award winning risk targeted MyFolio range continues to
deliver strong returns relative to peers, driven predominantly by strategic
asset allocation. Diversified assets funds have also delivered positive
returns in H1 and continue to deliver continued strong longer-term performance
versus cash and peers over the key one-, three- and five-year periods.
Within real assets, our strategies are showing positive signs of recovery with
an improvement in Direct real estate over one-year and continued robust
five-year figures reflecting stronger UK and Living performance while
three-year performance remains impacted by a weak H2 2022 which saw
significant rises in interest rates which had a negative impact on real estate
valuations.
For equities, 2025 has been another period of strong outperformance of the
value investment style over quality, particularly in Asia and emerging
markets. This was a headwind for our equity AUM which is underpinned by a
quality approach. However, it has been a better period for our Asia/EM Small
Cap, Japanese and our flagship EM Income funds which have benefited from
positive stock selection. We continue to focus on evolving and enhancing our
equity processes through process improvement initiatives.
Across quantitative, the Enhanced Index range continues to outperform with the
multi-factor approach delivering well including top or 2nd quartile
performance compared to peers and strong Morningstar ratings. The Index
strategies also continue to track well within expected ranges.
Finally, alternatives and the Fund of Hedge Fund strategies continue to
deliver exceptional relative returns for clients.
1. As at 30 June 2025, 73% (31 December 2024: 80%) of AUM is covered by
this metric. Further details about the calculation of investment performance
are included in the Supplementary information section.
Group performance
Adjusted operating profit IFRS profit before tax Net capital generation Net flows
£125m £271m £111m £(0.9)bn
Adjusted operating profit AUMA Net flows
H1 2025 H1 2024 H1 2025 FY 2024 H1 2025 H1 2024
Segmental summary £m £m £bn £bn £bn £bn
interactive investor 69 55 84.7 77.5 4.0 3.1
Adviser 42 65 75.7 75.2 (0.9) (2.0)
Investments(1) 35 34 367.9 369.7 (2.7) (3.4)
Other(2) (21) (26) - - - -
Eliminations - - (10.7) (11.0) 0.1 0.7
Total 125 128 517.6 511.4 0.5 (1.6)
Liquidity net flows (1.4) 2.4
Total net flows (including liquidity) (0.9) 0.8
The adjusted operating loss in Other decreased to £21m (H1 2024: £26m)
mainly reflecting lower corporate costs.
Assets under management and administration
AUMA increased by 1% to £517.6bn (FY 2024: £511.4bn):
- Total net outflows of £0.9bn include liquidity net outflows of £1.4bn.
Excluding liquidity, net inflows were £0.5bn, with strong inflows in ii of
£4.0bn, partially offset by outflows in Investments and Adviser.
- Market and other movements of £8.3bn, mainly reflecting positive market
movements in Investments and ii.
- Corporate actions of £(1.2)bn resulting from the takeover of Tritax
EuroBox.
Results summary
H1 2025 H1 2024
Analysis of profit £m £m
Adjusted net operating revenue 628 667
Adjusted operating expenses (503) (539)
Adjusted operating profit 125 128
Adjusted net financing costs and investment return 56 42
Adjusted profit before tax 181 170
Adjusting items including results of associates and joint ventures 90 17
IFRS profit before tax 271 187
Tax expense (19) (16)
IFRS profit for the period 252 171
Adjusted net financing costs and investment return
Adjusted net financing costs and investment return resulted in a gain of £56m
(H1 2024: gain £42m):
- Investment gains, including from seed capital and co-investment fund
holdings of £15m (H1 2024: gains £5m).
- Net finance income of £23m (H1 2024: £30m) reflecting a lower rate of
interest on cash and liquid assets.
- Higher net interest credit relating to the staff pension schemes of £18m
(H1 2024: £7m) primarily reflecting an increase in the opening discount rate
due to a rise in corporate bond yields, and higher costs in H1 2024 related to
de-risking of the pension scheme.
1. Investments net flows exclude Institutional & Retail Wealth
liquidity.
2. Adjusted operating loss consists of adjusted net operating revenue
£1m (H1 2024: £5m) and adjusted operating expenses £22m (H1 2024: £31m).
H1 2024 Adjusted operating loss included the Group's digital innovation group,
partially disposed of on 13 December 2024.
Adjusting items
H1 2025 H1 2024
£m £m
Restructuring and corporate transaction expenses (41) (51)
Amortisation and impairment of intangible assets acquired in business (65) (64)
combinations and through the purchase of customer contracts
Change in fair value of significant listed investments 155 (15)
Profit on disposal of subsidiaries and other operations - 88
Profit on disposal of interests in associates and joint ventures - 11
Dividends from significant listed investments 28 28
Share of profit or loss from associates and joint ventures 8 21
Other 5 (1)
Total adjusting items 90 17
Restructuring and corporate transaction expenses were £41m (H1 2024: £51m).
Restructuring costs of £32m (H1 2024: £45m) mainly relate to transformation
programme expenses of £39m partially offset by a £10m credit relating to the
assignation of previously impaired property leases. Corporate transaction
costs of £9m (H1 2024: £6m) primarily related to the impact of transactions
undertaken in prior periods.
Amortisation and impairment of intangible assets acquired in business
combinations and through the purchase of customer contracts were £65m (H1
2024: £64m).
Profit on disposal of interests in subsidiaries and other operations in H1
2024 relates to the sale of our European-headquartered Private Equity
business. See Note 4.2 for further details.
Profit on disposal of interest in associates and joint ventures in H1 2024
relates to the sale of our shareholding in Virgin Money UTM.
Change in fair value of significant listed investments of £155m (H1 2024:
£(15)m) from favourable market movements in our shareholding in Phoenix.
Dividends from significant listed investments of £28m (H1 2024: £28m)
relates to our shareholding in Phoenix.
Share of profit or loss from associates and joint ventures, which primarily
relates to HASL, decreased to £8m (H1 2024: £21m). The HASL profit in H1
2024 benefited from investment-related gains due to favourable market
conditions.
Other includes a £14m benefit from net fair value movements in contingent
consideration partially offset by a £7m net expense relating to properties
which are not being used operationally. See Note 4.9 for further details of
other adjusting items.
Tax
The total IFRS tax expense attributable to the profit for the period is £19m
(H1 2024: expense £16m), including a tax credit attributable to adjusting
items of £21m (H1 2024: credit £25m), which results in an effective tax rate
of 7% (H1 2024: 9%). The difference to the UK Corporation Tax rate of 25% is
mainly driven by:
- Dividend income and fair value movements from our investments in Phoenix not
being subject to tax.
- Pension scheme interest income included on a net of tax basis.
- Fair value movements in contingent consideration not being subject to tax.
- Prior year adjustments reflecting additional partnership income subject to
tax.
The tax expense attributable to adjusted profit is £40m (H1 2024: £41m), an
effective tax rate of 22% (H1 2024: 24%). This is lower than the 25% UK rate
primarily due to pension scheme interest income included on a net of tax basis
and the utilisation of unrecognised deferred tax assets against overseas
profits.
Earnings per share
- Adjusted diluted earnings per share increased to 7.5p (H1 2024: 6.8p) due to
the higher adjusted profit after tax.
- Diluted earnings per share of 13.5p (H1 2024: 9.1p) reflecting the higher
adjusted profit after tax, and the benefit from the favourable market
movements in our shareholding in Phoenix.
Dividends
The Board has declared an interim dividend for 2025 of 7.3p (H1 2024: 7.3p)
per share. The dividend payment is expected to be £131m.
The adjusted capital generation trend is shown below: Diagram removed
for the purposes of this announcement. However it can be viewed in full in
the pdf document
Liquidity and capital
Cash and liquid resources and distributable reserves
Cash and liquid resources remained robust at £1.7bn at 30 June 2025 (FY
2024: £1.7bn). These resources are high quality and mainly invested in cash,
money market instruments and short-term debt securities. Cash and liquid
resources held in Aberdeen Group plc were £0.3bn (FY 2024: £0.4bn).
Further information on cash and liquid resources, and a reconciliation to IFRS
cash and cash equivalents, are provided in Supplementary information.
At 30 June 2025 Aberdeen Group plc had £2.8bn (FY 2024: £2.9bn) of
distributable reserves.
IFRS net cash flows
- Net cash inflows from operating activities were £241m (H1 2024: £170m)
which includes outflows from restructuring and corporate transaction expenses,
net of tax, of £42m (H1 2024: £31m).
- Net cash inflows from investing activities were £490m (H1 2024: £202m) and
primarily reflected the maturity of cash invested in money market instruments
which were not classified as cash equivalents. Inflows also included £150m of
cash backing unit linked liabilities recognised at the date of the transfer of
Phoenix's TIP business in March 2025.
- Net cash outflows from financing activities were £222m (H1 2024: £162m)
includes £130m relating to the dividend payment.
The cash inflows and outflows described above resulted in closing cash and
cash equivalents of £1,835m as at 30 June 2025 (FY 2024: £1,335m).
IFPR CET1 own funds
The indicative CET1 own funds at 30 June 2025 were £1,470m (FY 2024:
£1,465m).
Key movements in CET1 own funds and respective coverage are shown in the table
below.
H1 2025 FY 2024
Analysis of movements in CET1 own funds and respective coverage £m % £m %
Opening CET1 own funds 1,465 139 1,466 139
Sources of capital
Adjusted capital generation 145 14 307 30
Disposals(1) - - 74 7
Uses of capital
Restructuring and corporate transaction expenses (net of tax) (34) (3) (69) (7)
Dividends (131) (13) (260) (25)
Acquisitions(2) - - (20) (2)
Other 25 2 (33) (3)
Total 1,470 139 1,465 139
The full value of the Group's significant listed investment in Phoenix, and
the IAS19 staff defined benefit pension scheme surplus are excluded from the
capital position under IFPR.
A summary of our CET1 capital coverage is shown in the table below.
H1 2025 FY 2024
CET1 capital coverage £m £m
CET1 own funds 1,470 1,465
Total own funds threshold requirement (1,054) (1,054)
CET1 capital coverage 139% 139%
1. European-headquartered Private Equity business and Virgin Money
UTM in H1 2024.
2. First Trust funds in H1 2024.
Capital generation
Adjusted capital generation, which shows how adjusted profit contributes to
regulatory capital, increased by 1% to £145m. Net capital generation
increased by £7m to £111m and included the benefit of lower restructuring
costs.
H1 2025 H1 2024
£m £m
Adjusted profit after tax 141 129
Less net interest credit relating to the staff pension schemes (18) (7)
Less interest paid on other equity (6) (6)
Add dividends received from associates, joint ventures and significant listed 28 28
investments
Adjusted capital generation 145 144
Less restructuring and corporate transaction expenses (net of tax) (34) (40)
Net capital generation 111 104
IFRS net assets
IFRS net assets attributable to equity holders increased to £4.9bn (FY 2024:
£4.8bn) reflecting the IFRS profit before tax partly offset by dividends paid
in the period:
- Intangible assets decreased to £1.4bn (FY 2024: £1.5bn) primarily due to
regular amortisation. Further details are provided in Note 4.11.
- The principal defined benefit staff pension scheme, which is closed to
future accrual, continues to have a significant surplus of £0.8bn (FY 2024:
£0.8bn). As detailed in our Annual report and accounts 2024, we have reached
agreement with the trustee of the defined benefit pension plan to utilise part
of the existing surplus to fund the cost of providing defined contribution
benefits to current employees. This is expected to result in an annual benefit
of c.£35m to net capital generation from July 2025, with an annual review of
other options including an insurance buyout. This agreement enables the Group
to unlock value from the plan, while largely maintaining the surplus and
retaining optionality.
- Financial investments reduced slightly to £1.6bn (FY 2024: £1.8bn). At
30 June 2025, financial investments included £685m (FY 2024: £530m) in
relation to our stake in Phoenix.
Principal risks and uncertainties
The principal risks that we believe the Group will be exposed to in the second
half of 2025 are the same as those set out in the Annual report and accounts
2024 across the following 9 categories: Strategic, Financial, Conduct,
Regulatory and legal, Process execution, People, Technology, security and
resilience, Third party and Sustainability. However, the nature of some of
them continues to evolve.
Key developments in relation to our principal risks
Looking to the second half of 2025 we would highlight the following evolving
factors in relation to our principal risks:
- Ongoing negotiations on tariffs with the US have the potential to cause
market volatility.
- Developments in US monetary and fiscal governance could impact the US yield
curve and/or the US dollar.
- The probability of a cyber-related incident continues to rise driven by
organised crime and nation state actors.
- Competitor activity in key business markets has the potential to impact our
business models in those areas.
- Complexities arising from regulatory change.
2. Statement of Directors' responsibilities
Each of the Directors, whose names and functions are listed on the Aberdeen
Group plc website, www.aberdeenplc.com, confirms to the best of his or her
knowledge and belief that:
- The condensed consolidated income statement, the condensed consolidated
statement of comprehensive income, the condensed consolidated statement of
financial position, the condensed consolidated statement of changes in equity
and the condensed consolidated statement of cash flows and associated notes,
have been prepared in accordance with IAS 34 Interim Financial Reporting as
adopted for use in the UK.
- The interim management report includes a fair review of the information
required by:
- DTR 4.2.7R of the FCA's Disclosure Guidance and Transparency Rules
Sourcebook, being an indication of important events that have occurred during
the first six months of the financial year and their impact on the condensed
consolidated financial information and a description of the principal risks
and uncertainties for the remaining six months of the year.
- DTR 4.2.8R of the FCA's Disclosure Guidance and Transparency Rules
Sourcebook, being related party transactions that have taken place in the
first six months of the current financial year and that have materially
affected the financial position or performance of the entity during that
period; and any changes in the related party transactions described in the
last annual report that could do so.
- As per principle N of the UK Corporate Governance Code, the Half year
results 2025 taken as a whole, present a fair, balanced and understandable
assessment of the Company's position and prospects.
The Directors are responsible for the maintenance and integrity of the
corporate and financial information included on the Company's website.
Legislation in the UK governing the preparation and dissemination of financial
statements may differ from legislation in other jurisdictions.
Changes to Directors during the period
Following the announcement on 16 December 2024, Pam Kaur stepped down from the
Board at the conclusion of the AGM on 8 May 2025. In May it was with deep
sadness that the Company announced Michael O'Brien had passed away
unexpectedly on 24 May 2025. Further to the announcement made on 28 February
2025, Siobhan Boylan formally joined the Board on 21 July 2025.
By order of the Board
Sir Douglas Flint Jason Windsor
Chair Chief Executive Officer
29 July 2025 29 July 2025
3. Independent review report to Aberdeen Group plc
Conclusion
We have been engaged by Aberdeen Group plc ('the Company' or 'the Group') to
review the condensed set of financial statements in the half-yearly financial
report for the six months ended 30 June 2025 which comprises condensed
consolidated income statement, condensed consolidated statement of
comprehensive income, condensed consolidated statement of financial position,
condensed consolidated statement of changes in equity, condensed consolidated
statement of cash flows and the related explanatory notes.
Based on our review, nothing has come to our attention that causes us to
believe that the condensed set of financial statements in the half-yearly
financial report for the six months ended 30 June 2025 is not prepared, in all
material respects, in accordance with IAS 34 Interim Financial Reporting as
adopted for use in the UK and the Disclosure Guidance and Transparency Rules
(the DTR) of the UK's Financial Conduct Authority (the UK FCA).
Basis for conclusion
We conducted our review in accordance with International Standard on Review
Engagements (UK) 2410 Review of Interim Financial Information Performed by the
Independent Auditor of the Entity (ISRE (UK) 2410) issued for use in the UK. A
review of interim financial information consists of making enquiries,
primarily of persons responsible for financial and accounting matters, and
applying analytical and other review procedures. We read the other information
contained in the half-yearly financial report and consider whether it contains
any apparent misstatements or material inconsistencies with the information in
the condensed set of financial statements.
A review is substantially less in scope than an audit conducted in accordance
with International Standards on Auditing (UK) and consequently does not enable
us to obtain assurance that we would become aware of all significant matters
that might be identified in an audit. Accordingly, we do not express an audit
opinion.
Conclusions relating to going concern
Based on our review procedures, which are less extensive than those performed
in an audit as described in the Basis for conclusion section of this report,
nothing has come to our attention that causes us to believe that the Directors
have inappropriately adopted the going concern basis of accounting, or that
the Directors have identified material uncertainties relating to going concern
that have not been appropriately disclosed.
This conclusion is based on the review procedures performed in accordance with
ISRE (UK) 2410. However, future events or conditions may cause the Group to
cease to continue as a going concern, and the above conclusions are not a
guarantee that the Group will continue in operation.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and has been
approved by, the Directors. The Directors are responsible for preparing the
half-yearly financial report in accordance with the DTR of the UK FCA.
The annual financial statements of the Group are prepared in accordance with
UK-adopted international accounting standards.
The Directors are responsible for preparing the condensed set of financial
statements included in the half-yearly financial report in accordance with IAS
34 as adopted for use in the UK.
In preparing the condensed set of financial statements, the Directors are
responsible for assessing the Group's ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the Directors either intend to
liquidate the Group or to cease operations, or have no realistic alternative
but to do so.
Our responsibility
Our responsibility is to express to the Company a conclusion on the condensed
set of financial statements in the half-yearly financial report based on our
review. Our conclusion, including our conclusions relating to going concern,
are based on procedures that are less extensive than audit procedures, as
described in the Basis for conclusion section of this report.
The purpose of our review work and to whom we owe our responsibilities
This report is made solely to the Company in accordance with the terms of our
engagement to assist the Company in meeting the requirements of the DTR of the
UK FCA. Our review has been undertaken so that we might state to the Company
those matters we are required to state to it in this report and for no other
purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the Company for our review work, for this
report, or for the conclusions we have reached.
Salim Tharani
for and on behalf of KPMG LLP
Chartered Accountants
Saltire Court
20 Castle Terrace
Edinburgh
EH1 2EG
29 July 2025
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