August 7, 2018 / 6:14 AM / 4 months ago

BRIEF-Standard Life Aberdeen H1 operating profit drops 16 pct

Aug 7 (Reuters) - Standard Life Aberdeen PLC:

* HALF-YEAR REPORT - PART 1 OF 4

* GROSS INFLOWS OF £38.0BN (H1 2017: £39.5BN, H2 2017: £36.0BN) INCLUDING INCREASE IN FLOWS FROM PHOENIX

* NET OUTFLOWS REMAIN A CHALLENGE IN A TOUGH MARKET

* ADJUSTED PROFIT BEFORE TAX 478 MILLION ON PRO-FORMA BASIS

* ADJUSTED PBT COMPARES WITH PRO-FORMA 518 MILLION H2 2017, 521 MILLION H1 2017 ON PRE-MERGER BASIS

* H1 NET OUTFLOWS 16.6 BILLION STG

* NOW TARGETING A TOTAL OF OVER £350M OF SAVINGS INCLUDING MERGER RELATED COST SYNERGIES OF £250M AS WELL AS EFFICIENCY SAVINGS FROM A SIMPLIFIED GLOBAL OPERATING MODEL IN EXCESS OF £100M

* INTERIM DIVIDEND UP 4.3% TO 7.30P

* ASSETS UNDER MANAGEMENT AND ADMINISTRATION 626.5 BILLION STG VERSUS 623

* AUMA 626.6 BILLION STG AT BEGINNNING OF H1 2018, 610.1 BILLION AT END H1

* ASSETS MANAGED BY ABERDEEN STANDARD INVESTMENTS WERE £557.1BN (FY 2017: £575.7BN)

* ADJUSTED OPERATING PROFIT 254 MILLION STG VERSUS 302 MILLION STG H1 2017

* WE ARE COMMENCING FIRST TRANCHE OF £175M OF SHARE BUYBACK PROGRAMME IN NEXT FEW DAYS

* COMPLETION OF PROPOSED SALE TO PHOENIX IS EXPECTED IN Q3 Source text for Eikon: Further company coverage:

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