NICOLAS BURGESS | RBS
Aberdeen’s results beat our forecasts by seven per cent, driven by better-than-expected performance fees and in-line management fees. Revenue margins, operating margins and cash flow all showed improvement. We see Aberdeen as a key pick and likely to outperform both the market and its peer group.
DAVID MCCANN | NUMIS SECURITIES
With the company having now largely cleaned up its balance sheet, maintained good discipline on costs helping to improve the operating margin, largely stemmed the fixed income outflows and having won substantial high value net business in equities, we expect to upgrade our annualised earnings forecasts.
STUART DUNCAN | PEEL HUNT
The results were well ahead of expectations. Key metrics all moved in the right direction, operating margins particularly impressing at over 38 per cent. Aberdeen is benefiting from a changing business mix driving higher revenue margins, operational gearing and improving cash generation.