Aberdeen Group (LSE:ABDN), the FTSE 100 wealth manager and platform business, reported adjusted operating profit up 21% to £151m for the first half, against £125m in the same period last year.
Net capital generation rose 47% to £163m, reflecting higher profit and the benefit of actions to unlock value from the group's defined benefit pension scheme surplus. IFRS profit before tax reached £276m, up from £271m, including a £100m gain from the change in fair value of Aberdeen's stake in Standard Life, against a £155m gain a year earlier.
Interactive investor, the group's direct-to-consumer platform, delivered record net inflows of £6.8bn and grew total customers 14% to 525,000, lifting its adjusted operating profit 18% to £84m.
Adviser profit held broadly stable at £41m, though net outflows widened to £1.3bn from £0.9bn, prompting new CEO Rich Denning to focus on returning the unit to growth.
Investments adjusted operating profit rose 9% to £38m on lower costs, even as net operating revenue slipped 2% to £363m, with three-year investment performance improving to 86% of assets under management, ahead of its 70% target.
Adjusted diluted earnings per share rose to 8.2p from 7.5p, and the interim dividend was maintained at 7.3p.
Total capital coverage strengthened to 229% from 218% at the last year-end.
"In a dynamic market, the Group produced a strong performance," said chief executive Jason Windsor.
"interactive investor performed very strongly, delivering record net inflows in the first half of the year, with customer numbers up by 14% to 525k. With clear plans to further deepen customer engagement in a fast growing and attractive market, I am excited by the significant momentum we have in the UK D2C market."
Aberdeen said it remains confident of delivering its 2026 targets of adjusted operating profit of at least £300m and net capital generation of approximately £300m, with Investments' profit expected to step up in the second half.
News Intelligence what this means for the company
Aberdeen's first-half profit jumped 21% to £151m, driven by Interactive Investor's record £6.8bn net inflows and 14% customer growth to 525,000—offsetting persistent outflows in its adviser business. The group is on track toward its 2026 targets of £300m+ adjusted operating profit and £300m net capital generation, with net capital generation already at 54% of the full-year goal after just six months.
The earnings beat and capital generation pace suggest Aberdeen can hit its 2026 guidance, but the widening adviser outflows (£1.3bn vs £0.9bn) remain a structural drag that new CEO Rich Denning must reverse to sustain momentum beyond the platform's strong run.
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