BUSINESS LIVE: Abrdn doubles share buyback as assets fall

Rents must be slashed and investment poured into Oxford Street to save it from becoming a scourge of tacky sweet shops, industry leaders have warned.

It comes days after harrowing images revealed the shocking extent of the homelessness crisis gripping Oxford Street, with large numbers of people lying on makeshift mattresses.

While still considered Britain’s premier shopping destination, the shift to online shopping and the impact of the pandemic have left the street a shell of its former self.

Abrdn has doubled a planned share buyback programme to £300million, despite the fund manager’s assets under management falling by £4billion in the first half after market turmoil and economic uncertainty took its toll.

AUM fell to £496billion in the six months to 30 June, compared with £500billion at December-end.

‘We continued to move at pace to execute our strategy over the first six months of 2023 in a challenging macro environment.

‘Thanks to abrdn’s revenue diversification and the resilience we have built into our business with the acquisition of interactive investor last year, we grew revenue by 4% and adjusted operating profit by 10% over the period.

‘We are on track to deliver our £75m cost savings target in Investments as we continue our work to restore that business to a more acceptable level of profitability.’