BUSINESS LIVE: Food price inflation slows; Abrdn profits dip; Smith & Nephew eyes margin gains

Abrdn has reported a drop in full-year operating profits for 2023, as it seeks deep cost cuts to revive performance.

The British fund manager reported adjusted operating profit of £249 million for the year, down 5 percent from £263 million a year earlier and in line with forecasts of £242 million.

The Edinburgh-based fund firm also announced a full-year dividend of 14.6 pence per share, unchanged in 2022.

Abrdn unveiled plans to cut 500 positions in January, after worse-than-expected net client cash outflows in the second half of 2023. Net outflows for the year were £13.9 billion, compared with £ 10.3 billion pounds of departures in 2022.

Abrdn, one of Britain’s best-known fund management firms, has suffered years of clients cashing out and fallen from Britain’s blue-chip FTSE 100 stock index.

Chief executive Stephen Bird is trying to drive change by cutting jobs, reducing its range of funds and expanding into mass market investing, following the acquisition of the online interactive investor platform in 2022.

Food inflation has slowed to its lowest rate since May 2022 amid falling energy and fertilizer costs and fierce competition among retailers, figures reveal.

Food prices were 5 percent higher than a year ago in February, a sharp drop from 6.1 percent in January and below the three-month average of 6 percent, according to data from the British Retail Consortium. (BRC)-Nielsen Shop Price Index. .

Falling meat, fish and fruit prices helped fuel a slowdown in fresh food inflation to 3.4 percent from 4.9 percent in January, well below the country’s three-month average. 4.6 percent and the lowest since February 2022.