Abrdn struggles with mediocrity [Reuters]
Beyond Meat, Inc. - Common stock (BYND)
Last beyond meat, inc. - common stock earnings: 2/27 04:05 pm
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Source: Reuters
It's a logical response to volatile markets, which caused revenue fees to fall 8% year-on-year in the six months to the end of June. Operating profit slumped 28%. Yet the deferred ambition highlights how much further Abrdn's turnaround needs to go. Since taking over in 2020, Chief Executive Stephen Bird has cut costs, sold down stakes in non-core assets like Indian ventures and invested in faster-growing areas like individual savings, with the 1.5 billion pound acquisition of Interactive Investor. Yet the main funds business, which makes up the majority of Abrdn's assets under management, is still shrinking and not very profitable. Bird originally targeted “high single digit” revenue growth through 2023, and a cost-to-income ratio of 70% by the end of 2023. According to Refinitiv forecasts, analysts now expect 2% annual top line growth and costs only just below 80% of revenue in that year. Worryingly, Abrdn's dividend, currently a meaty 8%, will not be covered by earnings this year
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BYND
Earnings
- 2/27/24 - Miss
BYND
Sec Filings
- 4/17/24 - Form 4
- 4/17/24 - Form 4
- 4/15/24 - Form 3
- BYND's page on the SEC website