Standard Life UK profits increase 14%

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Standard Life’s UK pre-tax operating profits surged 14% from £76m in the first six months of 2010 to £87m this year, results show.

Total fee based revenues increased 12% from £277m in the first six months of 2010 to £309m this year, as the provider looks to focus on IFAs “best placed to prosper” after the retail distribution review (RDR).

The company’s wrap platform increased its assets under administration from £6.1 billion at December 31, 2010, to £7.6 billion at June 30, this year.

Standard Life has been undergoing a wide-ranging structural reform programme as part of its preparations for the RDR.

At the end of July, the provider revealed plans to cut 39 jobs and create 19 new roles within its corporate, retail and risk divisions.

Shares in Standard Life rose by almost 10% in early trades. At 0856 BST, the firm’s share price was up 9.4% to 190.5p per share.

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