The company’s profits before tax stood at £584m, a 10% drop which SLA said reflected lower revenue. The results also revealed that free based revenue had dropped by 13% standing at £1,643m, reflecting the impact of net outflows in 2018 and 2019.

The firm’s adjusted operating profit also dropped from £473m in 2018 to £201m this year.

Keith Skeoch, chief executive, commented on the results. He said: “We have seen growing momentum in the second half of the year across the business with improved investment performance and flows. We remain on track to deliver targeted synergies and have identified more we can deliver as we continue to reshape the business and sustain resilience.

“Our strong financial position, capital generation potential and focus on operational efficiency enables us to invest in the business to drive profitable revenue growth and shareholder return.

“The outlook for the markets and our industry in 2020 is turbulent with the additional complexity of COVID-19. Importantly we are focused on what we can control, namely delivering for our clients, customers, colleagues and shareholders; diversifying our revenues; investing for the future and maintaining financial discipline.”

John Moore, senior investment manager at Brewin Dolphin, commented: “Net outflows continue for Standard Life Aberdeen and, coming up for three years since the merger, the business remains very much in transition.

“The share price has been hammered since the turn of the year, along with the wider market; but the foundations of a strong company are there if you take a long-term view. Standard Life Aberdeen has been rigid with its cost-cutting, while new outflows have slowed to a degree and, reflecting the optimism attached to this, the dividend remains in line with guidance.

“Nevertheless, until there is asset growth and better market conditions, investors in Standard Life Aberdeen will have to remain patient.”