Standard Life delivers profits boost

The Edinburgh-based company, which recently appointed finance chief David Nish as its new chief executive, said operating profits of 919m represented a good performance in an uncertain year for financial markets. The 1.5 per cent drop was much higher than City forecasts for a figure of around 662m.

It added that it had started the new year in a healthy position after the return of investor appetite resulted in a 38 per cent leap in UK sales to 2.88bn over the last three months of 2009.

The company, which employs around 10,000 people, made savings worth 47m last year towards its target of 75m of efficiencies by the end of 2010. It will look to boost margins with another 100m of savings by 2012, including from technology and procurement.

At the same time, Standard said it will spend more than 200m to develop and promote its products in retail and corporate markets in 2010.