Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Record PLC on Tuesday said it increased its interim dividend by 14% as profit jumped in the first half of its financial year.
The Berkshire, England-based currency and derivatives manager reported a 46% rise in pretax profit to £7.5 million in the six months ended September 30, from £5.2 million the year before.
Revenue increased 35% to £22.1 million from £16.3 million, which included a rise in performance fees to £2.8million from £500,000.
Record said its revenue was driven by the higher assets under management equivalents at the start of the period which increased by 15% to £72.30 billion in sterling terms. However, this declined by 2.8% to $80.80 billion in US dollar terms.
Net inflows of $8.6 billion over the period offset the decline in AUME from market movements over the period, Record added.
The company said it has seen an increase in its cost base due to its continued investment in the modernisation of its systems and technology, which has been ‘exacerbated’ by the current inflationary environment.
Looking ahead, Record said it hopes to be ‘less episodic’, but its performance depends on market conditions. The company remains confident in its strategy to deliver future growth.
The company declared an interim dividend of 2.05 pence per share, up from 1.80p the year prior.
Record shares were up 10% to 88.70p on Tuesday afternoon in London.
Copyright 2022 Alliance News Limited. All Rights Reserved.