1st Apr 2014 13:59
LONDON (Alliance News) - Record PLC Tuesday said a dynamic hedging client intends to terminate a mandate that would have been expected to generate GBP700,000 in revenue and add GBP500,000 to pretax profit in the financial year to the end of March 2015.
Record shares were Tuesday quoted at 36.8 pence, down 12.4%.
In addition, Record said the dynamic hedging mandate of about USD600.0 million announced in January began as anticipated during the first calendar quarter.
Record also reported about USD20.0 million in net inflows into the Record FTSE FRB10 Index Fund in the same quarter.
"We continue to pursue a number of new business opportunities in particular in the United States, Switzerland and the United Kingdom," Chief Executive James Wood-Collins said in a statement.
"In the US specifically, some of the interest recently observed in currency hedging has weakened in the absence of pronounced US Dollar appreciation against major developed market currencies, although this interest could return quickly," Wood-Collins added.
"Currency management strategies continue to be of interest to more potential clients and consultants than has been the case historically, which we expect to lead to opportunities in return-seeking currency mandates as well as in hedging," the chief executive said.
Record said it will publish its fourth-quarter trading update on April 23. Its results for the year ended March 31 are scheduled to be released June 17.
By Samuel Agini; [email protected]; @samuelagini
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