19th Jun 2020 14:09
(Alliance News) - Record PLC on Friday expressed confidence going forward despite marginal profit drop in its recently ended financial year.
The currency hedging services provider reported revenue growth in the year to the end of March of 2.4% to GBP25.6 million from GBP25.0 million a year earlier.
However, Record said its pretax profit slipped to GBP7.7 million form GBP8.0 million year-on-year as operating profit margin decreased to 30% from 32%. In addition, administrative expenses grew to GBP17.7 million from GBP16.7 million a year prior.
Assets under management equivalents totalled GBP47.3 billion as at March 31, up 7.5% for the year. Net assets rose to GBP28.2 million as at the end of March versus GBP27.4 million a year ago.
Record proposed final dividend of 1.15 pence per share, taking total dividend for the year to 2.30p per share, unchanged year-on-year.
The company said it will also be paying a special dividend for the year of 0.41p per share after 0.69p paid a year ago.
"This financial year has seen an important change in strategic focus for the Group coupled more latterly with extreme market volatility and disruption to working practices linked to the Covid-19 pandemic," said Chair Neil Record.
"Against this backdrop, it is pleasing to report the board's recommendation for payment of both a final ordinary dividend and also of a special dividend in line with the group's capital and dividend policy, and underlining the board's confidence in the strategic changes and in the growth opportunities anticipated ahead," added Record.
Record shares were trading 5.2% higher in London on Friday at 38.39p each.
By Evelina Grecenko; [email protected]
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