16th Jun 2015 08:38
LONDON (Alliance News) - Record PLC, a currency manager, said it is in a good position to benefit from new business opportunities that come about from higher levels of volatility in currency markets as central banks diverge on monetary policy.
Chairman Neil Record said expectations of monetary policy divergence, as well as the re-emergence of volatility, have increase institutional investors' focus on currency matters.
"With divergence in monetary policies and currency market volatility seemingly set to continue, we would expect the increased focus on currency-related issues to be maintained. This view is reinforced by the current high level of engagement with potential clients and investment consultants across a broad range of currency issues," Neil Record said in a statement.
"The pace and extent to which this engagement translates into new business opportunities is necessarily uncertain, although the group is well placed to take advantage of such opportunities as they arise," the chairman added.
Record's comments came as the currency manager said its pretax profit increased to GBP7.7 million in the year ended March 31, compared with GBP6.5 million in the prior financial year, with revenue up to GBP21.1 million from GBP19.9 million. Administrative expenses were stable at GBP13.4 million.
Record upped its dividend for the year as a whole to 1.65 pence per share from 1.50p, breaking three consecutive years of flat dividends.
Record manages the impact of currency on assets but isn't responsible for the assets themselves, meaning that it refers to assets under management equivalents as opposed to the assets under management figure prevalent in the fund management industry.
Assets under management equivalents increased by 7% to USD55.4 billion over the last financial year.
Record shares were up 3.9% at 36.25 pence on Tuesday.
By Samuel Agini; [email protected]; @samuelagini
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Record