15th Nov 2024 10:48
(Alliance News) - Record PLC on Friday it delivered stable performance during the first-half, balancing a decline in profit with growth in assets under management and maintaining its dividend payouts.
For the six months ended September 30, the Windsor, England-based specialist currency and asset manager had a 5.6% fall in pretax profit to GBP5.9 million from GBP6.3 million a year earlier.
Revenue for the period declined by 1.6% to GBP21.1 million, compared to GBP21.5 million in the prior year. The company attributed the decline to the restructuring of a major client mandate, saying that this reduction was in line with expectations
The company maintained its interim dividend at 2.15 pence per share, consistent with the same period last year. For the full year 2024, Record paid a total dividend of 5.20p.
Record reiterated its full-year guidance, stating that trading remains in line with board expectations. Cash generated from operating activities before tax during the period totalled GBP5.6 million, representing a decline of 23% from GBP7.3 million in the first half of 2024.
Assets under management at the end of the half-year reached USD106.0 billion, marking a 4% increase from USD102.2 billion as of March 31 and a 25% rise from USD84.5 billion a year earlier. Record said the growth was driven by strong client inflows and favourable foreign exchange movements.
Basic earnings per share rose to 2.58p, up from 2.48p in the prior year.
Chief Executive Officer Jan Witte said: "During my first six months as CEO of Record, the business has again demonstrated the strength of its unique product offering, growing to a new record of USD106.0 billion."
Record shares fell 1.0% to 61.80 pence each in London on Friday morning.
By Eva Castanedo, Alliance News reporter
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