29th Nov 2022 14:31
(Alliance News) - 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 GBP7.5 million in the six months ended September 30, from GBP5.2 million the year before.
Revenue increased 35% to GBP22.1 million from GBP16.3 million, which included a rise in performance fees to GBP2.8million from GBP500,000.
Record said its revenue was driven by the higher assets under management equivalents at the start of the period which increased by 15% to GBP72.30 billion in sterling terms. However, this declined by 2.8% to USD80.80 billion in US dollar terms.
Net inflows of USD8.6 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.
By Jaskeet Briah; [email protected]
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