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Record FY pretax profit slips 9% to £6.1m
StockMarketWire.com
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Record Plc booked a full-year pretax profit of £6.1 million, down 9% year on year. Revenue fell a corresponding 9% to £18.6 million.
The company proposed a final dividend of 1.50p a share giving a total dividend of 1.50p per share, unchanged year on year.
Assets under management equivalents (AUME) was £22.9 billion, up 19%. Expressed in US-dollar terms, AUME was $34.8 billion, up 13%.
"The year ... saw encouraging growth in both AUME and client numbers, as well as stabilisation of the product mix and operating margin," said chairman Neil Record in a statement.
"The decline in revenue to £18.6 million, whilst mitigated to some extent by a cost reduction programme, largely reflects the full-year effect of changes in product mix experienced in prior years.
"Developments in the currency markets (such as the weakness of the Japanese Yen in response to aggressive policy measures) created opportunities for our return-seeking products during the year and the tentative re-emergence of trending in certain currency pairs also benefited many of our strategies," he said.
Story provided by StockMarketWire.com
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