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Record PLC on Friday said its revenue, performance fees and profit decreased in its latest half year, but still announced a slight increase to its interim dividend payout. Shares in Record were down 7.2% at 65.00 pence on Friday in London. The Windsor, England-based currency and derivatives manager said pretax profit for the six months ended September 30 was £6.3 million, down 16% from £7.5 million the year before. Revenue decreased 2.7% to £21.5 million from £22.1 million. Of this, Record said management fees rose 3.2% to a ‘pleasing’ £19.6 million. Performance fees fell 46% to £1.5 million, although the latter followed an ‘exceptional’ financial 2023. Total expenditure excluding bonuses rose 18% to £12.7 million from £10.8 million, including personnel costs increasing 13% to £7.1 million. Despite its reduced earnings, Record declared an interim dividend of 2.15 pence per share, up 4.9% from 2.05p. Also on Friday, Record announced that Chief Executive Officer Leslie Hill will retire on March 31, the end of its current financial year. Hill has worked at Record for 31 years and been its CEO for four of them. Record said Jan Witte, the current CEO of subsidiaries Record Currency Management Ltd and Record Asset Management GmbH, will take over from Hill as CEO elect from January 1. It plans to formally install him as CEO with effect from April 1. ‘I have loved almost every day at Record and, as requested, have delivered a robust succession plan and an enlarged and diversified product suite and service offering,’ Hill commented. ‘Now is the right time to pass the reins over to others for them to further build and diversify the business.’ Going forward, she said: ‘The group remains well positioned financially, with increased cash generation and a strong balance sheet to support its future growth plans. The board remains confident in the delivery of market expectations for the current financial year. ‘I believe the business remains capable of delivering on the targets set out in February, albeit achieving them may take longer than originally anticipated.’ Copyright 2023 Alliance News Ltd. All Rights Reserved.
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