Record plc posts 18% profit jump, ups dividend
Currency manager Record Plc posted an 18% profit bump, and has lifted its final dividend.
The firm said the re-emergence of volatility in the forex market has prompted a need for Record’s products and services.
In the 12 months to 31 March, the firm lifted revenue up 6% to £21.1m, and recorded a pre-tax profit of £7.7m.
Estimated Assets Under Management was up 20% to £37.3bn at 31 March and basic earnings per share increased about 7% from 2.48p to 2.66p.
The company proposed a final dividend of 0.9p a share, taking the total payment to 1.65p a share.
Record chairman Neil Record said in the past year forex markets had been impacted by the anticipation of monetary policy divergence and the re-emergence of volatility.
“Such market factors have served to increase the focus amongst the institutional investment community on currency-related issues, resulting in a more supportive environment for Record's products and services.”
Record said he expects these market factors to continue, but the pace and extent to which it translated into new business was uncertain.
Shares in Record were up 3.01% to 35.92p at 8:03 on Tuesday.