Record posts 'solid product performance' in first half

Currency and asset manager Record reported first-half revenue growth of 35% on Tuesday, to £22.1m, as its profit before tax increased 46% to £7.5m.

The London-listed firm hiked its interim dividend by 14% to 2.05p per share for the six month period ended 30 September, compared to the 1.8p distribution it made for the first six months of last year.

Assets under management equivalent (AUME) in dollar terms slipped to $80.8bn (£67.3bn), from $84.1bn year-on-year, while its operating profit margin expanded to 34% from 32%.

Basic earnings per share jumped 57% to 3.27p, while the firm said it was in a “strong” financial position, with shareholders' equity of £28m.

“Our growth trajectory continues as planned supported by solid product performance over the period and with good progress made in our plans for diversification,” said chief executive officer Leslie Hill.

“We have close engagement with our clients, listening to their concerns and understanding their needs - further reinforcing already strong relationships and leading to new ideas for future collaboration and opportunities for diversification.”

Hill said the group was “well-positioned” financially, with increased cash generation and a strong balance sheet to support its future growth plans.

“The board remains confident in the strategy to deliver future growth, an outlook which is reflected by an increase in the interim dividend.”

At 1053 GMT, shares in Record were up 5.73% at 85.11p.

Reporting by Josh White for Sharecast.com.