Record H1 pre-tax profits double on improved revenue and margins

Management consulting company Record said on Tuesday that pre-tax profits had doubled in the six months ended 30 September thanks to improved revenues and increased operating margins.

Record stated that interim pre-tax profits had increased 100% to £5.2m during the half, driven by a 38% improvement in revenues to £16.3m and a widening of its operating margin from 22% to 32%.

Basic earnings per share also improved, up from 1.10p at the midway point of 2020 to 2.08p in 2021.

As a result, Record said it had opted to hike its interim dividend by 56% to 1.80p per share.

Chief executive Leslie Hill said: "Over the last 18 months, our business has faced this challenge head-on and we have now started to see the tangible benefits in the form of a more diversified business aligned with stronger financial performance.

"Such transformational change is never easy. However, we have an excellent team and strong relationships both with clients and our partners, which I believe will continue to deliver growth and achieve our goal of building a more modern, profitable and diversified business."

As of 0935 GMT, Record shares were up 8.45% at 77.0p.