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Bringing you news, views and analysis since 2013

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Record’s net client inflows reach USD1.8bn

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Specialist currency manager Record has reported net client inflows for the six months ended 30 September 2013 of USD1.8bn, up from USD1.2bn in the same period in 2012.

Revenue increased 13 per cent over the period to GBP9.9m (six months ended 30 September 2012: GBP8.7m), while profit before tax increased 12 per cent to GBP3.1m (six months ended 30 September 2012: GBP2.7m).
 
Operating margin (underlying) increased to 33 per cent (six months to 30 September 2012: 31 per cent), while Record has announced that an interim dividend of 0.75p per share will be paid on 20 December 2013.
 
James Wood-Collins, chief executive of Record plc, says: “The first half of the financial year has seen growing AUME and client numbers, with two further Passive Hedging mandates with combined AUME of approximately USD12bn starting since the period end.
 
“We have also seen a welcome growth in revenue and underlying profit before tax, as the effects of mandate wins and increases in AUME during the previous financial year have been felt over the full six months.  The clients and AUME added during this financial year will naturally contribute further to revenue and profitability in the future.
 
“We continue to invest in both enhancing each of our product offerings, and strengthening our middle- and back-office infrastructure. We expect to reap benefits from these investments as we proceed through prospective clients’ selection processes generated through our expanded US and Swiss distribution capability.
 
“As anticipated, a higher level of new business enquiries and selection processes has been accompanied by increased competitive activity.  We have taken the decision to recognise this in fee arrangements with existing clients, as well as with potential new clients. In doing so we are pursuing growth in volume that would more than compensate for reduced revenue margins.
 
“Overall the group continues to experience a higher level of new business enquiries than at any period in the years since the banking crisis and global downturn, and all of the group’s management and staff are working hard to meet these and to look after the interests of existing clients.”

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