Business
Final Results
Final Results.
About this update from Record Plc
[{"type":"text","content":"\n\nPRESS RELEASE\nRecord plc\n \n28 June 2024\n \nFINAL RESULTS ANNOUNCEMENT FOR THE YEAR ENDED 31 MARCH 2024\n \nPositive net inflows take AUM to a record high\n \nRecord plc, the specialist currency and asset manager, today announces its audited results for the year ended 31 March 2024 (\"FY-24\").\n \nFinancial headlines:\n· Revenue growth of 1.6% to £45.4m (FY-23: £44.7m)\n· AUM1 in USD terms up by 16.5% to $102.2bn (FY-23: $87.7bn)\n· Underlying2 pre-tax profit increase of 1.4% to £14.8m (FY-23: £14.6m)\n· Pre-tax profit decrease of 11.6% to £12.9m (FY-23: £14.6m)\n· Underlying2 operating profit margin of 32% (FY-23: 32%)\n· Decreased operating profit margin of 28% (FY-23: 32%)\n· Basic underlying2 EPS of 5.60 pence (FY-23: 5.95 pence)\n· Basic EPS decrease of 18.7% to 4.84 pence (FY-23: 5.95 pence)\n· Consistent performance fees of £5.8m (FY-23: £5.8m)\n· Final ordinary dividend proposed of 2.45p per share (FY-23: 2.45p)\n· Special dividend of 0.60p per share\n· Strong and liquid financial position with shareholders' equity of £28.9m (FY-23: £28.3m) and assets managed as cash of £17.5m (FY-23: £14.5m)\n \nKey developments:\n· Strong momentum in AUM growth (+16.5%) driven by net inflows of $6.8bn to close the year at $102.2bn, the highest ever level of AUM to date\n \n· Successful launch of two Luxembourg funds with aggregate AUM of $320 million at year end\n \n· High level of performance fees maintained for FY-24: £5.8m (FY-23: £5.8m)\n \n· Evolution of the Board in line with succession planning sees Jan Witte appointed as Group CEO from 1 April 2024 and Richard Heading appointed as CFO effective 1 July 2024\n \n· Decision to refocus IT strategy results in impairment of £1.9m for the year\n \nOutlook\n \n· Management fees expected to...