Currency and Derivatives Manager, Record plc Sees 76% Jump in FY22 Profit

Record plc, which is a currency and derivatives manager, announced its audited financials for FY2022, ending on March 31. The company posted a revenue increase of 38 percent to £35.1 million. It generated £25.4 million in the previous year.

The pre-tax profit jumped from £6.2 million to £10.9 million in the last financial year, which was a yearly increase of 76 percent. Additionally, the operating profit margin increased by seven percentage points to 31 percent.

“The year has provided an outstanding set of results, which underlines the confidence shown by the Board in the new strategy and the leadership under Leslie Hill and her senior team,” said Neil Record, the Chairman of Record plc.

Amid the impressive year, the management of the company has proposed a final ordinary dividend of 1.80p per share, which is 57 percent higher than the previous year, putting the total yearly ordinary dividend at 3.60p per share. Moreover, there is an increase of 104 percent in the special dividend for the year to 0.92p per share.

Improved Business Strategies

The company achieved the results last year after making several developments in its business. There was material growth in its management fees, continued momentum in its AUME growth, and inflows into both new and existing higher revenue-margin products. In addition, it collaborated with some the specialized partners and clients.

“We remain focused on building upon this momentum with further diversification of products and revenue streams as we move from a pure currency management specialist to having a broader offering in the alternative asset management space,” Leslie Hill, the CEO of Record plc, said.

“Whilst our core skills in currency and derivatives will continue to provide an important and robust source of hedging revenue, our focus on innovating and collaborating on higher revenue-margin products will continue to increase our profitability, as evidenced this year by the increase in our operating margin.”