Trading on track at Record despite revenue dip

(Sharecast News) - Asset manager Record said trading remained in line with expectations on Friday, despite a dip in revenues and more "challenging" conditions. The currency specialist said assets under management grew 4% in the six months to 30 September to $106bn.

Revenues dipped 2% to £21.1m. However, it said the decline - caused by a restructuring of a large client mandate - was in line with expectations.

Basic earnings per share attributable to shareholders were 2.58p, up 4% year-on-year, while profits after tax rose 5% to £5m.

The firm also launched €1bn infrastructure fund during the first half, which it called an "important milestone" in the growth of its asset management offering.

Jan Witte, chief executive, acknowledged that the first six months of the year had brought "challenging conditions from the perspective of an FX manager, due to reduced divergence in monetary policy globally".

"Additional geopolitical uncertainty, particularly surrounding tensions in the Middle East and numerous elections worldwide, has provided a headwind in emerging markets".

However, he said trading for the full year remained in line with the board's expectations.

He continued: "We currently see an elevated degree of political and economic uncertainty, which we expect to persist for some time. These are conditions in which we expect to see increased client demand for our risk management services, and may present good opportunities for return generating strategies.

"Our expectations for the full year are unchanged."

As at 1000 GMT, shares in Record were down 1% at 61.85p.