Record unfazed by currency fluctuations post Brexit vote

18th Nov 2016 09:32

(ShareCast News) - Record, a specialist currency manager, has seen net inflows of $1.4bn across all product lines during the first half despite currency fluctuations post Brexit vote.Chief executive James Wood-Collins said: "The stand out market event during the first half of the financial year was the UK's decision to leave the European Union and the consequent depreciation of sterling against most major currencies. We are actively anticipating the impact of Brexit on our clients and all aspects of our business, and regard the maintenance of our ability to serve EU clients following departure as essential."Assets under management equivalents (AUME) increased to $55bn in the six months ended 30 September 2016 compared to $52.9bn at 31 March 2016. Client numbers rose to 61 from 58 over the period.Revenue increased 7% to £11.1m compared to the previous period but underlying profit before tax decreased by 2% to £3.6m. The underlying operating margin was 33%, unchanged from the previous period.Basic earnings per share (EPS) was 1.33p, down from 1.36p in the previous period. Shareholder equity increased to £35m from £33.3m in 2015. Interim dividend of 0.825p per share, unchanged from 2015.Looking ahead chief executive James Wood-Collins said: "Volatility in currency markets is seemingly set to continue, supported not least by economic and political uncertainty across Europe and the US."Such volatility in addition to attractive investment performance and an ultra-low interest rate environment can all present new business opportunities."Our focus is to ensure the group is well placed to take advantage of such opportunities and I believe further progress will be made in the second half of the financial year."The share price fell 5.20% to 31.88p at 1017 GMT on Friday.