Record Plc shares (LON: REC) were down over 2% on Tuesday after the group shared results for the six months ended 30 September 2020.
The company posted a 4% growth in revenue to £11.8m – up from £11.4m in the same period a year earlier.
In addition, the group posted growth in clients and a strong financial position with shareholders’ equity of £25.7m.
Pre-tax profits at Record Plc fell from £3.2m to £2.6m and the group has revealed an interim dividend of 1.15 pence.
Commenting on the results chief executive, Leslie Hill, said:
“We have made tangible progress in our first half against our strategic growth initiatives; pleasing in light of the challenging backdrop presented by the global pandemic. Our business continues to show its resilience both in operational and financial terms and we have grown our customer base, including the acquisition of a new $8 billion US-based Dynamic Hedging mandate.
“Diversification through product innovation is central to our growth plan, and we’re excited about our collaboration with a European wealth manager to build and manage a Currency Impact Fund which we expect to be seeded with several hundred million in the first calendar quarter of 2021. We view this highly innovative offering as a market-first, enabling us to tap into this fast-expanding market and take the lead in our sector.
“Our reinvigorated growth strategy necessitates investment in sales capabilities, technology and infrastructure; we are investing both to add more functionality as well as to bring efficiencies.
“The extreme volatility we witnessed earlier in the year has served to underline to all market participants the benefits of a specialist risk management offering. Our new business pipeline reflects the growth opportunity and I feel confident the business will build on the positive momentum and growth investment as we progress into 2021.”