- Record Plc has posted a FY pretax profit of £8.7m, up 26% on the year, with Assets Under Management Equivalents (AUME) up 26% to £46.6bn.

It proposed a final dividend of 1.175p a share, taking the total to 2p, from 1.65p. The company also declared a special dividend of 0.91p a share, from nil.

"This year, Record has reported its highest-ever AUME, increased revenues and earnings, and further growth in revenue diversification, with revenues from Passive Hedging now covering all overheads excluding variable remuneration," said chairman Neil Record.

"Our balance sheet is strong, with consolidated net assets of £41.6m, underpinned by own cash of £29.2m, and comfortably in excess of our regulatory capital requirements.

"The Board has decided that conditions are now right for a change in our capital policy and is considering a return of approximately £10m of excess capital to shareholders, more details of which will be provided to the market shortly."

He added that, furthermore, directors were recommending an increase in the ordinary dividend for the year of 21%, whilst also confirming its previous intention of returning excess earnings over ordinary dividends for the financial year to shareholders.

This was by declaring a special dividend equal to the excess of basic earnings over ordinary dividends, equivalent to 0.91p per share to be paid simultaneously with the final ordinary dividend.

"The current environment of uncertainty and change is seemingly set to continue and will provide opportunities to engage with clients, to understand their objectives, and to develop tailored solutions.

"Record has the strategies, track records, operational systems and most importantly the people to do so."

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