- Currency manager Record booked a fall in annual profit after investment in new business opportunities shrunk margins.

Pre-tax profit fell 6.7% to £7.3m, despite revenue rising 3.8% to £23.8m.

The operating profit margin fell three percentage points to 31%.

Record declared a final dividend of 1.15p per share, bringing the total payout for the year to 2.30p, up 5.0% on year.

It also declared a special dividend for the year of 0.5p per share.

Chairman Neil Record said the company had made changes to certain passive hedging mandates, offering opportunities to cut costs.

'These opportunities are now being recognised in commercial terms, changing the mix in fees on such mandates and adding further diversification to Record's income streams in the form of performance fees, which over time are expected to match or exceed foregone management fees,' he said.

'Notwithstanding the increase in revenue over the prior year, this continued focus on investing in the business has contributed to a decrease in our operating margin from 34% to 31%.'

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