StockMarketWire.com - Specialist currency manager Record reported an 18% fall in first-half profit after spending on sales capabilities offset a rise in revenue.

Pre-tax profit for the six months through September decreased to £2.6 million, down from £3.2 million year-on-year, even as revenue rose 4% to £11.8 million.

Operating margin contracted to 22%, back from 27%, which Record said reflected investment in sales capabilities, spanning both new hires and new technology.

The company held its interim dividend steady at 1.15p per share.

'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,' chief executive Leslie Hill said.

'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.'


At 9:49am: [LON:REC] Record PLC share price was 0p at 37.25p



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