Record PLC (LON:REC) shares fell on Friday as the currency manager reported a decline in full-year profit as its margins dropped although its revenues increased slightly.
For the year ended 31 March 2018, the FTSE Fledgling company said its revenue rose to £23.8mln from £22.9mln a year earlier, but pre-tax profit tax fell by 7% to £7.3mln from £7.8mln as its operating profit margin dropped to 31%, from 34%.
Neil Record, chairman of the company, said: "Although this financial year saw fewer political shocks than that preceding it, the world still seems to be in a period of rapid change - globalisation is being challenged and the threat of protectionism and trade wars is growing.”
He added: “In such times, financial markets, including foreign exchange markets, will continue to be impacted by ongoing geopolitical developments and instability.”
Record is paying a final dividend of 1.15p per share, giving a total ordinary dividend of 2.30p compared to 2.0p in 2017. It is also paying a special dividend of 0.5p, down from the 0.91p paid last year.
In early morning trading, Record’s shares were down 7.7% to 43.0p.