Record PLC (LSE:REC) revenues jumped 38% in the six months ended September 30 and the foreign exchange services firm has decided to lift its interim dividend.
Shareholders will receive 1.8p per share on 30 December, marking a rise from 1.15p for the comparative period of last year.
The company highlighted that the benefits of its growth strategy are starting to be reflected in financial performance. In particular, the company noted progress in its frontier currency and sustainable bond portfolios, where it aims to grow through partnerships. Meanwhile, it said that modernisation efforts are moving at a "strong but measured" pace.
First-half revenue amounted to £16.3mln, from £11.8mln, in line with management fees increasing 44% to £16.1mln, while operating margin improved to 32% from 22%. Profit before tax doubled to £5.2mln.
Record noted that assets under management equivalents (AUME) increased by 5% to US$84.1bn (in GBP it was up 7% to £62.4bn) whilst client numbers remained constant at 89. The company noted a strong financial position and highlighted shareholders' equity of £25.2mln.
“Our business has encountered the significant challenge of implementing a change in strategic direction during the unprecedented conditions of a global pandemic,” said chief executive Leslie Hill. “Over the last 18 months, our business has faced this challenge head on and we have now started to see the tangible benefits in the form of a more diversified business aligned with stronger financial performance.
"The benefits of our change in approach to partnering with other third-party specialists can be seen across all areas of our business.”
Hill added: "Work continues on the modernisation of our business and in the development of new products, and we anticipate the launch of a municipal loan fund focused on the German institutional market before the end of the financial year, which we hope will provide opportunities for further growth in Europe.
"Such transformational change is never easy.
“However, we have an excellent team and strong relationships both with clients and our partners, which I believe will continue to deliver growth and achieve our goal of building a more modern, profitable and diversified business."