LONDON - Record PLC, the UK-based financial services firm, experienced a notable decline in its share price today, closing down 7.1% at 61.60 pence. The company's shares took a hit following news of delays in achieving its strategic goals set for February, as well as the announcement of CEO Leslie Hill's planned departure in March. Jan Witte is set to take the helm in April after joining the board earlier this year.
The company's half-year financials ending September 30 revealed a year-on-year decrease in pretax profits to £6.3 million from £7.5 million, while revenues slipped to £21.5 million from £22.06 million. Operational profitability also showed signs of strain as margins dropped from 34% last year to just under a third currently.
Despite these challenges, Record PLC remains optimistic about its future prospects. The firm is committed to introducing new funds and growing its product line, aiming for an operational margin target of two-fifths and minimum revenues of £60 million by the end of fiscal year 2025. In a move reflecting confidence in its financial forecasts, dividends have been modestly increased from the previous term's payout of just over two pennies per share to nearly two-and-a-quarter pennies per share. This comes amidst an expected revenue forecast of £44.1 million for the current fiscal cycle concluding next March.
Investors are closely monitoring Record PLC's progress as it navigates these recent developments and strives towards its long-term financial targets.
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