LONDON (ShareCast) - (Sharecast News) - Shares in currency and asset manager Record dropped on Friday after the company delivered a set a of weaker financial results for the year to 31 March, and delivered an uncertain outlook.
The company said the outlook for the current year is "highly dependent on the closing of large complex deals currently in the pipeline", though revenue is still expected to grow by a low single-digit percentage while earnings per share will be held flat.

Nevertheless, over the medium term, Record still sees the deployment of new funds in private markets driving growth in revenue and EPS.

The comments came as Record reported an 8% fall in revenues to £41.6m for the last fiscal year, driven by lower performance fees, as well as the negative impact of the loss of one large client and another changing strategy.

However, with operating costs falling 6% to £30.8m, the pre-tax profit decline was limited to 2% to £9.1m. Basic earnings per share increased 4% to 5.03p.

"In a year of management and operational transition we have controlled costs while making important investments for the future, particularly in technology and operational infrastructure, while our new office in Paddington is not only a first-class workspace, but also a cost-effective, long-term solution," the company said.

Meanwhile, assets under management fell 1% to $100.9bn, as positive FX movements were outweighed by isolated client losses.

The company announced a final dividend of 2.5p per share, up from 2.45p previously, leading to a full-year payout of 4.65p, up from 4.6p last year.

Shares were down 5.5% at 54.06p by 1033 BST.

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