in line with the Record Plc Board's capital and dividend policies targeted at sustained and progressive dividend growth, the Group will pay an increased interim dividend of 2.15 pence per share in respect of the six-month period (H1-23: 2.05 pence). This will equate to a distribution of £4.3 million (H1-23: £3.9 million), following which the business will retain cash and money market instruments on the balance sheet, which are significantly in excess of financial resource requirements required for regulatory purposes.
The Group has no debt and is cash-generative with capital and dividend policies aimed at ensuring continued balance sheet strength to support future growth. Shareholders' funds were £28.5 million at 30 September 2023 (H1-23: £28.0 million).
Other financial highlights include:
Management fees increased by 3% to £19.6m (H1-23: £19.0m)
Performance fees of £1.5m down 46% versus H1-23 (H1-23: £2.8m)
Revenue decreased by 3% to £21.5m (H1-23: £22.1m)
Profit before tax decreased by 16% to £6.3m (H1-23: £7.5m)
Decrease in operating profit margin to 29% (H1-23: 34%)
Basic EPS decreased by 24% to 2.48 pence (H1-23: 3.27 pence)
AUME in USD terms of $84.5bn (H1-23: $80.8bn, FY-23: $87.7bn)
Strong financial position with shareholders' equity of £28.5m (H1-23: £28.0m)