Record PLC on Friday said it will discontinue its plan to add a new technology platform due to lower-than-expected improvement and high investment costs.
Record shares fell 4.3% to 63.57 pence each on Friday morning in London.
The Windsor, England-based currency and derivatives manager said that its project did not produce the scale of improvement it aimed for.
Chief Executive Officer Jan Witte said: ‘As a result of the review, the board has decided that the level of further investment required in order to complete the delivery of the R-Platform project in particular is no longer a commercially optimal proposition. By bringing the experience and expertise necessary to deliver technology projects and enhancements in-house, we ensure a more efficient and focused approach to future projects. I am pleased with the progress already made by the business in this respect.’
Meanwhile, Record said that assets under management equivalent reached $101.3 billion at February 29, over $100 billion for the first time in the company’s history and up 1.8% from $99.5 billion at December 31.
Record expects revenue of at least £45 million for the current financial year ending next week Sunday, in line with current market expectations and similar to £44.7 million posted for financial 2023.
Finally, the company confirmed that Richard Heading will join Record on June 3 for a period of handover with Steve Cullen. Heading is set to replace Cullen as chief financial officer on July 1.
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