(Alliance News) - 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 USD101.3 billion at February 29, over USD100 billion for the first time in the company's history and up 1.8% from USD99.5 billion at December 31.
Record expects revenue of at least GBP45 million for the current financial year ending next week Sunday, in line with current market expectations and similar to GBP44.7 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.
By Tom Budszus, Alliance News slot editor
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Record (REC)