Record (LSE: REC)

Last close As at 20/11/2024

GBP0.62

−0.20 (−0.32%)

Market capitalisation

GBP124m

Record is a specialist independent currency manager. It provides a number of products and services, including passive and dynamic hedging, and a range of currency for return strategies, including funds and customised segregated accounts.

We will review our forecasts with the interim results but expect a return to growth in net inflows in FY26 once the strategy review has concluded. Management is aligning the product strategy with key long-term industry drivers and Record’s growth initiatives will target greater value-added services at higher revenue and operating margins.

Latest Insights

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Financials | Flash note

Record — Strong performance fees

Financials | Outlook

Record — Transitional year ahead

Financials | Update

Record — AUME momentum and a sharper focus

Financials | Update

Record — Underlying growth and pipeline are attractive

Record_resized

Sector

Financials

Equity Analyst

Martyn King

Martyn King

Director, Financials

Key Management

  • David Morrison

    Chairman

  • Dr Jan Witte

    CEO

  • Richard Heading

    CFO

Balance Sheet

Forecast net cash (£m)

8.6

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (1.7) (5.5) (8.5)
Relative 1.7 (3.1) (15.4)
52 week high/low 76.0p/58.0p

Financials

Results for the six months ended 30 September (H125) will be announced on 15 November. Q225 assets under management (AUM) grew $3.3bn in the quarter to $106.0bn, driven by positive foreign exchange movements, particularly for lower fee margin passive hedging. FX movements more than offset modest outflows in dynamic and passive hedging and the discontinuation of a custom interest rate swap portfolio. No performance fees crystalised in Q225 but for H125 performance fees were £1.6m, slightly ahead of the prior year (H124: £1.5m).

Y/E Mar Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2023A 44.7 15.6 14.6 5.81 10.7 11.5
2024A 45.4 15.3 12.9 4.78 13.0 9.2
2025E 41.8 12.2 12.1 4.69 13.3 12.2
2026E 45.0 14.1 14.0 5.43 11.5 10.7

Research

Record_resized

Update

Financials

Record — Positive outlook for FY24

Record_resized

Update

Financials

Record — Strong inflows in FY23

Record_resized

Update

Financials

Record — Explaining strategy and growth

Update

Financials

Record — Changes taking effect

Update

Financials

Record — Positive flow and muted market impact Q422

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