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Record (LSE: REC)

Last close As at 02/07/2024

GBP0.64

— 0.00 (0.00%)

Market capitalisation

GBP133m

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.

Following Record’s previous announcement regarding Steve Cullen’s retirement and his replacement Richard Heading, it has been confirmed that Richard will be joining the company on 3 June 2024. He will then join the board of directors on 1 July and Steve Cullen will simultaneously retire from the group. Record will announce its FY24 results on 28 June 2024.

Latest Insights

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Financials | Update

Record — AUME momentum and a sharper focus

Financials | Update

Record — Underlying growth and pipeline are attractive

Financials | Update

Record — Core inflows solid but delays in new product line

Financials | Update

Record — Positive outlook for FY24
Record_resized
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Sector

Financials

Equity Analyst

Rob Murphy

Managing Director, Financials and Investment Trusts

Martyn King

Martyn King

Director, Financials

Key Management

  • David Morrison

    Chairman

  • Dr Jan Witte

    CEO

  • Steve Cullen

    CFO

Balance Sheet

Forecast net cash (£m)

14.1

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (2.4) 5.9 (27.2)
Relative (1.1) 2.2 (34.2)
52 week high/low 98.0p/58.0p

Financials

Record’s Q424 trading update demonstrated continued growth in assets under management equivalent (AUME), which will support management fee growth into FY25. In FY24, AUME grew 17% to US$102.2bn, setting a new milestone in business scale. Net inflows for FY24 were US$6.8bn (FY23: US$9.1bn) or 8% of opening AUME. Performance fees of £5.8m matched the record FY23 figure, and we expect this to offset the negative product mix in FY24. We have reduced our FY24e EPS by 1%, which is affected by £2.4m in IT restructuring and impairment charges announced in March 2024. New CEO Dr Jan Witte is putting a sharper focus on the business, and we have upgraded our FY25e EPS by 5% in anticipation of efficiency improvements after a period of elevated cost inflation.

Y/E Mar Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2022A 35.2 12.2 10.9 4.37 14.6 N/A
2023A 44.7 15.6 14.6 5.81 11.0 N/A
2024E 45.4 15.9 12.8 4.91 13.0 N/A
2025E 44.9 15.2 14.8 5.74 11.1 N/A

Research

Record_resized

Update

Financials

Record — Underlying growth and pipeline are attractive
Record_resized

Update

Financials

Record — Core inflows solid but delays in new product line

Financials

Update

Record — AUME momentum and a sharper focus
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 — Showing good growth and on track strategically

Update

Financials

Record — Changes taking effect

Update

Financials

Record — Positive flow and muted market impact Q422

Update

Financials

Record — Evidence of new strategy gaining traction

Update

Financials

Record — Further growth in AUME
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