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.
Financials |
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Financials |
Update
Financials |
Update
Financials |
Update
David Morrison
Chairman
Dr Jan Witte
CEO
Steve Cullen
CFO
Forecast net cash (£m)
14.1
Forecast gearing ratio (%)
N/A
% | 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 |
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 |