Record - Edison Group

Overview
Price performance
Financials
Research
Thematics

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

16.05.24

Record — AUME momentum and a sharper focus

Financials |
Update

11.12.23

Record — Underlying growth and pipeline are attractive

Financials |
Update

26.10.23

Record — Core inflows solid but delays in new product line

Financials |
Update

25.07.23

Record — Positive outlook for FY24

Record_resized

Sector

Financials

Equity Analyst

Managing Director, Financials and Investment Trusts

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

Update

Financials

30.11.21

Record — Evidence of new strategy gaining traction

Update

Financials

29.07.21

Record — Further growth in AUME

Financials

Update

Record — Positive flow and muted market impact Q422

Update

Financials

30.06.21

Record — Launch of new EM sustainable finance fund

Update

Financials

23.06.21

Record — Scene set for marked profit improvement

Update

Financials

26.04.21

Record — Strong final quarter takes AUME above $80bn

Update

Financials

26.01.21

Record — AUME now over $70bn

Update

Financials

21.10.20

Record — AUME growth prompts estimate increases

Update

Financials

01.07.20

Record — Resilient with a renewed focus on growth

Update

Financials

22.04.20

Record — A reassuring update

Update

Financials

22.01.20

Record — Positive AUME flows and performance fees

Update

Financials

28.11.19

Record — Enhancing products and service

Update

Financials

25.07.19

Record — FX, inflow and mix changes prompt earnings upgrade

Update

Financials

19.06.19

Record — Potential for further positive surprises

Update

Financials

22.01.19

Record — Another performance fee to bolster FY19

Update

Financials

04.12.18

Record — Broadening product and generating interest

Update

Financials

25.10.18

Record — Opportunities to offset hedging outflows

Update

Financials

20.06.18

Record — Maintaining client commitment

Update

Financials

25.04.18

Record — Investing in service enhancements

Update

Financials

28.11.17

Record — AUME at a high, investing in products, services

Update

Financials

25.10.17

Record — Market trends help but costs and forex hinder

Update

Financials

24.04.17

Record — Highest AUME yet

Update

Financials

25.01.17

Record — Update 25 January 2017

Update

Financials

25.11.16

Record — Update 25 November 2016

Update

Financials

25.10.16

Record — Update 25 October 2016

Update

Financials

25.07.16

Record — Update 25 July 2016

Update

Financials

01.12.15

Record — Update 30 November 2015

thematic

Consumer

05.10.22

IPO apocalypse

thematic

TMT

10.08.22

ESG, moving beyond the box tick

thematic

Financials

11.05.22

Revisiting IPOs in London

thematic

Financials

23.08.21

Bitcoin’s investment thesis – How ‘dirty’ is the Bitcoin network’s carbon footprint?

thematic

Financials

03.07.19

IFRS 16

thematic

Financials

26.06.19

DACH Industrial & Logistic Property

thematic

Financials

14.05.19

Time value of money

thematic

Financials

15.04.19

Cash flow

thematic

Financials

08.02.19

Enterprise versus equity valuation

thematic

Financials

15.01.19

Deutsche Börse’s Scale

thematic

Financials

08.01.19

Price to earnings ratio

thematic

Consumer

11.11.14

Deutsche Börse Eigenkapitalforum 2014 Research Guide