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.

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

29.07.24

Record — Strong performance fees

Financials |
Outlook

16.07.24

Record — Transitional year ahead

Financials |
Update

16.05.24

Record — AUME momentum and a sharper focus

Financials |
Update

11.12.23

Record — Underlying growth and pipeline are attractive

Record_resized

Sector

Financials

Equity Analyst

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

Update

Financials

11.07.22

Record — Changes taking effect

Update

Financials

27.04.22

Record — Positive flow and muted market impact Q422

Financials

Update

Record — Showing good growth and on track strategically

Update

Financials

30.11.21

Record — Evidence of new strategy gaining traction

Update

Financials

29.07.21

Record — Further growth in AUME

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

Financials

09.05.23

IFRS 17: Impact on life assurance companies

thematic

Financials

17.03.23

Crypto, are you dead yet?

thematic

Financials

03.11.22

UK motor P&C insurers series

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

11.03.22

Five things you need to know about AQRU and crypto 2.0

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