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
Leslie Hill
CEO
Steve Cullen
CFO
Forecast net debt (£m)
15
Forecast gearing ratio (%)
52
% | 1M | 3M | 12M |
---|---|---|---|
Actual | (1.9) | (9.4) | (26.1) |
Relative | (3.7) | (14.7) | (28.3) |
52 week high/low | 98.0p/58.0p |
In its recent trading and business update, Record announced that it surpassed US$100bn in assets under management equivalent, reaching US$101.3bn at 29 February 2024. The group also declared its decision to terminate its partnership with the external consultants tasked with building out its new technology platform (R-platform) after concluding the project will entail further investment for a prolonged period, which the company deemed an inefficient use of its resources. Instead, Record has appointed senior technology employees to build its Infrastructure and Development teams and enhance its in-house technology. Record estimates a £2.4m total restructuring cost, comprising £0.5m in reorganisation costs and £1.9m in impairments. The group is guiding FY24 revenues towards £45m. Our forecasts are under review.
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 | 14.3 | 10.9 |
2023A | 44.7 | 15.6 | 14.6 | 5.81 | 10.8 | 10.0 |
2024E | 43.4 | 13.4 | 12.8 | 4.96 | 12.6 | 10.8 |
2025E | 47.1 | 14.4 | 14.1 | 5.46 | 11.5 | 11.5 |