Market Cap£143m

Last Close 71.8p

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.

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Investment summary

Record’s Q422 trading update showed (March) year-end AUME of $83.1bn up 3.7% over 12 months and down 2.6% in the quarter. Net inflow was $0.8bn in Q422 and $2.4bn for the full year (3.0% of opening AUME). Other moves in Q422 were a 2.7% or $2.3bn negative market move and a $0.7bn reduction as a result of foreign exchange and scaling moves in mandates with a volatility target. We calculate that average AUME in sterling terms increased by 17.4% for FY22. Record earned performance fees of £0.5m in the quarter reflecting increased interest rate differentials in the market, which create better opportunities for enhanced passive hedging mandates to add value.

Y/E Mar
Revenue (£m)
PBT (£m)
EPS (fd) (p)
P/E (x)
P/CF (x)
2020A 25.6 8.5 7.7 3.26 22.0 21.6
2021A 25.4 7.0 6.2 2.73 26.3 20.7
2022E 35.2 12.3 11.0 4.40 16.3 13.6
2023E 39.3 12.4 11.6 4.77 15.1 14.6
Industry outlook

The resilience in Record’s AUME in a period of weakness in some markets reflects the diversity of market exposures of underlying client portfolios. Likewise, the diversity of client types may have contributed to a positive quarter for flows with no indication of a weaker trend since the period end. Indeed, since end March an existing Dynamic Hedging client has allocated a further $1bn to its mandate with a further $1bn expected to follow in H123. Record noted that, because of the scale of this mandate, the marginal fee rate will be below the existing average in this product segment. FY22 results are due 21 June.

Last updated on 01/07/2022
Content on Record
Record – Positive flow and muted market impact Q422
Financials | research Update | 27 April 2022
Record – Evidence of new strategy gaining traction
Financials | research Update | 30 November 2021
Record – Further growth in AUME
Financials | research Update | 29 July 2021
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Share price graph
Balance sheet
Forecast net debt (£m) 11.3
Forecast gearing ratio (%) 44
Price performance
Actual 0.8 1.1 (24.4)
Relative* 6.6 7.8 (22.1)
52-week high/low 97.0p/61.0p
*% relative to local index
Key management
Neil Record Chairman
Leslie Hill CEO
Steve Cullen CFO
Bob Noyen Chief Investment Officer