Currency in GBP
Last close As at 26/05/2023
▲ 0.40 (0.46%)
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.
Record reiterated its financial targets for FY25 in February, including revenue of over £60m (excluding performance fees), an operating profit margin of 40% and a target ordinary dividend payout ratio of between 70% and 90% of EPS. We adjusted our estimates, taking into account the increase in AUME (to $86bn) reported at the time of the Q323 update and also making allowance for the indications given on the sales pipeline in the February presentation. Record is due to release a Q423 update on 28 April.
Forecast net debt (£m)
Forecast gearing ratio (%)
|52 week high/low||98.0p/61.0p|
In FY23, Record’s assets under management equivalent (AUME) increased by 5.5% to $87.7bn (FY22: $83.1bn). Full year inflows were strong at $9.1bn (FY22: $2.4bn), or 11% of opening AUME, although marginal outflows of $0.1bn were recorded in Q423. In its trading statement, management points to its expectation of continued growth in FY24 in a more normalised FX volatility environment and in delivering new and higher-margin revenue streams through product development.
|Y/E Mar||Revenue (£m)||EBITDA (£m)||PBT (£m)||EPS (fd) (p)||P/E (x)||P/CF (x)|
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