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.
The group continues to work on its diversification plans and notes that current market volatility underlines the relevance of its products for potential clients. Further detail on its diversification initiatives will be given at the time of the H123 results on 29 November. Record has previously stated its aspiration to achieve revenue of £60m in FY25 reflecting the realistic potential it sees in existing products and those in development. Subject to inflation and other developments, the group sees scope to reach an operating margin of 40% in the same year.
Financials
Bob Noyen
Chief Investment Officer
Leslie Hill
CEO
Neil Record
Chairman
Steve Cullen
CFO
Forecast net cash (£m)
18.4
Forecast gearing ratio (%)
N/A
% | 1M | 3M | 12M |
---|---|---|---|
Actual | 3.9 | 25.6 | 29.8 |
Relative | 0.0 | 13.7 | 26.7 |
52 week high/low | 97.0p/61.0p |
Record is continuing to make good progress with its strategy of developing new capabilities and products to augment its core currency management services. This holds out the prospect of significantly higher and more diversified revenue and profit by FY25. In the meantime, existing currency strategies have performed well against a more volatile market background, which also creates a favourable background for conversations with potential clients for well-established hedging services.
Y/E Mar | Revenue (£m) | EBITDA (£m) | PBT (£m) | EPS (fd) (p) | P/E (x) | P/CF (x) |
---|---|---|---|---|---|---|
2021A | 25.4 | 7.0 | 6.2 | 2.73 | 34.5 | 27.2 |
2022A | 35.2 | 12.2 | 10.9 | 4.37 | 21.5 | 16.4 |
2023E | 42.0 | 14.1 | 13.2 | 5.45 | 17.3 | 16.3 |
2024E | 43.5 | 14.3 | 13.7 | 5.22 | 18.0 | 18.3 |
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