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Currency in GBP
Last close As at 26/05/2023
GBP0.88
▲ 0.40 (0.46%)
Market capitalisation
GBP174m
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.
Financials
Financials
Financials
Managing Director, Financials and Investment Trusts
Leslie Hill
CEO
Neil Record
Chairman
Steve Cullen
CFO
Forecast net debt (£m)
18.8
Forecast gearing ratio (%)
64
| % | 1M | 3M | 12M |
|---|---|---|---|
| Actual | 6.8 | (10.6) | 23.7 |
| Relative | 10.9 | (6.9) | 24.3 |
| 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) |
|---|---|---|---|---|---|---|
| 2021A | 25.4 | 7.0 | 6.2 | 2.73 | 32.1 | 25.3 |
| 2022A | 35.2 | 12.2 | 10.9 | 4.37 | 20.0 | 15.2 |
| 2023E | 44.8 | 15.7 | 14.8 | 6.10 | 14.4 | 14.6 |
| 2024E | 45.5 | 15.6 | 15.0 | 5.72 | 15.3 | 14.9 |
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