Record (LSE: REC)

Last close As at 16/07/2024

GBP0.68

−0.40 (−0.58%)

Market capitalisation

GBP137m

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.

Latest Insights

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Financials | Outlook

Record — Transitional year ahead

Financials | Update

Record — AUME momentum and a sharper focus

Financials | Update

Record — Underlying growth and pipeline are attractive

Financials | Update

Record — Core inflows solid but delays in new product line

Record_resized

Sector

Financials

Equity Analyst

Rob Murphy

Managing Director, Financials and Investment Trusts

Martyn King

Martyn King

Director, Financials

Key Management

  • David Morrison

    Chairman

  • Dr Jan Witte

    CEO

  • Richard Heading

    CFO

Balance Sheet

Forecast net cash (£m)

8.6

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 5.2 9.6 (21.0)
Relative 4.2 4.2 (28.5)
52 week high/low 88.0p/58.0p

Financials

Record reported FY24 PBT of £12.9m, down 12% y-o-y and in line with our estimate of £12.8m. Underlying PBT was £14.8m, up 2% y-o-y on record assets under management (AUM), which grew 16.5% to $102.2bn. The final ordinary dividend surprised positively at 2.45p, above our 2.36p forecast, and a special dividend of 0.6p was declared. As new CEO Dr Jan Witte continues to refocus the strategy over the next six months, the company is guiding to relatively flat management fees. We have cut our FY25 PBT estimate to £12.1m (previously £14.8m) on a weaker fee revenue projection. We also initiate FY26 PBT and diluted EPS estimates at £14.0m and 5.43p, respectively. The cash-generative business model enables the group to continue to pay an attractive ordinary dividend.

Y/E Mar Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2023A 44.7 15.6 14.6 5.81 11.8 12.7
2024A 45.4 15.3 12.9 4.78 14.3 10.1
2025E 41.8 12.2 12.1 4.69 14.6 13.5
2026E 45.0 14.1 14.0 5.43 12.6 11.8

Research

Record_resized

Update

Financials

Record — Positive outlook for FY24

Record_resized

Update

Financials

Record — Strong inflows in FY23

Record_resized

Update

Financials

Record — Explaining strategy and growth

Update

Financials

Record — Changes taking effect

Update

Financials

Record — Positive flow and muted market impact Q422

Update

Financials

Record — Evidence of new strategy gaining traction

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