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Record (LSE: REC)

Last close As at 21/10/2024

GBP0.63

▲ −0.50 (−0.79%)

Market capitalisation

GBP126m

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.

We forecast a return to growth in FY26 once the strategy review has concluded. Management is aligning the product strategy with key long-term industry drivers and Record’s growth initiatives will target greater value-added services at higher revenue and operating margins. The Q2 trading update will be released on 25 October.

Latest Insights

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Financials | Flash note

Record — Strong performance fees

Financials | Outlook

Record — Transitional year ahead

Financials | Update

Record — AUME momentum and a sharper focus

Financials | Update

Record — Underlying growth and pipeline are attractive
Record_resized
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Sector

Financials

Equity Analyst

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 (0.3) (4.6) (9.4)
Relative (1.3) (6.0) (20.4)
52 week high/low 76.0p/58.0p

Financials

Record reported steady progress in its Q125 trading update. Assets under management (AUM) grew $0.5bn in the quarter to $102.7bn, driven by market and other movements of +$1bn offset by a modest net $0.5bn outflow. The AUM progression is in line with our end-FY25 estimate of $104.7bn. Performance fees surprised positively at £1.6m in the quarter, not much below our £2m estimate for the full year. We have not changed our estimates at this stage.

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 10.8 11.6
2024A 45.4 15.3 12.9 4.78 13.1 9.3
2025E 41.8 12.2 12.1 4.69 13.4 12.4
2026E 45.0 14.1 14.0 5.43 11.6 10.8

Research

Outlook

Financials

Record — Transitional year ahead

Update

Financials

Record — AUME momentum and a sharper focus

Financials

Flash note

Record — Strong performance fees
Record_resized

Update

Financials

Record — Underlying growth and pipeline are attractive
Record_resized

Update

Financials

Record — Core inflows solid but delays in new product line
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 — Showing good growth and on track strategically

Update

Financials

Record — Changes taking effect

Update

Financials

Record — Positive flow and muted market impact Q422
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