Record

Overview
Price performance
Financials
Research
Thematics

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

Financials |
Update

11.12.23

Record — Underlying growth and pipeline are attractive

Financials |
Update

26.10.23

Record — Core inflows solid but delays in new product line

Financials |
Update

25.07.23

Record — Positive outlook for FY24

Financials |
Update

04.05.23

Record — Strong inflows in FY23

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Sector

Financials

Equity Analyst

Rob Murphy

Managing Director, Financials and Investment Trusts

Martyn King

Director, Financials

Key Management

David Morrison

Chairman
Leslie Hill

CEO
Steve Cullen

CFO

Balance Sheet

Forecast net debt (£m)

Forecast gearing ratio (%)

Share Price Performance

Price Performance
%	1M	3M	12M
Actual	(5.9)	(12.2)	(27.6)
Relative	(7.0)	(17.3)	(28.9)
52 week high/low	98.0p/58.0p

Financials

In its recent trading and business update, Record announced that it surpassed US$100bn in assets under management equivalent, reaching US$101.3bn at 29 February 2024. The group also declared its decision to terminate its partnership with the external consultants tasked with building out its new technology platform (R-platform) after concluding the project will entail further investment for a prolonged period, which the company deemed an inefficient use of its resources. Instead, Record has appointed senior technology employees to build its Infrastructure and Development teams and enhance its in-house technology. Record estimates a £2.4m total restructuring cost, comprising £0.5m in reorganisation costs and £1.9m in impairments. The group is guiding FY24 revenues towards £45m. Our forecasts are under review.