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Record (LSE: REC)

Last close As at 18/04/2024

GBP0.62

▲ −0.20 (−0.32%)

Market capitalisation

GBP124m

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 | Update

Record — Underlying growth and pipeline are attractive

Financials | Update

Record — Core inflows solid but delays in new product line

Financials | Update

Record — Positive outlook for FY24

Financials | Update

Record — Strong inflows in FY23
Record_resized
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Sector

Financials

Equity Analyst

Rob Murphy

Managing Director, Financials and Investment Trusts

Analyst avatar placeholder

Armando Hoxha

Associate Analyst, Financials

Martyn King

Martyn King

Director, Financials

Key Management

  • David Morrison

    Chairman

  • Leslie Hill

    CEO

  • Steve Cullen

    CFO

Balance Sheet

Forecast net debt (£m)

15

Forecast gearing ratio (%)

52

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (7.7) (14.1) (22.3)
Relative (8.8) (18.1) (22.1)
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.

Y/E Mar Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2022A 35.2 12.2 10.9 4.37 14.2 10.8
2023A 44.7 15.6 14.6 5.81 10.7 9.9
2024E 43.4 13.4 12.8 4.96 12.5 10.7
2025E 47.1 14.4 14.1 5.46 11.4 11.4

Research

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

Financials

Update

Record — Underlying growth and pipeline are attractive

Record_resized
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

Update

Financials

Record — Evidence of new strategy gaining traction

Update

Financials

Record — Further growth in AUME

Update

Financials

Record — Launch of new EM sustainable finance fund
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