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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.

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.

In its capital markets event in February, Record provided more detail on the progress it is making with its strategy and in particular on its diversification initiatives. This highlighted a range of partnerships to develop new products and, as a result, a promising sales pipeline pointing towards growth and potentially contributing to realisation of the target for FY25 revenue of £60m. Subsequently, signalling a further step in its succession planning, the group has announced that Neil Record, founder of the group in 1983 and currently non-executive chairman, is to retire from his role and the board following the AGM in July. David Morrison has been appointed as chair elect.

In its capital markets event in February, Record provided more detail on the progress it is making with its strategy and in particular on its diversification initiatives. This highlighted a range of partnerships to develop new products and, as a result, a promising sales pipeline pointing towards growth and potentially contributing to realisation of the target for FY25 revenue of £60m. Subsequently, signalling a further step in its succession planning, the group has announced that Neil Record, founder of the group in 1983 and currently non-executive chairman, is to retire from his role and the board following the AGM in July. David Morrison has been appointed as chair elect.

Record is continuing to make good progress with its strategy of developing new capabilities and products to augment its core currency management services. This holds out the prospect of significantly higher and more diversified revenue and profit by FY25. In the meantime, existing currency strategies have performed well against a more volatile market background, which also creates a favourable background for conversations with potential clients for well-established hedging services.

Record is continuing to make good progress with its strategy of developing new capabilities and products to augment its core currency management services. This holds out the prospect of significantly higher and more diversified revenue and profit by FY25. In the meantime, existing currency strategies have performed well against a more volatile market background, which also creates a favourable background for conversations with potential clients for well-established hedging services.

Record - Showing good growth and on track strategically

Record sees itself at the beginning of a new stage as it develops its capabilities as an asset manager rather than purely a supplier of specialist currency overlay services. The progress so far is good with the FY22 results beginning to show the benefits of diversification and the introduction of new, higher fee-margin products. More of these are in development and investment in systems and staff should underpin operational gearing if the group succeeds in its aim of reaching FY25 revenue of over £60m.

Record sees itself at the beginning of a new stage as it develops its capabilities as an asset manager rather than purely a supplier of specialist currency overlay services. The progress so far is good with the FY22 results beginning to show the benefits of diversification and the introduction of new, higher fee-margin products. More of these are in development and investment in systems and staff should underpin operational gearing if the group succeeds in its aim of reaching FY25 revenue of over £60m.

For FY22 as a whole, Record’s assets under management equivalent (AUME) increased by 3.7% and were only slightly lower in Q422 on market movements. The group is seeing the benefits of diversification and new products, both in terms of AUME and average fee rates. Increased investment in staff and technology have tempered short-term expected earnings growth, but operational gearing benefits should become more evident once new products gain further traction.

For FY22 as a whole, Record’s assets under management equivalent (AUME) increased by 3.7% and were only slightly lower in Q422 on market movements. The group is seeing the benefits of diversification and new products, both in terms of AUME and average fee rates. Increased investment in staff and technology have tempered short-term expected earnings growth, but operational gearing benefits should become more evident once new products gain further traction.

Record - Positive flow and muted market impact Q422

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Record PLC is a specialist currency management firm. The Company provides specialist currency management to institutions and corporations, pension plans, and other institutional investors. ... More

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Record PLC (REC LN)

Record - Strong inflows in FY23

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...

Edison Investment Research

Record - Explaining strategy and growth

In its capital markets event in February, Record provided more detail on the progress it is making with its strategy and in particular on its...

Edison Investment Research

Record - Showing good growth and on track strategically

Record is continuing to make good progress with its strategy of developing new capabilities and products to augment its core currency management...

Edison Investment Research

Record - Changes taking effect

Record sees itself at the beginning of a new stage as it develops its capabilities as an asset manager rather than purely a supplier of specialist...

Edison Investment Research

Record - Positive flow and muted market impact Q422

For FY22 as a whole, Record’s assets under management equivalent (AUME) increased by 3.7% and were only slightly lower in Q422 on market movements....

Edison Investment Research

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