The last time Simon Thompson in the I.C. wrote about Record after the results he moved them to hold. Panmure Liberum obviously do not agree. That's what makes a market! |
Yes I thought the same CNC!
Also of note of course, apart from the nice tick up this morning, is the 3.05p of divis that will arrive this time next week , that is approx 5% of the share price |
Brokers insisting that performance fees are not important , but recent history suggesting we have an extra 3m in our back pocket every year sounds important to me |
Interesting to see that Liberum had only pencilled in 2m in performance fees for the whole year . 1.6m earned in the first quarter and ~5 million earned for the last couple of years . I guess Jan wanted to start a tradition of Record beating expectations |
from Panmure Liberum this morning. They seem quite bullish and have a pt of 140p.
Performance pop The new financial year has started solidly enough with respect to AUM and there has been a useful contribution from performance fees. Although such fees are not an important driver of revenues, profits or the investment case they are a very visible sign that Record is delivering for its clients, which is the absolute bedrock for any fund manager. In that respect the continued delivery of performance fees exceeds in respect of sentiment the monetary value delivered we believe. The company remains a highly differentiated play within the sector, while the new renewed and refocused strategy allied to a structural growth opportunity, augers well for future growth. |
Steady as she goes and the 1.6m of performance fees in Q12025 compares well the 0.5m earned in Q12024. |
Pavey Ark, with the dividend and share price appreciation over the last five years you have made a very good return.
I am hoping they can do similar over the next five years. |
Ex dividend next week (over 3p) and yielding over 8% !!??
Not a big holding here and not really up to speed with all the ins and outs but even though the dividend increases have been rather lumpy the dividend has increased every year over the last five....from 2.7p to 5.2p.....some people seem to be very hard to please. |
It was my question on Crypto, I suspected it had got the chop.
I was quite impressed with both Jan & Richard. They appear on first impressions a safe pair of hands after the flakeyness of Leslie and are looking to grow the business in a disciplined manner. |
An interesting online presentation.
One of the big takeaways - no Crypto. Phew!
The new CEO seems very focused and wants to get rid of small distractions.
Did not get a feeling yet on the new CFO. |
NChanning, my sentiments entirely, however I think when/if the Crypto fund gets off the ground, you might see a pop in the share price.
I hate Crypto, however it's not what you or I like, it is what the average idiot likes. |
Prob under earning a bit due to investment in Leslie's new ventures . Most likely the strategic review will cut most of the new projects and boost earnings through cost cutting . In hindsight wtf were Record doing starting a crypto or infrastructure fund with no expertise whatsoever in these areas |
Hope they can claw back any deferred bonus from the now departed IT leader. That's cost us all quite a lot. |
 Ok ish results, raised dividend is good.
The FY-24 interim ordinary dividend of 2.15 pence per share (FY-23: 2.05 pence) was paid to shareholders on 22 December 2023, equivalent to £4.1 million.
The decision to impair previously capitalised development expenditure and to incur a one-off cost of £1.9 million has inevitably depleted the level of earnings by approximately 0.76 pence per share for the year. Notwithstanding this impact, the underlying performance of the business has been strong in FY-24 with a 32% underlying profit margin, high performance fees and the launch of new funds in the year, with further launches anticipated for the current financial year.
With this in mind, the Board remains confident in the future trajectory of the Group and consequently comfortable with the current dividend policy. As disclosed in the Chairman's statement, the Board is recommending a final ordinary dividend of 2.45 pence per share, equivalent to approximately £4.7 million, taking the overall ordinary dividend for the financial year to 4.60 pence per share.
Simultaneously, the Board is also paying a special dividend of 0.6 pence equivalent to approximately £1.1 million, making the total dividend in respect of the year ended 31 March 2024 of £9.9 million, equivalent to 93% of total underlying earnings.
The total ordinary and special dividends paid per share in respect of the prior year ended 31 March 2023 were 4.50 pence and 0.68 pence respectively, equivalent to total dividends of £9.9 million and representing 87% of total earnings per share of 5.95 pence. |
Was this tipped at the weekend ? |
The Edison research paid for by Record looks a bit historic in respect of the AUM for this year.
Does anyone have access to the Panmure research - I think as house brokers they produce some - might be wrong mind. |
NChanning,
I remember being completely underwhelmed by the former CTO at the capital markets presentation so frankly pleased to see the back of her although not ideal that it cost around £2.5m in shareholder funds to do so.
Signs in the narrative that some of the other excesses under Leslie may also be reigned in by the new CEO. |
Konradpuss, you are probably right but given that this $7m figure dwarves anything we have seen since I started tracking in 2019, we need to know. Remember it is 7% of AUM and compared to the last 5 years global stock markets in this last quarter have been relatively tranquil. |
Reading between the lines Leslie's growth and tech initiatives have been a damp squib , but the core business is performing well . CTO share sale not concerning as she had probably just been fired ... |
Cerrito surely that is mostly down to the volatility of equities owned by the funds hedging? |
In my 1124, I highlighted the decline in AUM due to FX movements and I have just reminded myself that in the quarter to 12.23 FX movements added us5.3b to AUM.
I hope the company explains this volatility.
Remember we have the volatility of performance fees, although of course great that the performance fees of the year just ended matched the v good results of the year to 3.23. |
The legal and regulatory process must be delaying the launch of the new funds.
I hate Crypto however if they get their 'Crypto fund' over the finishing line I think the market will react very positively. |
Yes a good performance and good to see higher margin multiproduct and dynamic hedging do well in the context of the flat lining of the lower margin passive hedging.
I note that us7b of the increase due to stockmarket movements. I also note the us4.2b decrease due to FX movements. This is the second largest decrease since the us6.2b decrease in the quarter to September 2022 when global FX markets were more volatile if I remember right.
Anyone have a view?
I hope I remember to bring this up in the post final results IMC call. |
A seller still active. Not immediately obvious why at these levels. |
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