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REC Record Plc

63.90
1.80 (2.90%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Record Plc LSE:REC London Ordinary Share GB00B28ZPS36 ORD 0.025P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  1.80 2.90% 63.90 63.00 64.80 65.00 63.20 65.00 86,663 16:35:02
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Finance Services 44.69M 11.34M 0.0591 10.69 121.28M

Record PLC Fourth Quarter Trading Update (7732X)

28/04/2023 7:00am

UK Regulatory


Record (LSE:REC)
Historical Stock Chart


From Mar 2023 to Mar 2024

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TIDMREC

RNS Number : 7732X

Record PLC

28 April 2023

28 April 2023

RECORD PLC

FOURTH QUARTER TRADING UPDATE

Record plc ("Record" or the "Company"), the specialist currency and asset manager, is pleased to announce its trading update for the three months ended 31 March 2023 ("Q4-2023") and the financial year ("FY-2023").

Highlights: FY-2023

-- Increase in AUME of US$4.6 billion (+6%) to US$87.7 billion (FY-2022: increase of US$3.0 billion to US$83.1 billion)

-- Increase in net inflows of US$6.7 billion (+279%) to US$9.1 billion (FY-2022: net inflows of US$2.4 billion)

-- Increase in performance fees of GBP5.3 million (+1060%) to GBP5.8 million (FY-2022: GBP0.5 million)

Leslie Hill, Chief Executive of Record plc, commented :

"Our AUME continues to grow, ending the financial year FY-2023 at $87.7 billion, representing an increase of almost 6% and including positive net inflows of $9.1 billion over the 12 months.

"Our growth agenda remains on target. We continue to make progress and invest in the modernisation and diversification of our business. Looking ahead to the current financial year (FY-2024), we expect to see continued growth in currency management linked to the return of currency volatility to markets, accompanied by the delivery of new and higher-margin revenue streams from our continued focus on developing our asset management products and capabilities.

"I remain fully committed to our strategy and excited by the strong pipeline of opportunities for growth and diversification that we are currently seeing, which will be discussed in more detail in our annual results released at the end of June."

Trading Analysis

   1.            AUME composition 

The Group's AUME as at 31 March 2023 totalled US$87.7 billion (31 December 2022: US$86.0 billion), and expressed in sterling totalled GBP71.0 billion (31 December 2022: GBP71.5 billion). The composition of AUME by product was as follows:

 
                   AUME - US$ billion 
                        31 March 2023   31 December 2022 
                       --------------  ----------------- 
 Dynamic Hedging                 14.7               13.4 
 Passive Hedging                 63.8               63.4 
 Currency for Return              3.9                4.7 
 Multi-Product                    5.2                4.3 
 Cash & Futures                   0.1                0.2 
                       --------------  ----------------- 
 Total                           87.7               86.0 
                       --------------  ----------------- 
 
   2.            AUME Movement 

Net client AUME movement in the three months to 31 March 2023 was as follows:

 
                 Net AUME movement - US$ billion 
                               3 months to        3 months to 
                               31 March 2023    31 December 2022 
                             ---------------  ------------------ 
 Dynamic Hedging                         0.7                 1.8 
 Passive Hedging                       (1.0)               (1.3) 
 Currency for Return                   (0.6)                 0.3 
 Multi-Product                           0.8               (0.2) 
 Cash & Futures                          0.0                 0.0 
                             ---------------  ------------------ 
 Total net flows                       (0.1)                 0.6 
                             ---------------  ------------------ 
 FX movements and mandate 
  volatility targeting                   1.1                 4.3 
                             ---------------  ------------------ 
 Movements in global stock 
  and other markets                      0.7                 0.3 
                             ---------------  ------------------ 
 TOTAL AUME MOVEMENT                     1.7                 5.2 
                             ---------------  ------------------ 
 
   3.            AVERAGE FEE RATES AND PERFORMANCE FEES 

During Q4-2023, average fee rates remained broadly unchanged from the previous quarter. No performance fees were earned in the quarter.

Record will announce its FY-2023 results on 30 June 2023 and its Q1-2024 trading update on 18 July 2023. If you wish to attend the FY-2023 results in June, please contact record@buchanan.uk.com .

-Ends -

For further information, please contact:

 
 Record plc                      Tel: +44 (0) 1753 852 222 
  Leslie Hill, Chief Executive 
  Officer 
  Steve Cullen, Chief Finance 
  Officer 
 Buchanan                        Tel: +44 (0) 20 7466 5000 
  Simon Compton                     record@buchanan.uk.com 
  Henry Wilson 
  George Beale 
 

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END

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April 28, 2023 02:00 ET (06:00 GMT)

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