Record (REC)

Sector:

Financials

Index:

FTSE Small Cap

68.80p
   
  • Change Today:
      1.20p
  • 52 Week High: 88.00p
  • 52 Week Low: 58.00p
  • Currency: UK Pounds
  • Shares Issued: 199.05m
  • Volume: 170,313
  • Market Cap: £136.95m

Record reports solid rise in assets under management

By Josh White

Date: Friday 26 Apr 2024

LONDON (ShareCast) - (Sharecast News) - Specialist currency and asset manager Record said in a trading update on Friday that in the 2024 financial year, its assets under management equivalent (AUME) jumped 17% to $102.2bn.
The London-listed firm said despite a slight decrease in net inflows to $6.8bn in the 12 months ended 31 March, compared to $9.1bn in the prior year, it maintained its strong momentum in attracting client investments.

Performance fees earned during the year amounted to £5.8m, consistent with the previous year's figure.

Throughout the fourth quarter of 2024, average fee rates remained stable compared to the prior quarter, indicating a consistent performance in revenue generation.

"I am excited to take over the reins as CEO at a time when the group's AUME has reached new heights and the outlook for our business remains strong," said chief executive officer Dr Jan Witte.

"As recently announced in the trading update on 22 March, AUME continues to grow and now exceeds $100bn for the first time in our 40+ year history.

"An AUME increase of 17% over the 2024 financial year, closing the year at $102.2bn, presents a milestone which reinforces the already strong foundations upon which the group can continue to build."

Dr Witte said the company's growth was the result of a combination of increased demand from existing clients, who were increasing their mandates, and new clients.

"The net inflows into currency management of $15.6bn over the last two years represent 19% of 2022 closing AUME.

"In addition, the launch of two new funds has delivered net inflows into asset management of $0.3bn during 2024.

"Building on our existing proposition and the demand we observe for our services as a specialist asset manager, we are now refining our product range to focus on a select number of best-in-class products which present attractive and meaningful opportunities for us, making Record a stronger, less concentrated, and more robust business."

Jan Witte said that, following the decision to discontinue development of the R-Platform and the consequent impairment write down of £1.9m, announced on 22 March, the firm was also continuing its review of its expenditure and resource allocations to ensure they remained fit for purpose and continued to offer value-for-money for our shareholders.

"I look forward to the year ahead, and to working hard with a strong team of colleagues in growing the business further."

Record said it would announce its 2024 results on 28 June, followed by a first-quarter trading update on 26 July.

At 0833 BST, shares in Record were up 5.86% at 65p.

Reporting by Josh White for Sharecast.com.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

Record Market Data

Currency UK Pounds
Share Price 68.80p
Change Today 1.20p
% Change 1.78 %
52 Week High 88.00p
52 Week Low 58.00p
Volume 170,313
Shares Issued 199.05m
Market Cap £136.95m

Record Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
4.66% above the market average4.66% above the market average4.66% above the market average4.66% above the market average4.66% above the market average
19.64% below the sector average19.64% below the sector average19.64% below the sector average19.64% below the sector average19.64% below the sector average
Price Trend
37.9% below the market average37.9% below the market average37.9% below the market average37.9% below the market average37.9% below the market average
27.59% below the sector average27.59% below the sector average27.59% below the sector average27.59% below the sector average27.59% below the sector average
Income
68.27% above the market average68.27% above the market average68.27% above the market average68.27% above the market average68.27% above the market average
32.35% above the sector average32.35% above the sector average32.35% above the sector average32.35% above the sector average32.35% above the sector average
Growth
18.51% below the market average18.51% below the market average18.51% below the market average18.51% below the market average18.51% below the market average
6.67% above the sector average6.67% above the sector average6.67% above the sector average6.67% above the sector average6.67% above the sector average

What The Brokers Say

Strong Buy 0
Buy 1
Neutral 0
Sell 0
Strong Sell 0
Total 1
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Record Dividends

  Latest Previous
  Final Special
Ex-Div 11-Jul-24 11-Jul-24
Paid 02-Aug-24 02-Aug-24
Amount 2.45p 0.60p

Trades for 15-Jul-2024

Time Volume / Share Price
16:35 6 @ 68.80p
16:35 3 @ 68.80p
16:35 2 @ 68.80p
16:35 1 @ 68.80p
16:29 15 @ 69.60p

Record Key Personnel

CEO Jan Witte
CFO Richard Heading

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