Record PLC Fourth Quarter Trading Update (7732X)
April 28 2023 - 2:00AM
UK Regulatory
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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