First Quarter Trading Update

Record PLC

18 July 2023

 

18 July 2023

RECORD PLC

FIRST 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 30 June 2023 ("Q1-2024").

Q1-2024 Highlights

·    Performance fees of £0.5 million earned during the quarter

·    AUME of US$86.4 billion, down 2% from USD$87.7 billion at 31 March 2023 ("FY-23")

Leslie Hill, Chief Executive of Record plc, commented:

"We continue to work hard towards the three-year targets we set ourselves for FY-25.

"Notwithstanding the challenging macro-economic backdrop, we expect the business to achieve a number of important milestones in FY-24, and look forward to the rest of the year with optimism."

Trading Analysis

1.            AUME composition

The Group's AUME as at 30 June 2023 totalled US$86.4 billion (31 March 2023: US$87.7 billion), and expressed in sterling totalled £68.0 billion (31 March 2023: £71.0 billion).  The composition of AUME by product was as follows:

AUME - US$ billion
	30 June 2023	31 March 2023
Dynamic Hedging	15.3	14.7
Passive Hedging	61.6	63.8
Currency for Return	4.1	3.9
Multi-Product	5.3	5.2
Cash & Futures	0.1	0.1
Total	86.4	87.7

2.            AUME Movement

Net client AUME movement in the three months to 30 June 2023 was as follows:

Net AUME movement - US$ billion
	3 months to 30 June 2023	3 months to 31 March 2023
Dynamic Hedging	0.3	0.7
Passive Hedging	(3.0)	(1.0)
Currency for Return	0.1	(0.6)
Multi-Product	0.1	0.8
Cash & Futures	0.0	0.0
Total net flows	(2.5)	(0.1)
FX movements and mandate volatility targeting	1.2	1.1
Movements in global stock and other markets	-	0.7
TOTAL AUME MOVEMENT	(1.3)	1.7

3.            AVERAGE FEE RATES AND PERFORMANCE FEES

During Q1-2024, average fee rates remained broadly unchanged from the previous quarter.

Performance fees of £0.5 million were earned in the quarter.

Record will announce its second quarter trading update on 20 October 2023.

-Ends -

For further information, please contact:

Record plc Leslie Hill, Chief Executive Officer Steve Cullen, Chief Finance Officer	Tel: [phone]
Buchanan Simon Compton Henry Wilson George Beale	Tel: [phone] [e-mail]

 

END