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: +44 (0) 1753 852 222

Buchanan

Simon Compton

Henry Wilson

George Beale

Tel: +44 (0) 20 7466 5000

record@buchanan.uk.com

 

 

 

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