Record PLC First Quarter Trading Update (2832G)
July 18 2023 - 1:00AM
UK Regulatory
TIDMREC
RNS Number : 2832G
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 GBP0.5 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$87.7 billion), and expressed in sterling totalled
GBP68.0 billion (31 March 2023: GBP71.0 billion). The composition
of AUME by product was as follows:
AUME - US$ 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 3 months to
30 June 2023 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 GBP0.5 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 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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