REG - Record PLC - First Quarter Trading Update

RecordAnnouncement

18/07/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230718:nRSR2832Ga&default-theme=true

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 £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      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 £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                             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

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  TSTEAKXXFDADEFA