Our investment case

A client-focused approach

  • Building strong, long-term “trusted adviser” relationships with our clients
  • Understanding clients’ currency issues fully
  • Developing robust and effective solutions, tailored for our clients’ currency requirements

A culture of integrity

  • Independent specialist currency manager
  • No proprietary business
  • Strong focus on risk management

Assets under management equivalents (USD billions)

Core values

Strengths developed through 35 years of experience

  • Fundamental understanding of how currency markets operate
  • Leading position in managing currency for institutional clients
  • Collaborative approach between distribution, investment, operational and support functions built into infrastructure to deliver responsive client service
  • Global client base

Long-term shareholder value

  • Robust balance sheet and cash-generative business model
  • Ongoing cost discipline underpinning strong operating margin
  • Capital policy set to maintain capital strength, and allow selective investment in talent and infrastructure to drive organic growth
  • Progressive dividend policy and return excess returns to shareholders

Dividends per share (pence)

Key Financial Highlights

KPIs Year
31 Mar 19
31 Mar 20
AUME1 – US Dollars $57.3bn $58.6bn
Client numbers 65 72
Revenue £25.0m £25.6m
Operating profit margin 32% 30%
Basic earning per share 3.27 pence 3.26 pence
Ordinary dividend per share 2.30 pence 2.30 pence
Special dividend per share 0.69 pence 0.41 pence

1 As a currency manager, Record manages only the impact of foreign exchange and not the underlying assets, therefore its “assets under management” are notional rather than real.  To distinguish this from the AUM of conventional asset managers, Record uses the concept of assets under management equivalents (“AUME”).