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Record plc Annual Report 2023
Our purpose | Our mission |
To continue to harness trends | Independent, candid advice derived |
and innovate by collaborating | from our 40-year legacy - as we |
with our clients | evolve into a global asset |
Our vision | management network |
Our value proposition | |
Diverse partnerships of financial | |
specialists - creating unique, | Transparency and trust, above all. |
opportunistic, sustainable solutions | We listen to clients, truly understand |
their needs then collaborate with | |
like-minded specialist partners from | |
a wide range of asset classes to | |
deliver solutions |
Annual Report 2023
Contents
Strategic report | 1 to 54 | Governance | Financial statements | Additional information | |||||||
Financial highlights | 1 | Chairman's introduction | 57 | Independent auditor's | Five year summary | 146 | |||||
About us | 2 | Board of Directors | 58 | report | 97 | Information for | |||||
Chairman's | 6 | Corporate governance | Financial statements | 106 shareholders | 147 | ||||||
Notes to the financial | Definitions | 148 | |||||||||
statement | report | 60 | |||||||||
113 | |||||||||||
Chief Executive | Nomination Committee | statements | |||||||||
Ocer's statement | 8 | report | 67 | ||||||||
Business model | 10 | Audit Committee report | 70 | ||||||||
Products | 12 | Remuneration report | 76 | ||||||||
and distribution | |||||||||||
Directors' report | 92 | ||||||||||
Products | 14 | ||||||||||
Directors' | |||||||||||
Strategy | 18 | ||||||||||
responsibilities | |||||||||||
Key performance | statement | 95 | |||||||||
indicators | 22 | ||||||||||
Sustainability | 26 | ||||||||||
Task Force on | |||||||||||
Climate Related | |||||||||||
Financial | |||||||||||
Disclosures ("TCFD") | 33 | ||||||||||
Section 172 | |||||||||||
Companies Act 2006 | |||||||||||
- Our stakeholders | 37 | ||||||||||
Operating review | 40 | ||||||||||
Financial review | 44 | ||||||||||
Risk management | 49 | ||||||||||
Viability statement | 54 |
Record plc | Annual Report 2023 |
Financial highlights
1
STRATEGIC REPORT
Our year in numbers
Assets Under Management Equivalents1 ("AUME")
$87.7bn
+5.5%
2022: $83.1bn
Earnings per share
5.95p
+31.6%
2022: 4.52p
Revenue
£44.7m
+27.4%
2022: £35.1m
Ordinary dividend per share
4.50p
+25%
2022: 3.60p
Profit before tax
£14.6m
+33.9%
2022: £10.9m
Total dividend per share
5.18p
(including special of 0.68p)
+14.6%
2022: 4.52p (including special: 0.92p)
GOVERNANCE
FINANCIAL STATEMENTS
ADDITIONAL INFORMATION
1. For the majority of its Currency Management and Derivative Overlay products, Record manages only the impact of foreign exchange and not the underlying assets, therefore its "assets under management" are notional rather than real. Conversely, for its Asset Management products, Record's role as Investment Manager includes managing
the underlying assets in the more conventional sense of managing AUM. Consequently, when combined, to distinguish this from the AUM of conventional asset managers, Record uses the concept of Assets Under Management Equivalents ("AUME") and by convention this is quoted in US dollars. AUME is an alternative performance measure and further detail on how it is defined is provided on page 24.
2 | Record plc | Annual Report 2023 |
About us
Record began with a spark. An idea, Currency Overlay, which led to the signing of the world's first Currency Overlay mandate in 1985. We've been harnessing trends ever since, with curiosity, innovation and integrity.
We were one step ahead then when we began and we aren't standing still today - as we invite greater diversity of thought, to deliver specialist partnerships and new solutions for our clients.
Our approach
Listen
A client-focused approach
Deliver
Unique, innovative and sustainable solutions
Understand
Using strengths and experience developed over 40 years in business
Our values | |
People first | Integrity |
Our clients value our understanding of how achieving | We've always had a legacy of honesty and upfront |
long-term, sustainable investment objectives is a | client advice during 40 years in existence - and that |
mindful journey, as much as an economic one. Then | will never change. This ethos echoes throughout our |
there's our team - championed for its intellectual | people, our relationships, our products and our fees. |
diversity, passion and dynamism. It's our people that | And, as an impartial, independent, premium listed |
makes us great. | business, we are guided by the highest levels of best |
practice and ethical codes of conduct. |
Collaboration
We firmly believe in the power of many. Our | Curiosity |
expanding network of like-minded specialists | We are restless minds driven by curiosity, ideas and |
globally means we can call on various strengths and | |
innovation. We always question, so we can give our | |
expertise. This flexibility allows us to customise | |
clients excellence and value. We are not afraid to say | |
unique solutions for our clients. | |
no if it's not the right investment fit. Or to dig a bit | |
deeper - to unearth other opportunities or create | |
Kindness | new solutions that don't yet exist. |
In many ways, we can be described as empathetic | |
investment advisers and champions of varied | |
thought. Listeners first, we get to know our clients | |
and learn what their needs are - then we create | |
customised solutions that fit their specific needs. |
Record plc | Annual Report 2023 | 3 |
About us
Where we operate
The Group's main geographical markets, as determined by the location of clients to whom services are provided, are the UK, North America and Continental Europe, in particular Switzerland. The Group also has clients elsewhere, including Australia.
The Group's Head Office is in Windsor, UK from where the | In addition to these main markets, we continue to explore |
majority of its operations are performed and controlled. | new geographical markets which we believe may offer |
The Group also has offices in London, New York, Zürich, | attractive opportunities. |
Frankfurt, Düsseldorf and Amsterdam. |
STRATEGIC REPORT
GOVERNANCE
Rest of the world
$3.6bn
4%
United Kingdom
$7.4bn
9%
Continental Europe
$57.9bn
66%
FINANCIAL STATEMENTS
ADDITIONAL INFORMATION
North | Global AUME and operating locations |
America | |
Head Office (Windsor) | |
$18.8bn | |
Other offices | |
Client locations | |
21% |
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