22 April 2022

RECORD PLC

FOURTH QUARTER TRADING UPDATE

Record plc ('Record' or the 'Company'), the specialist currency and derivatives manager, is pleased to announce its trading update for the three months ended 31 March 2022 ("Q4-2022").

Highlights

·    AUME increased by +3.7% during the financial year ended 31 March 2022

·    Net inflows of US$2.4 billion during the financial year

·    Performance fees of £0.5 million earned during the quarter

·    Post period end US$1.0 billion inflow in Dynamic Hedging; a further US$1.0 billion anticipated in the first half of the current financial year

Leslie Hill, Chief Executive of Record plc, commented:

"We closed the financial year with AUME at US$83.1 billion, an increase of US$3.0 billion (+3.7%) over the financial year. This included positive net inflows in the final quarter and for the financial year of US$0.8 billion and US$2.4 billion, respectively.

"As expected, increased uncertainty in financial markets linked predominantly to the war in Ukraine impacted the value of some clients' underlying portfolios, reflected by a decrease in AUME of US$2.3 billion (-2.7%) from market movements over the quarter.

"Performance fees of £0.5 million were earned in the quarter from opportunities arising from recent increases in interest rate differentials linked to changes in central banks monetary policies.

"Meanwhile, the positive momentum in the growth of our higher-margin revenue products over the financial year to 31 March 2022 has continued since quarter end with further inflows from an existing Dynamic Hedging client of approximately US$1.0 billion, which is expected to grow to approximately US$2.0 billion by the end of the first half of the current financial year."

Trading Analysis

1.            AUME composition

The Group's AUME as at 31 March 2022 totalled US$83.1 billion (31 December 2021: US$85.3 billion), and expressed in sterling totalled £63.1 billion (31 December 2021: £63.0 billion).  The composition of AUME by product was as follows:

2.            AUME Movement

Net client AUME movement in the three months to 31 March 2022 was as follows:

3.            AVERAGE FEE RATES AND PERFORMANCE FEES

During Q4-2022, fee rates remained broadly unchanged from the previous quarter.  However, a slight decrease to the overall average fee rate from Dynamic Hedging is expected going forward, which can be attributed to the recent increase in mandate size from an existing client, as noted above.

Performance fees of £0.5 million were earned in the quarter.

Record will announce its FY-2022 results on 21 June 2022 and its Q1-2023 trading update on 22 July 2022. If you wish you attend FY results in June, please contact record@buchanan.uk.com.

-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

Giles Stewart                                                                                                             record@buchanan.uk.com

Simon Compton

Henry Wilson

George Beale