Return to client growth

In FY13, Record showed clear evidence of increasing client inflows and once again began to broaden its client base. AUME in sterling increased 19% and client numbers improved by three to 44. Previous year outflows and a weaker revenue mix were still negatively affecting FY13 profitability, but with costs well contained and renewed fund inflows, profits are expected to return to growth in FY14e. The CY14e P/E of 13.5x is in line with peers, while FY13 cash of £29m is c 40% of market cap.

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