Intelligent currency management
Record plc
Annual Report 2020
Our purpose to deliver innovative, thought leading and practical solutions to the needs of currency market users and investors, while maintaining independence and integrity.
Contents
Financial statements | ||||
pages 90 to 130 | ||||
Independent auditor's report | 91 | |||
Financial statements | 96 | |||
Chairman's statement | 4 | Notes to the financial statements | 103 | |
Chief Executive Officer's statement | 6 | |||
Additional information | ||||
Business model | 10 | |||
pages 131 to 132 | ||||
Markets | 18 | |||
Strategic priorities and goals | 22 | Five year summary | 131 | |
Key performance indicators | 26 | Information for shareholders | 131 | |
Operating review | 30 | Definitions | 132 | |
Financial review | 34 | |||
Risk management | 38 | |||
Corporate social responsibility | 46 | |||
Governance | ||||
pages 50 to 89 | ||||
Corporate governance | 50 | |||
Chairman's introduction | 51 | |||
Board of Directors | 52 | |||
Corporate governance report | 54 | |||
Nomination Committee report | 62 | |||
Audit and Risk Committee report | 64 | |||
Remuneration report | 70 | |||
Directors' report | 86 | |||
Directors' responsibilities statement | 89 | |||
Highlights
Assets Under Management | Earnings per share |
Equivalents1 ("AUME") |
$58.6bn | 3.26p | |
2019: $57.3bn | 2019: 3.27p | |
+2.3% | -0.3% | |
Revenue | Ordinary dividend per share | |
£25.6m | 2.30p | |
2019: £25.0m | 2019: 2.30p | |
+2.4% | 0.0% | |
Profit before tax | Special dividend per share | |
£7.7m | 0.41p | |
2019: £8.0m | 2019: 0.69p | |
-3.2% | -40.6% | |
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") 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 132.
Record plc Annual Report 2020 | 1 | |
report Strategic
Governance
statements Financial
information Additional
About us
A client-focused approach. A culture of integrity.
Strengths developed through 37 years of experience.
Who we are
We are an independent, specialist currency manager and have been since our formation in 1983. We have over 37 years of experience in currency markets which has allowed us to develop a deep and fundamental understanding of the risk and reward opportunities within those markets. Record plc has a premium listing on the Main Market of the London Stock Exchange, and is majority‑owned
by its Directors and employees.
What we do
We listen to our clients and use our years of experience and thought leadership in currency markets to develop solutions tailored to their individual currency-related needs, including robust and innovative products and market-leading service levels.
Our range of products typically assist our clients in achieving either their risk‑reduction or return-seeking objectives, or alternatively our bespoke Multi-product mandates have combined risk-reducing and return-seeking objectives.
Our clients are largely institutions, including pension funds, charities, foundations, endowments, and family offices, as well as other fund managers and corporate clients.
Research
Experience and
know how
Innovation
Bespoke
Where we operate
Head office | Sales office | Sales office |
Windsor | New York | Switzerland |
North America | Europe | Rest of the World |
2 | Record plc Annual Report 2020 | |
About | Business | Strategic | Key | Operating | Finance | Corporate | ||||||||
priorities | performance | Markets | social | |||||||||||
us | model | review | and risk | |||||||||||
and goals | indicators | responsibility | ||||||||||||
report Strategic
How we create value
Quality client | Technology and | Talent | ||
experience | innovation | development | ||
Superior service is core to our client | Over the last 37 years Record has | We aim to develop and retain a | ||
proposition and we achieve this on | developed a leading position in its | diverse pool of talent which is key | ||
various levels by assigning a | sector. Our knowledge of the | to delivering our "best in class" | ||
dedicated and experienced | currency market is sustained by our | business model and ensuring the | ||
relationship manager to oversee each | research, and results in innovative | long-term stability of the business. | ||
client portfolio. Direct communication | products and continued process | |||
between our operational and | enhancement whilst incorporating | |||
administrative specialists with each | advances in technology. | |||
client's own internal functions builds | ||||
on the general level of interaction with | ||||
the client and underpins the overall | ||||
"trusted adviser" relationship. | ||||
Governance
The Group's main geographical markets as determined | The Group's Head Office is in | Windsor, UK from where the |
by the location of clients to whom services are provided, | majority of its operations are performed and controlled. | |
are the UK, North America and Continental Europe, | The Group also has offices in | New York and in Zürich. |
in particular Switzerland. The Group also has clients | In addition to these main markets, we continue to explore |
elsewhere, including Australia. | |
new geographical markets which we believe may offer | |
attractive opportunities. |
72% | |||
14% | 11% | 3% | |
AUME | AUME | AUME | AUME |
$42.3bn | $8.1bn | $6.7bn | $1.5bn |
Europe (excluding UK) | North America | United Kingdom | Rest of the world |
statements Financial
information Additional
Record plc Annual Report 2020 | 3 | |
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Record plc published this content on 09 June 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 June 2021 00:02:00 UTC.