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Record’s (LON:RECL) FY17 results were close to our expectations so the main new news was the level of ordinary dividend increase (+21%), the announcement of a revised capital policy and the accompanying return of capital by way of a c £10m tender offer. These underline the balance sheet strength and cash-generative nature of the business. Despite re-rating in the last year the shares still trade below average multiples for UK asset managers and the yield, including the special dividend, is over 7%.
FY17 results
As reported previously, AUME was $58.2bn, up 10% (or 26% in sterling terms). Underlying revenue, excluding income from seed funds, increased by 9%, helped by sterling weakness against the base currencies of Record’s main client exposures in Switzerland and the US. Pre-tax profit on the same basis was 13% ahead of FY16. Reflecting the dividend policy adopted last year, there was both a 21% increase in the ordinary dividend and a special dividend payment, giving a total dividend of 2.91p, in line with basic earnings per share.
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