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REC
Record PLC
360/1000 Overall fit
AI beneficiary 35% 22
Operating leverage 25% 48
Valuation 25% 30
Downside protection 15% 62
First-pass take
Record is a traditional currency and asset manager with zero AI exposure. FY-25 revenue fell 8% to £41.6m and operating margin compressed to 25.6%. Strong balance sheet (£13.3m cash surplus above regulatory minimum) but hampered by customer concentration (top 3 clients ~38% of revenue), declining AUM, and noted client losses. Infrastructure Equity fund nascent.
Flags
no-valuation-datacustomer-concentrationnon-aiaum-declineclient-losseshigh-payout