Record (REC)

Business description

Record is a specialist currency manager, providing currency hedging and return seeking mandates to institutional clients. Services include passive and dynamic hedging and return seeking currency strategies via funds or segregated accounts.

Share price chart

Share chart

Stock data

Market cap.£79m
Last close35.75p
High / Low (52 weeks)39.8p / 30.5p
Stock market listingLN
Forecast net debt (£m)N/A
Forecast gearing ratio (%)N/A

Price performance

Relative *(2.4)15.57.6

* % Relative to local index

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Y/E Mar Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2014A 20.3 7.1 6.9 2.48 14.4 N/A
2015A 20.9 7.7 7.5 2.66 13.4 N/A
2016E 20.5 6.8 6.7 2.42 14.8 N/A
2017E 19.9 6.3 6.2 2.23 16.0 N/A

Last updated on 26/08/2015

Latest research

Investment summary

Record has announced that a client has reduced the size of a tactical bespoke currency for return mandate that it was managing by $2.8bn with immediate effect. Consequently, we have lowered our FY16 and FY17 PBT forecasts by £1.3m and £2.0m (17% and 25%) respectively. Record had previously warned that the size of this particular mandate could prove volatile. The company reports a continued high level of client engagement on its passive and dynamic hedging strategies, although it cautions that there are long lead times to transform interest into new mandates.

Last updated on 26/08/2015

Industry outlook

The emergence of a strengthening US dollar could provide a material opportunity for Record in the large US market. US investors holding assets denominated in foreign currencies have benefited from the weakness of the US dollar on a trade-weighted basis since 2001; hedging could protect these gains and improve portfolio efficiency by reducing volatility.

Last updated on 03/08/2015

Key management

Neil Record, Chairman
James Wood-Collins , CEO
Steve Cullen , CFO
Bob Noyen, Chief Investment Officer

Company address

Morgan House
Madeira Walk
United Kingdom
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