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.£79.7m
Last close36.00p
High / Low (52 weeks)36.8p / 29.5p
Stock market listingLN
Forecast net debt (£m)N/A
Forecast gearing ratio (%)N/A

Price performance

Relative *3.71.3(5.4)

* % Relative to local index

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Company news

Director Deals - Record PLC (REC)

Wed, 29 Apr 2015 10:18:45 GMT

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Y/E Mar Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2013A 18.6 5.9 5.8 2.0 18.0 N/A
2014A 19.9 7.1 6.9 2.5 14.4 N/A
2015E 20.5 7.4 7.3 2.6 13.8 N/A
2016E 22.1 8.0 8.0 2.9 12.4 N/A

Last updated on 29/04/2015

Latest research

Net client inflows on their way

Update | Financials | 22/01/2015

Daily comment

Institutional Comment | Financials | 16/01/2015

Steady profits in H115

Update | Financials | 27/11/2014

Daily comment

Institutional Comment | Financials | 14/11/2014

Daily comment

Institutional Comment | Financials | 18/07/2014

FY14 strong volumes at lower fee margin

Update | Financials | 24/06/2014

Modest Q4 progress; FY14 estimates reaffirmed

Update | Financials | 24/04/2014

Strong pipeline generating new mandate wins

Update | Financials | 20/01/2014

The US is the land of opportunity

Update | Financials | 25/11/2013

Growing pipeline of potential US mandates

Update | Financials | 08/11/2013

Operationally geared to grow

Initiation | Financials | 25/10/2013

Return to client growth

QuickView | Financials | 12/06/2013

Investment summary

Record has announced group assets under management equivalent (AUME) of $55.4bn at 31 March 2015 ($52.7bn 31/12/14). Net inflows in the quarter amounted to $2.6bn with the higher margin currency for return mandates showing $1.9bn inflows. Fee rates on all products were broadly unchanged, but Record did earn an additional performance fee of £0.5m, its first for 5 years. We have raised our March FY15 PBT forecast by 13% to reflect these developments and FY16 PBT by 17%. The latter forecast assumes Record continues to manage a large bespoke currency for return mandate for a client though the company has indicated it is temporary.

Last updated on 06/05/2015

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 06/05/2015

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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