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.

Stock data

Market cap.£56m
Last close25.50p
High / Low (52 weeks)39.8p / 22.1p
Stock market listingLN
Forecast net debt (£m)N/A
Forecast gearing ratio (%)N/A
TeamFinancials
SectorFinancials

Price performance

%1m3m12m
Actual(1.9)(12.5)(26.1)
Relative *4.7(0.7)(11.1)

* % Relative to local index

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Company news

Are BHP Billiton plc, Debenhams Plc And Record Plc Star Buys For 2016?

Thu, 07 Jan 2016 12:22:30 GMT

Record Plc (REC) Insider Purchases £25000 in Stock

Tue, 26 Jan 2016 11:15:00 GMT

Record Plc (REC) Insider Cullen,Steve Acquires 908 Shares of Stock

Mon, 01 Feb 2016 06:00:00 GMT

Record Plc (REC) Insider Acquires £227 in Stock

Fri, 29 Jan 2016 14:15:00 GMT

Record Plc (REC) Insider Schrauwers,Cornelis A. C. M. (Cees) Acquires 100000 ...

Wed, 27 Jan 2016 06:33:45 GMT

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 10.3 N/A
2015A 20.9 7.7 7.5 2.66 9.6 N/A
2016E 20.4 6.7 6.5 2.40 10.6 N/A
2017E 19.5 6.2 6.0 2.18 11.7 N/A

Last updated on 14/12/2015

Latest research

Investment summary

Record's results for the 6 months to 30 September 2015 reported that underlying PBT increased by 9% y-o-y and the operating margin was 33%. Assets under management equivalent amounted to $53.3bn, down from $56.6bn at June, largely because of the previously announced reduction in size of a bespoke currency for return mandate. The interim dividend was raised to 0.825p, from 0.75p last year. The capital and cash position remain strong. Record continues to see interest in its hedging strategies and a high level of client engagement. We made small changes to our FY16 and FY17 forecasts following the publication of these results.

Last updated on 05/01/2016

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. The possibility of an imminent rise in US interest rates is creating interest in Record's currency return strategies.

Last updated on 05/01/2016

Key management

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

Company address

Morgan House
Madeira Walk
Windsor
SL4 1EP
United Kingdom
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