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.£75.3m
Last close34.000p
High / Low (52 weeks)43.8p / 28.2p
Stock market listingLSE
Forecast net debt (£m)N/A
Forecast gearing ratio (%)N/A
TeamFinancials
SectorFinancials

Price performance

%1m3m12m
Actual(21.4)(9.9)8.8
Relative *(22.4)(8.8)2.6

* % Relative to local index

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Y/E Mar Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2012A 20.5 6.7 6.7 2.2 15.5 N/A
2013A 18.3 5.9 5.8 2.0 17.0 N/A
2014E 20.1 6.9 6.9 2.4 14.2 N/A
2015E 21.0 7.2 7.2 2.5 13.6 N/A

Last updated on 26/03/2014

Latest research

Investment summary

Record has issued a trading update for the fourth quarter of its fiscal year that ended 31 March 2014. Full-year results will be published on 17 June. Modest fund inflows and relatively stable fee margins in Q4 lead us to confirm our FY14 estimates. A changing mix of AUME at year-end, as well as the previously announced dynamic hedging mandate loss, feed through into a lower FY15 forecast (c 13% lower PBT). Our forward estimates continue to include no new business wins, an assumption that could easily be conservative given increased levels of interest in currency management strategies among potential clients and their consultants.

Last updated on 24/04/2014

Industry outlook

Record believes there is a particular opportunity for US investors to benefit from a currency hedging strategy. US investors holding assets denominated in foreign currencies have benefited from the weakness of the US dollar on a trade-weighted basis since 2001. However, this cycle may reverse, potentially eroding the additional unhedged gains US investors have enjoyed over the period.

Last updated on 31/03/2014

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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