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.£65m
Last close29.50p
High / Low (52 weeks)39.8p / 28.2p
Stock market listingLN
Forecast net debt (£m)N/A
Forecast gearing ratio (%)N/A

Price performance

Relative *0.3(15.2)(13.5)

* % Relative to local index

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Company news

FLASH: Record Plc issues interim results

Tue, 04 Dec 2012 05:26:15 GMT

Record Plc insider Cullen,Steve Acquires 50641 Shares (REC)

Fri, 27 Nov 2015 14:30:16 GMT

What Next for Record Plc After Today's Gap Up?

Fri, 27 Nov 2015 01:18:45 GMT

Record Plc (REC) to Issue Dividend of GBX 0.83

Tue, 24 Nov 2015 21:22:30 GMT

Record Plc issues interim results

Tue, 24 Nov 2015 08:15:00 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 11.9 N/A
2015A 20.9 7.7 7.5 2.66 11.1 N/A
2016E 20.5 6.8 6.7 2.42 12.2 N/A
2017E 19.9 6.3 6.2 2.23 13.2 N/A

Last updated on 22/10/2015

Latest research

Investment summary

On 25 August 2015 Record announced that a client with a tactical bespoke currency for return mandate had reduced its size by $2.8bn with immediate effect. Record manages the client's currency positions according to the client's views. Record had previously warned that the nature of the contract meant that its size was likely to be volatile. We have lowered our PBT forecasts for FY16 and FY17 by £1.3m and £2.0m (17% and 25%), respectively to reflect its reduced size. Record continues to see interest in its hedging strategies and a high level of client engagement, but stresses that there are long lead times before interest turns into new mandates. Assets under management at 30 Sept 15 were $53.3bn, down from $56.6bn at 30 June 15.

Last updated on 03/11/2015

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

Last updated on 03/11/2015

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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