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.£59.8m
Last close27.00p
High / Low (52 weeks)37.4p / 22.1p
Stock market listingLN
Forecast net cash (£m)0
Forecast gearing ratio (%)N/A
TeamFinancials
SectorFinancials

Price performance

%1m3m12m
Actual8.56.9(25.5)
Relative *9.2(6.6)(32.5)

* % Relative to local index

Other companies in sector Show

Company news

Record Plc (REC) Insider Cullen,Steve Purchases 1919 Shares of Stock

Fri, 02 Sep 2016 11:07:26 GMT

Record Plc (REC) Insider Cullen,Steve Purchases 1919 Shares

Thu, 01 Sep 2016 11:48:01 GMT

BRIEF-Carnival corporation & plc reports record third quarter earnings

Mon, 26 Sep 2016 14:00:38 GMT

Gemfields hails a "record operational year"

Mon, 26 Sep 2016 06:45:00 GMT

Record FDI infusion! Vodafone pumps Rs 47700 crore to take on Jio

Thu, 22 Sep 2016 21:14:37 GMT

Y/E Mar Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2015A 21.1 7.7 7.5 2.65 10.2 N/A
2016A 21.1 7.2 7.0 2.54 10.6 N/A
2017E 20.2 6.4 6.2 2.24 12.1 N/A
2018E 20.6 6.5 6.4 2.30 11.7 N/A

Last updated on 22/08/2016

Latest research

Dividend upside

Update | Financials | 25/07/2016

Possible beneficiary of US dollar strength

Update | Financials | 01/12/2015

Reduction in size of a bespoke mandate

Update | Financials | 26/08/2015

Attractive growth and dividend increased

Update | Financials | 02/07/2015

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

Investment summary

Post EU referendum FX volatility was evident in the Q1 AUME update to end June; a quarterly increase of 6.1% in sterling terms but 1.3% lower in dollar terms. Despite positive inflows to higher margin dynamic hedging and currency for return products, there was a small net outflow as passive hedging clients made modest changes in underlying allocations. The net positive impact on sterling revenues and profits is captured by our post FY16 updated results estimate. Broader trends from FY16 include the increasing number of clients (61 vs 55 at the beginning of FY16) and the increased share of Passive Hedging mandates (82% of the total). Passive mandates are lower margin but a relatively stable revenue source that now covers 85% of fixed costs before profit sharing. The forecast 1.65p dividend provides an attractive prospective yield while the board now considers the regulatory capital buffer sufficiently strong that it will consider the return of excess future earnings via special dividends.

Last updated on 01/09/2016

Industry outlook

EU legislation affecting Record's business is likely either to be retained or replicated in the negotiations over the UK's departure from the bloc. In the long term, currency volatility should support demand for currency management.

Last updated on 01/09/2016

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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