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.£57m
Last close25.63p
High / Low (52 weeks)39.0p / 22.1p
Stock market listingLN
Forecast net cash (£m)22.8
Forecast gearing ratio (%)N/A
TeamFinancials
SectorFinancials

Price performance

%1m3m12m
Actual0.5(2.4)(28.8)
Relative *(5.4)(6.2)(27.8)

* % Relative to local index

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Company news

Cullen,Steve Purchases 849 Shares of Record Plc (REC) Stock

Wed, 29 Jun 2016 11:21:20 GMT

Wide-Bodies' Luster Is Tarnished as American Defers Airbus Jets

Fri, 22 Jul 2016 19:07:30 GMT

India Stocks: Foreign buying tops $1 billion in July

Sat, 23 Jul 2016 10:52:30 GMT

MIDI & IHI bonds over-subscribed

Sat, 23 Jul 2016 07:37:52 GMT

European Stocks Trim Weekly Gains on Economic-Growth Concerns

Fri, 22 Jul 2016 07:36:02 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 9.7 N/A
2016A 21.0 7.1 6.9 2.48 10.3 N/A
2017E 19.5 6.2 6.0 2.17 11.8 N/A
2018E N/A N/A N/A N/A N/A N/A

Last updated on 30/06/2016

Latest research

Investment summary

Record's results for the year ended 31 March were in line with our forecasts when adjusted for £315k of performance fees that we had not forecast. Previously reported AUME was 3% lower in dollar terms at $53.7bn and showed a continued shift towards Passive Hedging mandates (82% of the total). Passive hedging is lower margin but provides a relatively stable revenue source that now covers 85% of fixed costs before profit sharing. Record went into the EU referendum prepared to best manage the impact of anticipated volatility, where possible limiting trading, to avoid outsized transaction costs and cash flows. The expected 1.65p dividend was declared but the board now considers the regulatory capital buffer sufficiently strong that it will consider the return of excess future earnings via special dividends. We expect no material change to our forecasts.

Last updated on 06/07/2016

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 06/07/2016

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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