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.£101m
Last close45.63p
High / Low (52 weeks)47.2p / 24.5p
Stock market listingLN
Forecast net cash (£m)24.3
Forecast gearing ratio (%)N/A
TeamFinancials
SectorFinancials

Price performance

%1m3m12m
Actual9.31.778.9
Relative *9.70.250.2

* % Relative to local index

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Company news

Record Plc boosts FY profit, dividends improved

Fri, 16 Jun 2017 06:45:00 GMT

Record Plc (REC) Insider Leslie Hill Purchases 233796 Shares of Stock

Thu, 22 Jun 2017 00:45:00 GMT

Record Plc (REC) to Issue Dividend Increase – GBX 2.09 Per Share

Fri, 16 Jun 2017 20:48:45 GMT

Leslie Hill Acquires 233796 Shares of Record Plc (REC) Stock

Tue, 20 Jun 2017 14:37:30 GMT

Record Plc (REC) Insider Acquires £225.54 in Stock

Tue, 20 Jun 2017 22:07:30 GMT

Y/E Mar Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2015A 20.9 7.7 7.5 2.65 17.2 N/A
2016A 21.2 7.2 7.0 2.54 18.0 N/A
2017E 22.6 8.1 7.9 2.84 16.1 N/A
2018E 24.1 8.7 8.5 3.03 15.1 N/A

Last updated on 18/05/2017

Latest research

Highest AUME yet

Update | Financials | 24/04/2017

Good performance in uncertain times

Update | Financials | 25/01/2017

Steady performance and growing recognition

Update | Financials | 25/11/2016

Positive Q2 trading update

Update | Financials | 25/10/2016

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

Investment summary

In its Q417 trading update for the period to end March, Record reported AUME of $58.2bn, up 3% from the end of December and 10% from March 2016. In sterling terms, the increases were 2% and 26% respectively. The quarter saw positive moves in markets and currency that more than offset a modest net outflow of $0.5bn. This included a $0.9bn reduction in a specific multi-product mandate where allocations are subject to significant variations. Q417 performance in the currency for return area as a whole remained positive with the longest running multi-strategy product now having an annualised, ungeared return of +1.82% since inception (end July 2012).

Last updated on 01/06/2017

Industry outlook

Reflecting the higher than estimated year-end AUME and allowing for the termination of a $1.2bn passive hedging mandate after the period end, we have increased our revenue estimates, resulting in EPS estimate increases of 7% and 2% for FY17 and FY18 respectively. The background for attracting additional clients and AUME remains favourable given the recent history of global macro developments and continuing uncertainty.

Last updated on 01/06/2017

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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