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.£70.8m
Last close32.00p
High / Low (52 weeks)43.8p / 28.2p
Stock market listingLN
Forecast net debt (£m)N/A
Forecast gearing ratio (%)N/A
TeamFinancials
SectorFinancials

Price performance

%1m3m12m
Actual(7.6)1.6(7.6)
Relative *(5.1)6.7(3.5)

* % Relative to local index

Other companies in sector Show

Y/E Mar Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2013A 18.3 5.9 5.8 2.0 16.0 N/A
2014A 20.3 7.1 6.9 2.4 13.3 N/A
2015E 18.4 5.5 5.4 1.9 16.8 N/A
2016E 18.7 5.5 5.4 1.9 16.8 N/A

Last updated on 24/09/2014

Latest research

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

The US is the land of opportunity

Update | Financials | 25/11/2013

Growing pipeline of potential US mandates

Update | Financials | 08/11/2013

Operationally geared to grow

Initiation | Financials | 25/10/2013

Return to client growth

QuickView | Financials | 12/06/2013

H1 profits beat

QuickView | Financials | 19/11/2012

Record not broken

QuickView | Financials | 21/11/2011

Weary waiting

QuickView | Financials | 21/04/2010

Investment summary

Record announced fund inflows for Q115 of $0.4bn including the negative impact ($0.6bn) of a previously announced termination of a dynamic hedging mandate. Including positive effects from exchange rates and the market movements on the underlying client assets being hedged, AUME (the company’s equivalent of assets under management) increased $2.2bn to $54.1bn in the period, better than we have allowed for. In Record’s base currency of sterling, much of the asset outperformance is eroded by sterling gains against the dollar, but with fee levels broadly in line with previous periods, this supports our full year forecasts. We will review as the year progresses.

Last updated on 30/09/2014

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.

Last updated on 30/09/2014

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
View website