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.£87.6m
Last close44.00p
High / Low (52 weeks)48.0p / 24.6p
Stock market listingLN
Forecast net cash (£m)9
Forecast gearing ratio (%)N/A

Price performance

Relative *(2.7)6.060.3

* % Relative to local index

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Company news

Where Record plc (LSE:REC) Stands In Terms Of Earnings Growth Against Its Industry

Wed, 02 Aug 2017 15:45:00 GMT

Tale of the Ticker: Record Plc (REC.L) Moves on Volume

Wed, 16 Aug 2017 12:51:06 GMT

Insider Selling: Record Plc (REC) Insider Sells 500000 Shares of Stock

Sun, 13 Aug 2017 00:56:15 GMT

Bob Noyen Sells 500000 Shares of Record Plc (LON:REC) Stock

Mon, 14 Aug 2017 19:18:45 GMT

Insider Buying: Record Plc (LON:REC) Insider Buys 507 Shares of Stock

Sat, 12 Aug 2017 08:15:00 GMT

Y/E Mar Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2016A 21.1 7.2 7.0 2.54 17.3 N/A
2017A 23.9 8.1 7.9 2.90 15.2 N/A
2018E 25.1 9.1 8.8 3.39 13.0 N/A
2019E 25.6 9.2 9.0 3.59 12.3 N/A

Last updated on 25/07/2017

Investment summary

Record reported an AUME increase of 2.9% in Q118 to 30 June 2017, reaching $59.9m (31 March: $58.2bn). Inflows offset the previously announced cancellation of a $1.2bn passive hedging mandate and a dynamic hedging client notified Record of its intention to switch to a passive mandate. Exchange rate movements increased AUME measured in US dollars by $2.4bn, while market movements reduced AUME by $0.7bn. Fee rates remained steady through the quarter and no performance fees were earned. Despite rerating in the last year, the shares still trade below average multiples for UK asset managers and we forecast a prospective yield of 5%.

Last updated on 03/08/2017

Industry outlook

Sources of uncertainty over the economic and political outlook remain a feature of the global scene, creating an environment in which interest in Record's currency management services is sustained. Prospectively, the tender offer (which was oversubscribed) will contribute to the increase in earnings per share, while the commitment to a progressive dividend policy and ongoing special dividend payments to distribute substantially all earnings means income returns should continue to be attractive.

Last updated on 03/08/2017

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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