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.£54.8m
Last close24.75p
High / Low (52 weeks)39.8p / 22.1p
Stock market listingLN
Forecast net debt (£m)N/A
Forecast gearing ratio (%)N/A
TeamFinancials
SectorFinancials

Price performance

%1m3m12m
Actual(7.9)(5.7)(28.8)
Relative *(5.9)(8.8)(19.6)

* % Relative to local index

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Company news

Record Plc (REC) Insider Acquires £226.26 in Stock

Fri, 29 Apr 2016 14:26:15 GMT

Why the debate on Yucca isn't changing post-Harry Reid

Tue, 24 May 2016 16:12:42 GMT

U.K. Shares Advance as RBS, Lloyds Banking Climb With Lenders

Tue, 24 May 2016 08:22:45 GMT

Royal Dutch Shell: This Is Another Opportunity

Tue, 24 May 2016 17:37:30 GMT

CLO Debt Market Peps Up

Sun, 22 May 2016 23:44:28 GMT

Y/E Mar Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2014A 20.3 7.1 6.9 2.48 10.0 N/A
2015A 20.9 7.7 7.5 2.66 9.3 N/A
2016E 20.4 6.7 6.5 2.40 10.3 N/A
2017E 19.5 6.2 6.0 2.18 11.4 N/A

Last updated on 25/04/2016

Latest research

Investment summary

Record's results for the six months to 30 September 2015 reported a 9% y-o-y increase in underlying PBT and operating margin of 33%. Assets under management equivalent (AUME) amounted to $53.3bn, down from $56.6bn at June.The interim dividend was raised to 0.825p, from 0.75p last year. The capital and cash positions remain strong. Record continues to see interest in its hedging strategies and a high level of client engagement. We made small changes to our FY16 and FY17 forecasts following the publication of these results. A Q416 trading update on 22 April 2016 stated that AUME had risen to $53.7bn at 31 March 2016, with client outflows of $1.5bn and exchange rate and market movements adding $1.7bn.

Last updated on 03/05/2016

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.The much expected rise in US interest rates occurred in December 2015, but since then market sentiment over concerns on the strength of the global economy has lowered expectations about the pace of further US rate rises.

Last updated on 03/05/2016

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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