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.£76.4m
Last close34.50p
High / Low (52 weeks)43.8p / 29.5p
Stock market listingLN
Forecast net cash (£m)13.5
Forecast gearing ratio (%)N/A
TeamFinancials
SectorFinancials

Price performance

%1m3m12m
Actual(1.4)(1.4)4.6
Relative *1.63.04.6

* % 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 2.01 17.2 N/A
2014A 20.3 7.1 6.9 2.43 14.2 N/A
2015E 19.1 6.1 6.0 2.19 15.8 N/A
2016E 19.6 6.1 6.1 2.22 15.5 N/A

Last updated on 27/11/2014

Latest research

Steady profits in H115

Update | Financials | 27/11/2014

Daily comment

Institutional Comment | Financials | 14/11/2014

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

Investment summary

Underlying profits in H115 were flat compared with H114. Revenue from mandate wins in H214, together with cost savings, went some way in offsetting revenue declines from re-pricing its dynamic hedging product and the previously known loss of a large dynamic hedging client on 1 April 2014. Record reports that it is experiencing a good level of new business enquiries across all geographies and products. More divergent monetary policy and wider interest rate differentials could produce more currency volatility and demand for its hedging and currency for return strategies. Our estimates do not include new mandate wins (or losses) and would benefit from any conversion of this increased market interest.

Last updated on 01/12/2014

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 01/12/2014

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
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