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.£86.3m
Last close39.00p
High / Low (52 weeks)39.8p / 29.5p
Stock market listingLN
Forecast net debt (£m)N/A
Forecast gearing ratio (%)N/A
TeamFinancials
SectorFinancials

Price performance

%1m3m12m
Actual3.014.723.8
Relative *1.118.622.9

* % Relative to local index

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Company news

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Y/E Mar Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2014A 19.9 7.1 6.5 2.47 15.8 N/A
2015A 21.1 7.7 7.7 2.65 14.7 N/A
2016E 22.2 8.1 8.0 2.88 13.5 N/A
2017E N/A N/A N/A N/A N/A N/A

Last updated on 23/06/2015

Latest research

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

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

Investment summary

Record had previously reported FY15 growth in assets under management equivalent (AUME) and client numbers. Full year results show that revenues and profits also grew slightly faster than we had forecast, and the 10% dividend increase was a positive surprise. Backed by a solid base of passive hedging mandates, Record appears well placed to grow its higher-margin dynamic hedging and currency for return products. Increasingly divergent global monetary policies have raised awareness of both FX risks and opportunities among existing and potential clients with continuing high levels of engagement. Although we have not included new inflows in our forecasts, Record is attractively rated compared with other asset managers, offers an attractive yield and is financially strong, with cash and marketable securities around 35% of its market capitalisation.

Last updated on 02/07/2015

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 29/06/2015

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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