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.£58.7m
Last close26.50p
High / Low (52 weeks)39.0p / 22.1p
Stock market listingLN
Forecast net debt (£m)N/A
Forecast gearing ratio (%)N/A
TeamFinancials
SectorFinancials

Price performance

%1m3m12m
Actual8.25.0(30)
Relative *8.42.4(26.5)

* % Relative to local index

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Company news

Cullen,Steve Purchases 849 Shares of Record Plc (REC) Stock

Wed, 29 Jun 2016 11:15:00 GMT

Record Plc (REC) to Issue GBX 0.83 Dividend

Mon, 20 Jun 2016 06:11:15 GMT

Record Plc (REC) Set to Announce Quarterly Earnings on Friday

Thu, 16 Jun 2016 05:25:51 GMT

Record Plc's FY profit falls as firm-wide wage hike lifts expenses

Fri, 17 Jun 2016 13:07:30 GMT

Cullen,Steve Acquires 81591 Shares of Record Plc (REC) Stock

Wed, 22 Jun 2016 08:15:00 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 10.7 N/A
2015A 20.9 7.7 7.5 2.66 10.0 N/A
2016E 20.4 6.7 6.5 2.40 11.0 N/A
2017E 19.5 6.2 6.0 2.18 12.2 N/A

Last updated on 19/05/2016

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. Annual results due 17 June 2016.

Last updated on 01/06/2016

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 01/06/2016

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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