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.£76.9m
Last close34.750p
High / Low (52 weeks)43.8p / 28.2p
Stock market listingLSE
Forecast net debt (£m)N/A
Forecast gearing ratio (%)N/A
TeamFinancials
SectorFinancials

Price performance

%1m3m12m
Actual(18.2)(2.1)17.3
Relative *(17.9)2.111.9

* % 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)
2012A 20.5 6.7 6.7 2.2 15.8 N/A
2013A 18.3 5.9 5.8 2.0 17.4 N/A
2014E 20.1 6.9 6.9 2.4 14.5 N/A
2015E 21.0 7.2 7.2 2.5 13.9 N/A

Last updated on 26/03/2014

Latest research

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

Weary waiting

QuickView | Financials | 21/04/2010

Investment summary

New mandates helped increase AUME 36% to $51.1bn in the three months to December, its highest level in over five years. These mandates were already in our estimates, although the favourable market movements ($1.4bn vs our estimate $0.3bn) and the new higher-margin $600m mandate announced earlier in January were not. Record remains in advanced discussions relating to a ‘handful’ of new higher-margin dynamic hedging mandates ranging in size from $1-10bn and delivery on these would have a material impact on forecasts. The next quarterly update will be released on 23 April.

Last updated on 31/03/2014

Industry outlook

Record believes there is a particular opportunity for US investors to benefit from a currency hedging strategy. US investors holding assets denominated in foreign currencies have benefited from the weakness of the US dollar on a trade-weighted basis since 2001. However, this cycle may reverse, potentially eroding the additional unhedged gains US investors have enjoyed over the period.

Last updated on 31/03/2014

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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