Record Share Discussion Threads

[t1tch] 14/6/2011 08:12

The Board's current intention, subject to business conditions, is to rebase the interim dividend from 2.0p per share to 0.75p per share. In rebasing the dividend, the Board will be mindful of achieving a level which it expects to be covered by earnings going forward.

[solarno lopez] 14/6/2011 08:10

.Dividend is not covered by earnings is it likely to be cut in future years

[chrisdgb] 14/6/2011 08:09

Indeed all in line, no change to JP Morgan forecasts, represents incredible value.....

[masurenguy] 14/6/2011 07:43

Dividend maintained - current yield 17.8%, PER is 6.5 and P/EVR is 3.8 !

RNS Number : 3604I
Record PLC
14 June 2011

FINAL RESULTS FOR THE YEAR ENDED 31 MARCH 2011

Financial highlights:

§ AuME¹ $31.4bn at 31 March 2011 (down 8%)

§ AuME £19.6bn at 31 March 2011 (down 13%)

§ Management fee income of £28.1m (down 15%)

§ Pre-tax profit £12.5m (down 25%)

§ Continued strong balance sheet with no debt and a cash balance of £24.7m (up 13%)

§ Operating profit margin to 31 March 2011 of 44% compared to 49% for the year ended 31 March 2010

§ Basic EPS of 4.03p per share (2010: 5.39p)

§ Proposed final dividend for the year to 31 March 2011 is 2.59p per share giving a total dividend in respect of the period of 4.59p per share (2010: 4.59p)

Operating highlights:

§ Dynamic Hedging AuME remained broadly unchanged and represented 38% of AuME at 31 March 2011 (2010: 35%) but grew to represent 62% of management fee income (2010: 43%)

§ Client numbers fell by 47 to 46 by year end 31 March 2011

§ Alpha Composite² return of -3.39 % for year ended 31 March 2011 (year to 31 March 2010 -0.73%)

§ Launch of FTSE FRB10 Index, Emerging Market Currency and Euro Stress Funds

§ Plans to launch Currency Momentum and Currency Value strategies in the current year

¹As a currency manager Record manages only the impact of foreign exchange and not the underlying assets, therefore its "assets under management" are notional rather than real. To distinguish this from the AUM of conventional asset managers, Record uses the concept of Assets under Management Equivalents (AuME) and by convention this is quoted in US dollars.

² Currency Alpha Composite - an investment return track record generated by the aggregation of all standard segregated track records for Record's established Currency for Return product. The Currency Alpha Composite is asset weighted, based on AuME for each account.

Commenting on the results Neil Record, Chairman of Record plc, said: "The last financial year was clearly challenging for Record as clients continued to withdraw funds from the existing Currency for Return products. Contrasting this has been the stability of both clients and AuME for the hedging business (Dynamic and Passive) that now represents 88% of our AuME. The split of business between Dynamic Hedging and Currency for Return has changed substantially over the last couple of years.

Management fee income fell to £28.1m as a result of the client losses in the Currency for Return product. Operating margins remained strong at 44% and the balance sheet had £24.7m cash and no debt at the year end. We have seeded two new funds in the year, a product to track the FTSE Currency FRB10 index and an emerging market product. Additionally, in June we launched a Euro stress fund. All these products are being actively marketed to consultants and clients.

Looking to the current year, we hope to achieve success with Passive and Dynamic Hedging. Over the longer term we believe that the suite of currency return products we are developing will be attractive to clients as they look to invest in currency as it becomes established as an asset class."

Analyst briefing

There will be a presentation for analysts at 9.30am on Tuesday 14 June 2011 at the offices of JPMorgan Cazenove Limited at 20 Moorgate London EC2R 6DA. A copy of the presentation will be made available on the Group's website at www.recordcm.com.

[chrisdgb] 13/6/2011 13:34

stock is looking well bid ahead of the results..

[masurenguy] 08/6/2011 09:55

Final results are due next Tuesday (June 14).

[chrisdgb] 08/6/2011 09:49

Let us hope the upcoming results highlight further positive progress....a nice new mandate would be welcome....

[142minty] 03/6/2011 12:47

Trader Vics

They have had plenty of opportunities to sell since the end of the lock in and at much higher prices..........

Minty

im going (to try) and buy some more

[chrisdgb] 03/6/2011 12:31

Yes way oversold, some buying interest today, next stop 30p....?

[trader vics] 01/6/2011 15:29

a Massive downward move for nearly a year and half, pathetic! at least it can improve from here. of course the directors haven't sold, because they have missed the boat to sell!! this should be worth a quid........one day. imho,
in 2 years +

[chrisdgb] 26/5/2011 15:09

no stock around, could get squeezy if we get positive news..

[mangal] 26/5/2011 13:49

yes, it's the bugs in the air :-Q

[ayiman] 26/5/2011 13:42

Significant upwards move last couple of days and bug jump today. Is something in the air?

Ayi

[chrisdgb] 25/5/2011 11:52

bought in as well today, tricky to call the bottom but risk/reward looks appealing..

[langland] 24/5/2011 14:53

I have bought in today for yield and recovery. The price just seems too low.....is suggesting the company is bust. Cash has probably increased to 34mn approx at year end.

[adam] 24/5/2011 10:43

I did speak to the company some months ago and did feel reassured they will not have to read across the lower fees to the rest of the buiness - at least not very significantly. 11p is TNAV here, so not a lot of good news in for what is after all still a profitable operation with some $30b under management.

[142minty] 24/5/2011 10:01

Tim

well someone is this morning.....

best

Minty

[timanglin] 23/5/2011 17:05

if they are millionaires and have confidence, and clearly earning their management fees, then why are they not buying? imho

[ayiman] 22/5/2011 10:39

Looks like we will need to wait til next month before we get any indications of news on this one. A lot depends on whether they decide to pay a dividend or not.
If no then further ATL's are on the horizon.
ayi

[masurenguy] 19/5/2011 16:36

Yet another ATL close today @20.25p. Will it go sub 20p soon !

[masurenguy] 15/4/2011 17:36

Hmm......well todays update was not very well received by the market. Yet another ATL close @21.9p !

[142minty] 11/4/2011 16:30

if youre looking for some good signals look at the AR fund performance on Bloomberg.........tap in Record Currency into search funds . a long way to go but if it continues improving at this speed we MAY see performance fees this year!

[masurenguy] 31/3/2011 14:41

Wow - couldn't help but notice that REC hit yet another ATL @23p today ! When will this share price find a bottom ? At this rate there could potentially be a cheap MBO to end the ongoing misery.

So glad that I got out at 91p some 18 months ago, taking nearly a 40% hit at the time !