Share Name Share Symbol Market Type Share ISIN Share Description
Record Plc LSE:REC London Ordinary Share GB00B28ZPS36 ORD 0.025P
  Price Change % Change Share Price Shares Traded Last Trade
  4.00 4.49% 93.00 341,907 16:29:16
Bid Price Offer Price High Price Low Price Open Price
90.60 93.00 96.80 90.40 91.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 25.56 7.74 3.26 28.5 185
Last Trade Time Trade Type Trade Size Trade Price Currency
17:49:24 O 5,525 90.832 GBX

Record (REC) Latest News (3)

More Record News
Record Investors    Record Takeover Rumours

Record (REC) Discussions and Chat

Record (REC) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2021-06-23 16:51:0990.835,5255,018.47O
2021-06-23 16:13:2892.007,4006,808.07O
2021-06-23 15:35:1793.00518481.74UT
2021-06-23 15:29:1693.0021.86O
2021-06-23 14:11:2092.921211.15O
View all Record trades in real-time

Record (REC) Top Chat Posts

Record Daily Update: Record Plc is listed in the General Financial sector of the London Stock Exchange with ticker REC. The last closing price for Record was 89p.
Record Plc has a 4 week average price of 83p and a 12 week average price of 67.20p.
The 1 year high share price is 97.80p while the 1 year low share price is currently 31.70p.
There are currently 199,054,325 shares in issue and the average daily traded volume is 883,968 shares. The market capitalisation of Record Plc is £185,120,522.25.
trident5: I see that Mr Noyen sold "in response to market demand and in order to broaden the institutional shareholder base of the Company". After the sale he still held 8m shares - so I presume the market demand wasn't sufficient to take more than 1.5m and that the institutional shareholder base of the company is now sufficiently broadened. But I do wonder why the other directors didn't help Mr Noyen out here and share the burden - seems he was left with full responsibility for meeting all the demand and broadening the base. I would hope for a more joined up approach from the Board.
cockerhoop: hTTps:// The higher base of AUME and more favourable revenue mix prompted house broker Panmure Gordon to push up its earnings per share (EPS) estimates to 2.8p (from 2.6p) and 4.5p (from 3.8p) for the 2020-21 and 2021-22 financial years, respectively. Expect identical payouts, too – a reflection of the board’s policy of paying out almost all post-tax earnings to shareholders as dividends. The board can afford to do so because shareholders’ funds of £25.7m includes cash of £19.3m (9.7p a share) and the business is highly cash-generative. On this basis, Record’s shares are rated on a cash-adjusted forward price/earnings (PE) ratio of 9, and offer a prospective dividend yield of 9 per cent.
rubstick: Speny you raise a good point. My take on it is there is a very attractive yield. This is supported by the Management having a good stake and Neil Record in particular being omni present. I don't see the share price racheting up but the balance sheet is solid and the AUM robust. The main fear is the AUM drops because it is quite lumpy, but my experience in the City tells me with a continuing expanding money base they will be a secure income bet for a few years yet. So to modelling I have used a fairly basic cash discount model which actually has turned out to be quite accurate over recent years.
cockerhoop: speny, Not all REC AUM are born equal, margins on passive mandates are approx 2.5bps whilst dynamic mandates accrue around 15bps (so 6 time more valuable - worth over $40bn passive). Hence the importance of the recent $8bn dynamic win.
wexboy: Ta. Record 'always lacked growth'...this is both true & false. Look back at 2009: Record's total AUME was down 43% yoy to $31.5B & 97% of its total revenue came from NON-passive hedging AUME! And as we all know central bank intervention effectively destroyed the FX/macro fund sector over the past decade. So hanging on to ANY of its dynamic/multi-product/currency for return AUME & £13M of related revenue is actually quite the achievement. But Record's REAL achievement has been a four-fold growth in passive hedging from $13.0B to $53.9B & an eight-fold growth in related revenue from £1.5M to £12.0M today! Unfortunately, this also meant replacing most of their non-passive hedging business (earning on average about 15 bps today) with a passive hedging business that earns 3.0 bps instead. Which doesn't seem like the smartest strategy...EXCEPT when you consider the likely alternative may well have been extinction (as for most of its FX/macro peers)! So yeah, because of this decade-long fee-rate recycling process, all the average investor has seen is NO apparent revenue/earnings growth & little reason to get excited about buying into Record. But with passive hedging now the key AUME AND revenue driver, more signs & likelihood of increased currency volatility & macro dislocation, the appointment of a new CEO & Head of Sales, and of course this new $8.0B dynamic hedging mandate win, we now have the news-flow & the emerging/accelerated growth to attract a potentially huge cohort of new investors, and achieve a step-change in valuation & the share price. As you say...let's hope this is just the start!
dlm2602: trident5, It would be interesting to see the staff costs over the 2 periods. I suspect the average salary per employee has dropped dramatically as the number of high paid employees/directors have been replaced by more junior staff. I suspect the number of employees have increased too due to the increase in legal and compliance type issues. With regards the latest share option awards, I think the HR director's award is well deserved. He has been with the company for 10+ years and probably missed out when the company floated. The other director although more recent is head of strategic initiatives. If she is successful, she will bring additional revenue to the company and all shareholders should benefit. If she doesn't, she won't be around long enough to exercise those options. Also the strike price is at 37p so the company's share price has to increase by a material amount before their after tax profit becomes significant.
dlm2602: Trident, well done. I agree with you. Edison's forecast profits for YE21 and YE22 are around £5.6m. This mandate award must give that forecast a significant boost $8bn under management at the average dynamic hedging fee of 16 bps = is nearly $13m or £10m. Even if big discounts in management fee are given for the significant mandate size, you would hope the company would end up with profits of £2.5m from this mandate. In the context of current forecasts of £5.6m profit that is a very significant gain and in my view the share price still doesn't recognise this value. AIMO Maybe NR sold his shares at 37p too cheaply!
dlm2602: trident5. Not sure what you are upset about. The shares were bought by the company to go into their share option scheme to then be offered to senior staff. Those option have a strike price exactly the same as price Neil Record sold the shares. It is for me hugely refreshing that the company have bought these shares in the market rather than diluting existing shareholders by just creating new shares. Also, the recipients of these share options won't see any profit unless the share price exceeds 37p. My only slight concern (and this may be yours) is that there may have been other larger shareholders who would have been happy to sell at 37p and they were denied the opportunity. That said at least smaller shareholdings can be sold for 10% more now given the positive announcement.
under the radar: OT ... Heads up (BOR) Borders and Southern :- 1)465m barrels of condensate (light sweet crude) 2)Own 100% of all acreage 3)Darwin (discovery) costs are under $35 a barrel 4)474m shares in issue 5)£3m mkt cap = nothing at all priced in and priced to fail 6)Bod own over 10% of shares 7)Rkh sea lion will get sanctioned next year which will do wonders for BOR 8)Bottomed - no sellers left as all flushed (out after a long downtrend) 9)Bullish divergence on chart with bullish white candles being formed and coming to the end of an apex on a bullish reversal descending triangle (with a breakout coming very soon) 10)Enough money to last until April 2023 11)Update due in next 2 weeks The Market was over pessimistic and now a correction is due (it’s JUST starting now) Share price 0.7525p - it won’t be under 1p for long imho Put it on your watch list at the very least and see for yourself what happens I wish you luck whatever you decide! ATB
cwa1: First quarter Trading Update... Chief Executive of Record plc, Leslie Hill, commented: "Following a challenging preceding quarter to 31st March linked to the impact of covid-19, Record's AUME increased by 8% in the quarter, including favourable underlying market movements of $3.6 billion. "One of our strategic priorities for the current financial year is to enhance the capabilities of our marketing infrastructure to facilitate our accelerated growth plans. During the quarter, the Group appointed KPG Capital Partners LLC, a US-based third party distributor with broad institutional reach across North America, which will enhance Record's existing distribution capabilities in a key market. "While competition and fee pressure linked to our Passive Hedging products persists, we continue to respond by enhancing our products and service offerings. We have diversified our product range with the launch of a new multi-asset offering, Dynamic Macro Strategy and have made good progress in developing our market-first, innovative Impact/ESG bond offering, although the ultimate timing of any potential launch remains uncertain. "Record continues to illustrate its resilience and to operate effectively through the crisis, maintaining the strong relationships with its high quality, institutional clients by providing the highest levels of service and communication. This is testament to the strong commitment and capability of our people, and gives me confidence that we can succeed in achieving our goal of continued growth that I outlined at our recent full year results."
Record share price data is direct from the London Stock Exchange
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