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REC Record Plc

0.80 (1.11%)
Last Updated: 14:35:18
Delayed by 15 minutes
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
  0.80 1.11% 72.80 19,471 14:35:18
Bid Price Offer Price High Price Low Price Open Price
70.40 72.80 74.00 72.80 74.00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Finance Services 44.69M 11.34M 0.0591 12.35 140.09M
Last Trade Time Trade Type Trade Size Trade Price Currency
14:35:18 AT 586 72.80 GBX

Record (REC) Latest News

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Record (REC) Most Recent Trades

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Top Posts
Posted at 05/12/2023 08:20 by Record Daily Update
Record Plc is listed in the Finance Services sector of the London Stock Exchange with ticker REC. The last closing price for Record was 72p.
Record currently has 191,900,192 shares in issue. The market capitalisation of Record is £140,087,140.
Record has a price to earnings ratio (PE ratio) of 12.35.
This morning REC shares opened at 74p
Posted at 17/11/2023 20:34 by topvest
Thanks - good summary. Agreed - positive long-term. Some delay on new funds. Not surprising really. Overall, a tad disappointing but that's been showing in the share price for a while. More than happy to keep holding.
Posted at 17/11/2023 09:46 by nchanning
These goals were always incredibly ambitious , if Record were to hit in them in say 3 years time , the share price would easily triple . Would be happy just growing EPS at 10-15 % annually from here
Posted at 20/10/2023 10:42 by kalai1
Record plc issued a trading update for its Q2 ended 30th September this morning. Performance fees of £1.0 million were earned during the quarter with FY-24 YTD fees of £1.5 million. AUME were US$84.5 billion, including net inflows of US$1.5 billion for the quarter. Plans for diversification through the asset management and digital asset businesses continue to progress well, albeit in places more gradually than initially envisaged. Management will give more detail on strategic progress at half-year results in November. The balance sheet remains solid with negative net debt, valuation is average with forward PE ratio at 11.5x. Share price lacks momentum. Monitor for now...

...from WealthOracle
Posted at 20/10/2023 09:21 by somerset lad
Edison's most recent note from July forecasts FY24 performance fees of £1.5m (whilst noting that their forecast is below an annualisation of the £0.5m earned in Q1). With today's £1.0m from Q2, REC has reached the FY24 forecast already.
Posted at 20/10/2023 07:30 by adamb1978

Former holder here, and this post isn't meant to be a wind-up, but do people think that the dividend is safe?

Reason for asking is that if you model the management fees against the AuM and use similar rates to previous years, market forecasts of £45.7m turnover looks like a challenge. If that is missed, you probably have an uncovered dividend. Perhaps they live with that for a FY24 if they have comfort over it being covered in FY25?

Cutting the divi here would be horrible for the share price....

Posted at 20/10/2023 06:21 by robsy2
It is just another 90 odd day period in the life of REC, but the results look ok to me.Resilient-ish though performance fees are down this year on last - so far anyway. 1.5m v 2.8m at this stage last year , FY23 5.8m , so they are an important part of the picture .
Lesley notes a slight slowdown in progress on new initiatives.
The expected yield now is 7.7% for the year ending 31.03.24.
I have done well trading REC over the years .I say trading, but what I mean is I always hold some REC, for the divis as much as anything else, but have noted how the share price can overreact to the regular quarterly updates.
If reaction is negative then I will probably buy more if we go sub 70p.
Posted at 23/8/2023 14:04 by cerrito
Schroders slimming by 1.5pc explains recent share price weakness.
This is only the second change of shareholding RNS since the end of last August which shows the stability of the shareholder base-the other was when Neil Record sold abit in March.
Posted at 22/8/2023 18:41 by konradpuss
Adam, I think these folk will deliver on their targeted £60 million turnover with a 40% margin in the allotted time frame.

It must have been hard for the board to commit to those two 'hostages to fortune'.

I have more faith in Record to deliver these two than Sunak to deliver on his five promises. I doubt he will achieve one.

If Record does deliver, I can see a doubling of the share price from the circa 80p as of tonight.
Posted at 21/8/2023 15:55 by adamb1978
Given I've posted on here recently, I should say that I sold my position 2-3 weeks ago.

Reason being that I felt that the recent trading statement is likely to lead to declining earnings this year, and management weren't sounding hugely confident about the margin part of their medium term forecasts on the recent call. I therefore decided that there was more downside than upside in the next year so bowed out.

Also felt that somewhere around the current c78p price had acted as resistance in 2022 so could be support now, and then its down to mid 60s (previous supprt in 2022 and where it jumped to in early 2021). I wouldnt rule out getting back in - great yield, great, ROCE and I like that management had a plan for the medium term.

Hope all goes well for holders.
Posted at 03/7/2023 13:55 by mpage
@adamB1978. About employee share ownership. It's a bit lower than 3-5 years ago.

Personally, I wouldn't put too much weight on this aspect - apart from senior staff where it's meant to lock them in for reason of succession planning. When the only office was in Windsor, employees might have been reluctant to commute to London. But now REC has opened a London office (good!) - this will widen the talent pool available but turnover may also be higher.

Enjoying one's job, being paid well for it and not have to suffer from sociopathic line managers make for happy employees. Staff leave because of unpleasant managers, as much as anything. A growing company company will be telling its staff that there will be opportunities for advancement.

There is a bog standard (govt subsidised) Share Incentive Plan which probably accounts for the majority of that 63%. At Record, staff have to buy 2 shares to be given 1 free. These SIPs have a 5 year lock up if one wants to avoid clawbacks on NICs and Income Tax. Maximum subscription is £3,600 per year. In many financial companies, those in the know, consider SIPs to be a form of redundancy insurance. If one is made redundant and classified as a 'good leaver' then a company might potentially hand over the entire SIP contents tax free.

"The Group operates the Record plc Share Incentive Plan ("SIP"), to encourage more widespread ownership of Record plc shares by employees. The SIP is a tax‑approved scheme offering attractive tax savings for employees retaining their shares in the scheme over the medium to long term."

So how much do employees contribute annually to their Record SIP? Well, not that much (so far) as the latest AR tells us:

"As an incentive to employees, the Group matches every two shares bought by employees with a free matching share. During the year, the Group awarded 31,039 matching shares (2022: 23,309 matching shares) to employees. The expense charged in respect of the SIP was £24,950 in the year ended 31 March 2023 (2022: £18,310."

The max that a staff member could buy in their SIP is £3600x 0.66 = £2376 per year.

The AR tells us that staff(63% of 88 = 55 staff) bought 62,078 shares in the SIP or approx 1128 shares costing say 1128 x 85p or around £1000pa out of a maximum of £2376pa. That difference tells you that most employees are simply saving a regular monthly amount, rather than the max possible. That's why I say I wouldn't put too much weight on the rank and file share ownership.

Set against these purchases, Neil Record (70) has said that while he intends to be a significant shareholder for many years to come, he will also be periodically selling traches to fund scholarships (well done that man!)

Mr Record has built up a great little niche business and I'm happy to hold and see how the growth strategy pans out over the next 2-3years.
Record share price data is direct from the London Stock Exchange

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