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REC Record Plc

67.20
-0.20 (-0.30%)
18 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Stock Type
Record Plc REC London Ordinary Share
  Price Change Price Change % Share Price Last Trade
-0.20 -0.30% 67.20 16:27:10
Open Price Low Price High Price Close Price Previous Close
67.40 65.00 67.40 67.20 67.40
more quote information »
Industry Sector
GENERAL FINANCIAL

Record REC Dividends History

Announcement Date Type Currency Dividend Amount Ex Date Record Date Payment Date
17/11/2023InterimGBP0.021530/11/202301/12/202322/12/2023
30/06/2023SpecialGBP0.006813/07/202314/07/202309/08/2023
30/06/2023FinalGBP0.024513/07/202314/07/202309/08/2023
29/11/2022InterimGBP0.020508/12/202209/12/202230/12/2022
21/06/2022FinalGBP0.01830/06/202201/07/202209/08/2022
21/06/2022SpecialGBP0.009230/06/202201/07/202209/08/2022
23/11/2021InterimGBP0.01802/12/202103/12/202130/12/2021
17/06/2021SpecialGBP0.004501/07/202102/07/202110/08/2021
17/06/2021FinalGBP0.011501/07/202102/07/202110/08/2021
24/11/2020InterimGBP0.011503/12/202004/12/202031/12/2020
19/06/2020SpecialGBP0.004102/07/202003/07/202011/08/2020
19/06/2020FinalGBP0.011502/07/202003/07/202011/08/2020
22/11/2019InterimGBP0.011505/12/201906/12/201927/12/2019
13/06/2019FinalGBP0.011527/06/201928/06/201931/07/2019
13/06/2019SpecialGBP0.006927/06/201928/06/201931/07/2019

Top Dividend Posts

Top Posts
Posted at 09/2/2024 07:45 by robsy2
Agreed. There seem to be so many attratively priced stocks in the UK so it is hard to know which ones to own .. Even if you just look across the small pool of UK asset managers you are spoilt for choice.
I have 5% of my portfolio in REC. For me that is about right, but if I see serious weakness here, say the stock gets quoted at 60p, then I would consider buying more, if I could sell part of another holding that is trading anywhere near where I think it is worth!
Posted at 09/2/2024 06:52 by robsy2
7% divi looks safe enough. Press that button!!
Posted at 26/1/2024 07:26 by robsy2
Yes,good stuff.

The performance fees are getting more regular;

Performance fees FY2022 0.5m GBP
Performance fees FY2023 5.8m GBP
Performance fees FY2024 5.0m GBP (with Q4 to come)

Full year dividend of 4.96p looks safe enough.
Posted at 22/12/2023 09:43 by somerset lad
If REC is going to be generous with its options, it needs a minimum shareholding requirement for the recipients. The purpose, surely, of giving out equity to staff is to encourage the holders to have an interest in the long term prospects for the business.
Posted at 17/11/2023 16:35 by robsy2
Just attended the presentation, Leslies last most likely . I will miss her.
My notes are as follows.
Profits down for multiple reasons , while fee income is up , performance fees are down but they see
that the "wind is set fair " for more performance fees in H2.

Overall the say they are on track for the full year. They have visibility on income to make up the ground.
Some performance slippage due to increased costs in general , increased taxation and extra costs associated with expanding the business:new people , new office in Germany, upfront costs of establishing the new funds etc.
They are confident in the new funds, the clients are ready and committed. REC expects much higher fees from these funds and long-term scale-up.
They remain confident of the 60m turnover target set in 2022, but recognise that the World has changed a bit since then.My feeling is that they are realising how long it takes to get new funds up and running. Turnover at 60m in FY25 is flagged up now as possible, though unlikely. Much more likely they say to be achieved in FY26/FY27. What they do seem particularly confident about is that they will get there saying that " we will certainly hit the 60m target", indeed they see 60m as "a step on the way ".
Sounds positive to me.
Posted at 20/10/2023 11:33 by mpage
@AdamB1978

I don't think we need to be worried about the basic div (unless there are some huge and unexpected mandate redemptions/costs overruns). Couple of reasons:

The board has only just sanctioned a 25% uplift in the div - they'd look hugely incompetent if they then went and cut that the following year.

Revs are in USD divs are paid in GBP. REC benefits from a strong dollar vs sterling.

IF things got difficult it's the special div that wd be the first to go.

The FD said (last AR) that they can pay up to 100% of earnings - without having to touch the cash on the BS. Which needs to sit there for regulatory purposes and to reassure their large/conservative clients.

FD: "To this end, the Group maintains a financial model to assist it in forecasting future capital requirements over a three-year cycle under various scenarios and monitors the capital and liquidity positions of the Group on an ongoing basis. The Group has no debt."
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
Hi

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....

Adam
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 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.

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