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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 Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.15p -0.50% 30.00p 29.00p 31.00p - - - 13,752 16:35:29
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 23.8 7.3 3.0 9.9 59.72

Record PLC Business Update

22/03/2019 12:10pm

UK Regulatory (RNS & others)


Record (LSE:REC)
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TIDMREC

RNS Number : 7571T

Record PLC

22 March 2019

RECORD PLC

BUSINESS UPDATE

Record plc ("Record" or "the Company") announces today that it has subscribed GBP40,000 for 40 per cent. of the ordinary share capital of Trade Record Ltd ("Trade Record"), and entered into a shareholders' agreement with Trade Record's other shareholders, comprising Leslie Hill and Bob Noyen, both of whom are directors of Record, and one other.

Trade Record is a newly-formed company established to offer pay-to-enter competitions in which subscribers trade virtual money across asset classes, and the best realised trade performance determines a cash prize winner. Record is optimistic that its investment in Trade Record will allow Record to benefit from its associated branding including in recruitment, as well as offering the opportunity to create shareholder value in a business that offers significant diversification from Record's established currency management business.

The subscription of GBP40,000 will be met from Record's cash resources, and the gross assets of Trade Record at subscription are GBP80,000. As a newly-formed company Trade Record has generated no profits.

Record will announce its fourth quarter trading update on 17(th) April 2019.

For further information, please contact:

 
 Record plc                            Tel: +44 (0) 1753 852 
                                        222 
 James Wood-Collins, Chief Executive 
  Officer 
 Steve Cullen, Chief Finance Officer 
 
 
 MHP           Tel: +44 (0) 20 3128 
                8100 
 Nick Denton   record@mhpc.com 
 Ollie Hoare 
 

Notes to Editors

Record plc

Record is a specialist currency manager and provider of currency hedging services for institutional clients. Founded in 1983, Record has established a market leading position as a currency manager. Specifically, the Group has a leading position in managing Currency Hedging and Currency for Return for institutional clients.

The Group has four principal reporting lines:

 
 -   Dynamic Hedging, where Record seeks to eliminate the 
      impact of currency movements on elements of clients' 
      investment portfolios that are denominated in foreign 
      currencies when these movements are expected to result 
      in an economic loss to the client, but not to do so 
      when they are expected to result in an economic gain; 
 -   Passive Hedging, where Record seeks to eliminate fully 
      or partially the economic impact of currency movements 
      on elements of clients' investment portfolios that 
      are denominated in foreign currencies; 
 -   Currency for Return, in which Record enters into currency 
      contracts for clients with the objective of generating 
      positive returns; and 
 -   Multi-Product, where the client mandate includes combined 
      hedging and return-seeking objectives. 
 

Record (LSE: REC) was admitted to trading on the London Stock Exchange on 3(rd) December 2007.

This announcement includes information with respect to Record's financial condition, its results of operations and business, strategy, plans and objectives. All statements in this document, other than statements of historical fact, including words such as "anticipates", "expects", "intends", "plans", "believes", "seeks", "estimates", "may", "will", "continue", "project" and similar expressions, are forward-looking statements.

These forward-looking statements are not guarantees of the Company's future performance and are subject to risks, uncertainties and assumptions that could cause the actual future results, performance or achievements of the Company to differ materially from those expressed in or implied by such forward-looking statements.

The forward-looking statements contained in this document are based on numerous assumptions regarding Record's present and future business and strategy and speak only as at the date of this announcement.

The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this announcement whether as a result of new information, future events or otherwise.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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March 22, 2019 08:10 ET (12:10 GMT)

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