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Share Name Share Symbol Market Type Share ISIN Share Description
Record LSE:REC London Ordinary Share GB00B28ZPS36 ORD 0.025P
  Price Change % Change Share Price Shares Traded Last Trade
  -0.95p -3.00% 30.75p 140,212 16:35:26
Bid Price Offer Price High Price Low Price Open Price
29.60p 31.90p 32.80p 30.00p 32.80p
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 23.83 7.33 3.03 10.1 61.2

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Record Plc (REC) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2018-11-20 16:01:5530.6630,0009,198.00O
2018-11-20 15:46:2829.72700208.01O
2018-11-20 15:14:5730.0010,0003,000.00AT
2018-11-20 15:14:4630.5010,0003,050.00AT
2018-11-20 15:14:4231.0010,0003,100.00AT
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Record Plc (REC) Top Chat Posts

DateSubject
20/11/2018
08:20
Record Plc Daily Update: Record is listed in the General Financial sector of the London Stock Exchange with ticker REC. The last closing price for Record Plc was 31.70p.
Record has a 4 week average price of 29.60p and a 12 week average price of 29.10p.
The 1 year high share price is 53.20p while the 1 year low share price is currently 29.10p.
There are currently 199,054,325 shares in issue and the average daily traded volume is 85,407 shares. The market capitalisation of Record is £61,209,204.94.
19/10/2018
14:01
masurenguy: I used to be invested here but exited 6 years ago. Revisiting as a potential yield investment for my equity ISA. Will monitor for awhile before deciding whether to re-invest. Graham Neary's view: This is a specialist fund manager providing currency services. I own shares in it because of my positive impression of management (conservative and well-aligned), excellent cash generation characteristics, and my belief, at the time I invested at least, that it served an important financial niche. Unfortunately, it hasn't achieved much in terms of growth in the last few years - but then, this has been reflected in the valuation. Its share price has also been a victim of the recent general market correction, and then when you add in the effect of today's trading update, it's dropping deeper into what I hope will eventually prove to be "cheap" territory. When it comes to valuation, we should bear in mind that the company had equity (as or March 2018) of £26.5m, almost entirely tangible and liquid, including cash and money market instruments worth £22.5m. The Stocko valuation chart shows what I'm talking about: forecast dividend yield of 7% and EV/EBITDA ratio of 6.4x (prior to today's sell-off, so it's cheaper now). Today's update is not too encouraging, sadly. Assets under Management Equivalent (AUME) are up by 1.1% when expressed in GBP, but this was driven by market movements, not by client inflows. There was a small client outflow during the period. Additionally, 7 clients (out of 66) are leaving, taking $2.5 billion of AUME with them (out of $61.8 billion). They use the Passive Hedging product, which is the cheapest one, so the total loss in terms of fees will probably not be huge. But it's hardly good news. "Fee rates for most products were broadly unchanged". Again, this doesn't sound great. The overall trend in fees appears to be negative. No performance fees were earned during the period. My view - Unfortunately, Record's Passive Hedging product doesn't seem to stand out in the crowd (and charges low fees), while the Dynamic Hedging product, with higher fees, is a very small percentage of overall AUME and is in a negative long-term trend. That said, due to my sluggish investment style, I have no immediate plans to sell my position. On the bright side, I think it has the potential to recover some positive momentum in a period of extreme FX volatility, when institutions might be desperate for currency advice and might be willing to try the Dynamic Hedging product again, and I see the balance sheet and management as factors which reduce the risk of staying invested.
23/6/2017
08:17
dlm2602: I think the tender is an excellent idea. The only criticism is that it should have been done earlier. If you tender the exact amount allocated to you (c 10%) you will end up with 10% less shares but the same percentage of the company as you held before. The shares purchased by the company will be cancelled. If profits remain the same as last year the impact of cancelling these shares by the company means that the EPS will increase by 10%. Cash held generally has little effect on the valuation. So I believe that this scheme will likely lead to a rise in the share price all things being equal. If you can sell your (10%) shares in the market at a higher price than the tender offer then that is a better choice. Neil has offered to sell additional shares at the tender price if there are a lack of shares offered for tender. Given the poor liquidity in the shares, the tender is a rare opportunity to sell a large number without hitting the share price. I suspect the MM's will keep the price in check so that there is not much difference between the price XD and the tender offer. As an aside, REC looks at long last to have turned the corner. Its business should do well in these volatile markets and if it pays out all its Earnings in dividends we will be getting a dividend around 7% and still the prospect for further share repurchases.
22/6/2017
15:47
greasynut: Well, I was anticipating a special dividend. I would guess that is not tax efficient for the big holders, so they have opted for a tender offer instead. Other tender offers I have seen have been at a premium to the current share price to 'reward' shareholders & encourage then to tender. In that case the leavers benefit at the expanse of the remainers, but if every body gets the same offer, that's ok. We might get a better idea of their motivations when we see what the big holders are doing (Presumably they will reveal their intentions in the full documentation). 2 possibilities I can think of: 1. They want to reduce their participation & sell shares for cash. They couldn't manage this in the market. 2. They want to increase their participation as others sell shares for cash. Vote of confidence in the business. I've been holding shares here for years. I would have been glad to get a special dividend, but I'm not tendering at these levels. As the share price is now above the tender price it would be pointless anyway. So I guess the big holders will be tendering otherwise the whole thing is pointless. Looks like the only benefit here for small holders will be a slightly higher EPS going forward. woo-hoo.
21/4/2017
09:50
topvest: Trading update was fine. As has been for a few years, progress on new mandates is lumpy and there is always the risk of the odd loss as announced today and in the quarter. They do still have record AUM. Currency for return and dynamic hedging are the higher margin areas. If these took off then revenue growth would be very strong. With inflation taking off, one gets the feeling that forex markets could get more interesting. I'm happy to hold. Its a quality business. As to the share price - 25p was a bargain. 50p and the price had probably got ahead of itself. Looks about right now.
21/4/2017
09:02
walbrock82: Record PLC announces a record $58.2bn but mentioned there was a mandated termination of $1.2bn. Something to know about Record PLC; - 1. Management take home pay is equivalent 12% of total sales; 2. They also hold 50% of the company’s stock. 3. Cash balance accounts for 50% of total assets, that comes to £21m. 4. Business hasn’t grown due to financial regulation. 5. The share price was below 10 pence, now is 42 pence. 6.Despite managing more currency hedges for clients, revenue is only £20m. Compared that in 2011, it generates £28m in revenue, but manages $30bn. It is possible that lower interest rate and bond rates are causing this. The stock looks overvalued, as current valuation is close to six-year highs. Price to cash flow is at 18 times. And Earnings Yield of 5.8% means fundamentals have not caught up with market valuation. http://bit.ly/2ot2Mz1
18/11/2016
07:43
hammers976: Robey2 you've summed up my thoughts exactly. I personally want this share price to tank in the short term!
15/1/2016
19:46
robsy2: hmmh a bad day , off the bottom though .... hxxp://ir.recordcm.com/share-price-information/share-price-chart R2
16/6/2015
19:13
topvest: Good results and increased dividend is a bullish sign. The share price has finally broken out above 35p which has to be a chart break-out. All we need is some nice currency for return contract wins and this would go ballistic. Maybe one day!
07/2/2014
16:46
felix99: I like the stock - happily been in a while and quite heavily. Reminds me of when CLIG was small and when it was growing its FUM and share price then took off. All this emerging mkts stuff means a lot of peeps probably lost a few quid as the noddy currencies crashed and they wished they had a hedging strategy in place. So demand should be very healthy from their target client and it should be like shelling peas pushing at an open door. These guys appear to have a good system and record for managing these issues for people - so they have a good product, good reputation, growing FUM which means other client will be far more happy to come on board ( if other people are then they must be kosher so we will appoint them and then it becomes self fulfilling) and a healthy market to attack. I reckon they should add on loads of new FUM in a relatively short space of time over next few months. The business will be operationally geared so with lots more FUM its just profit straight to the bottom line - I would imagine all they need to add are salesman and account managers. So essentially you got profit growth to boost the share price and you then have the opportunity to hit turbo as the rating multiple of the share moves up as well. They have a fair bit of cash ( 10-15p per share ) and so stripping that out, the p/e is not very big for something that made 2p last year (31 Mar 13) and is forecast to make 2.4p this year ( 31 Mar 14 )and only 2.5p for 2015. Only seems to be Edison covering them but I reckon as they are on the up the mgt might do a bit of City smoozing as well.
08/3/2012
13:31
davidosh: HugePants stated... Bottom line is REC have 9.7p per share net cash plus a further 1.8p of investments in their own funds. That compares with current 11p share price. The balance sheet puts a floor on the share price IMO. For NEXT year forecast earnings year of 1.3p (PER of 8.5) and forecast dividend of 1.5p (yield 13.5%) HugePants, You seem to feel comfortable that all the key metrics are falling. I guess you invested much higher and think that the dividend is great whilst losing such huge chunks of capital ? Lets look at the cash you mention from the last three results... H1 to Sept 2010....£27.1m (interims) H2 to March2011....£24.7m (finals) H1 to Sept 2011....£19.6m (interims) H2 to March2012.... ??? We will not know until June but those cash reserves are depleting rapidly so your 9.7p of cash that was 14p of cash in 2009 is not quite the floor that you suggest hence the share price is following it downwards !! As for that dividend ! In the last finals the company paid out 4.6p in dividends but had only 4p of earnings. The missing 0.6p has to come from somewhere and it certainly did nothing to support the share price other than sucker a few more very temporarily into the company thinking it was a great income stock forgetting it is also the markets worst capital appreciation stock !! The company and the brokers look like suggesting the same trick again next time with an uncovered dividend payment if you look carefully.... 'For NEXT year forecast earnings year of 1.3p (PER of 8.5) and forecast dividend of 1.5p (yield 13.5%)' Is there a charity covering these extra payments or is that another notch downward for the cash reserves ?? Last five years eps and projection are horrific reading 2008..12.6p 2009...8.7p 2010...5.4p 2011...4.0p 2012...1.9p (forecast) 2013...1.3p (forecast) Earnings are halving every year so that is why the share price is collapsing. Meanwhile check out the directors remuneration and tell me how many millions have been paid out in that same period and at what point they are going to spend their loose change and take it off the market at 5p. There needs to be major changes here as I highlighted and the best start would be the headline figures and remuneration policy. If the company is currently trading on a multiple of 5x eps whilst forecast to do 1.9p then it will probably trade at 6.5p when 1.3p becomes reality. Why did this company ever float in the first place ? Only 25% are held by outsiders and they have been mugged from day one. If these are so cheap now surely Schroders would buy every share available to add to their 6% but NO ! If you were getting paid a million a year whether the company improves earnings or collapses them then would you want change ??
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