Record (LSE: REC)

Currency in GBP

Last close As at 26/01/2023


1.90 (2.06%)

Market capitalisation


Record is a specialist independent currency manager. It provides a number of products and services, including passive and dynamic hedging, and a range of currency for return strategies, including funds and customised segregated accounts.

The group continues to work on its diversification plans and notes that current market volatility underlines the relevance of its products for potential clients. Further detail on its diversification initiatives will be given at the time of the H123 results on 29 November. Record has previously stated its aspiration to achieve revenue of £60m in FY25 reflecting the realistic potential it sees in existing products and those in development. Subject to inflation and other developments, the group sees scope to reach an operating margin of 40% in the same year.

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Equity Analyst

Andrew Mitchell

Andrew Mitchell

Director, Financials

Key Management

  • Bob Noyen

    Chief Investment Officer

  • Leslie Hill


  • Neil Record


  • Steve Cullen


Balance Sheet

Forecast net cash (£m)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 1M 3M 12M
Actual 3.9 25.6 29.8
Relative 0.0 13.7 26.7
52 week high/low 97.0p/61.0p


Record is continuing to make good progress with its strategy of developing new capabilities and products to augment its core currency management services. This holds out the prospect of significantly higher and more diversified revenue and profit by FY25. In the meantime, existing currency strategies have performed well against a more volatile market background, which also creates a favourable background for conversations with potential clients for well-established hedging services.

Y/E Mar Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2021A 25.4 7.0 6.2 2.73 34.5 27.2
2022A 35.2 12.2 10.9 4.37 21.5 16.4
2023E 42.0 14.1 13.2 5.45 17.3 16.3
2024E 43.5 14.3 13.7 5.22 18.0 18.3


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