Record plc (REC) AI Stock Analysis

• Market Cap: £96.72M
• Dividend Yield: 8.61%
• Average Volume (3M): 161.21K
• Price to Earnings (P/E): 7.6
• Beta (1Y): 0.43
• Revenue Growth: -11.43%
• EPS Growth: -17.65%
• Country: UK
• Employees: 98
• Sector: Financial
• Sector Strength: 70
• Industry: Asset Management
• EPS (TTM): 0.02
• Shares Outstanding: 199,054,320
• 10 Day Avg. Volume: 222,674
• 30 Day Avg. Volume: 161,214
• PEG Ratio: -4.27
• Price to Book (P/B): 3.32
• Price to Sales (P/S): 2.32
• P/FCF Ratio: 19.86
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 0.04
• Revenue Forecast (FY): £40.15M

• Rating: 72 Outperform
• Price Target: 60.00 p ▲(9.09% Upside)
• Action: Reiterated Date: 12/07/25
• Date: Action: Reiterated 12/07/25

Record plc's overall score is driven by its strong valuation and financial stability, despite technical indicators suggesting a bearish trend. The company's high dividend yield and strategic corporate events further support its potential for long-term growth.

Positive Factors

Strong balance sheet

Record's strong equity ratio and low leverage provide durable financial flexibility. Prudent capital structure supports stability through asset under management (AUM) volatility, funds client confidence, and preserves capacity to invest or support distributions over the next several quarters.

Recurring fee-based business model

A fee-for-service model driven by recurring management fees creates steady, contractable revenue when AUM is stable. Serving institutional mandates and providing currency overlay are sticky services, supporting predictable fee income and margin sustainability versus transactional trading businesses.

Record AUM and strategic leadership appointments

Record AUM signals scale gains and client demand; leadership appointments imply strengthened governance and execution. Together they are structural positives that can drive mandate wins, deepen institutional relationships and improve distribution and product development over the medium term.

Negative Factors

Declining revenue and EBIT

A recent fall in top-line and EBIT reduces operating leverage and limits reinvestment capacity. Persistent revenue contraction can erode margins, weaken competitive positioning for new mandates and constrain ability to fund strategic initiatives or maintain dividend capacity over coming quarters.

Operating cash flow weakness

A decline in operating cash flow signals weakening cash conversion despite solid free cash flow history. If sustained, it could stress liquidity for client reporting, dividend payouts or investments. Monitoring working capital and fee collection dynamics is essential for medium-term financial health.

Revenue sensitivity to AUM and FX valuation

Business performance is structurally tied to AUM levels and FX market moves, making revenues exposed to client flows and valuation swings. For a currency-focused manager this creates cyclicality and variable performance fees, reducing long-term revenue predictability and planning clarity.

Record plc Business Overview & Revenue Model

Company Description

Record plc, through its subsidiaries, provides currency and derivative management services in the United Kingdom, North America, Continental Europe, Australia, and internationally. It offers asset management services; derivatives, such as options, futures, cross-currency, and total-return swaps; fixed income instruments, including bonds and loans; ancillary services including cash and liquidity management, collateral management, and derivatives overlays. The company's clients include asset managers, pension funds, foundations, and other institutional investors. It distributes its products through direct sales, as well as through investment consultants. Record plc was founded in 1983 and is headquartered in Windsor, the United Kingdom.

How the Company Makes Money

Record plc generates revenue primarily through management fees charged for its investment management services. The company has a diverse range of revenue streams, including fees from active currency management, passive currency overlay services, and advisory services related to foreign exchange. Additionally, Record benefits from performance fees contingent on achieving specific investment performance targets. The company's partnerships with institutional clients and its reputation for delivering tailored currency solutions contribute significantly to its earnings, alongside a growing demand for currency risk management in an increasingly globalized investment landscape.

Record plc Financial Statement Overview

Summary

Record plc shows strong financial stability with a robust balance sheet and efficient cost management. However, declining revenue and EBIT in the most recent year and a drop in operating cash flow indicate areas needing attention.

Income Statement

Record plc has shown a stable yet declining revenue trend over recent years. The gross and net profit margins are robust, indicating efficient cost management and profitability. However, a notable decline in revenue and EBIT in the most recent year affects the overall evaluation. Despite this, the company maintains a solid EBITDA margin, highlighting operational efficiency.

Balance Sheet

The company's balance sheet reflects a strong equity position with a healthy equity ratio, indicating financial stability. The debt-to-equity ratio remains low, suggesting prudent leverage usage. The return on equity is satisfactory, reflecting effective use of equity to generate profits. Overall, the balance sheet is strong with minimal financial risk.

Cash Flow

Record plc demonstrates solid cash flow generation with consistent free cash flow. However, the recent drop in operating cash flow needs monitoring. The free cash flow to net income ratio is strong, but the operating cash flow to net income ratio has decreased, signaling potential challenges in cash conversion efficiency.

Breakdown	TTM	Mar 2024	Mar 2023	Mar 2022	Mar 2021	Mar 2020
Income Statement
Total Revenue	40.15M	41.62M	45.38M	44.91M	34.78M	25.45M
Gross Profit	19.28M	41.14M	45.30M	44.08M	33.52M	24.10M
EBITDA	9.53M	11.86M	13.71M	14.98M	11.73M	7.83M
Net Income	8.60M	9.11M	9.25M	11.34M	8.63M	5.35M
Balance Sheet
Total Assets	41.12M	42.40M	36.06M	36.74M	33.23M	33.09M
Cash, Cash Equivalents and Short-Term Investments	11.38M	13.30M	17.48M	14.50M	17.26M	19.78M
Total Debt	13.69M	7.11M	185.00K	979.00K	1.33M	638.00K
Total Liabilities	13.32M	13.33M	7.11M	8.45M	7.29M	6.29M
Stockholders Equity	27.81M	29.06M	28.95M	28.29M	25.93M	26.80M
Cash Flow
Free Cash Flow	6.66M	4.86M	12.24M	11.21M	10.99M	6.45M
Operating Cash Flow	8.90M	7.35M	13.05M	12.44M	11.40M	6.87M
Investing Cash Flow	2.95M	7.09M	-3.36M	7.04M	-3.51M	-6.51M
Financing Cash Flow	-9.30M	-10.58M	-10.43M	-13.04M	-11.53M	-7.66M

Record plc Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 55.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:REC, the sentiment is Negative. The current price of 55 is below the 20-day moving average (MA) of 55.23, below the 50-day MA of 55.54, and below the 200-day MA of 56.11, indicating a bearish trend. The MACD of -1.24 indicates Positive momentum. The RSI at 30.76 is Neutral, neither overbought nor oversold. The STOCH value of 6.86 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:REC.

Record plc Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CLIG	76 Outperform	£184.44M	5.84	12.06%	8.15%	1.29%	11.17%
TAM	74 Outperform	£340.84M	12.13	31.92%	3.21%	20.46%	9.72%
REC	72 Outperform	£96.72M	7.57	30.24%	8.61%	-11.43%	-17.65%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
MERC	67 Neutral	£116.97M	21.20	1.79%	3.29%	-9.37%	―
LIO	64 Neutral	£146.12M	11.47	9.72%	21.31%	-15.65%	-12.27%
IPX	62 Neutral	£147.51M	11.98	17.51%	17.93%	-16.53%	-44.15%

Record plc Corporate Events

Record plc appoints interim CFO as outgoing finance chief steps down from board

Record plc has announced a change in its finance leadership, with Samantha Dunn appointed as interim Chief Financial Officer in a non-board role. She replaces outgoing CFO Richard Heading, who had previously signalled his intention to step down and will now remain on garden leave until the end of March 2026.

Following a handover period, Heading has stepped down from the board effective 9 March 2026, accelerating the governance transition ahead of his formal departure. The move signals continuity in the company’s financial management while the board oversees the next phase of its leadership arrangements in a key executive function.

The most recent analyst rating on (GB:REC) stock is a Buy with a £60.00 price target. To see the full list of analyst forecasts on Record plc stock, see the GB:REC Stock Forecast page.

Record plc Discloses Share Incentive Plan Purchase by Senior Manager

Record plc disclosed that Thomas Arnold, its head of client team, has increased his holding in the company through the Record Share Incentive Plan. Under the plan, Arnold acquired 392 ordinary shares at 57.57 pence each on 27 February 2026, taking his total SIP shareholding to 56,928 shares.

The transaction, carried out on the London Stock Exchange Main Market, was notified in line with Article 19 of the UK Market Abuse Regulation governing dealings by senior managers. The disclosure underscores ongoing equity participation by key management and reinforces transparency around insider dealings for investors and regulators.

The most recent analyst rating on (GB:REC) stock is a Buy with a £60.00 price target. To see the full list of analyst forecasts on Record plc stock, see the GB:REC Stock Forecast page.

Record plc Discloses Senior Manager Share Acquisition Under Incentive Plan

Record plc reported that senior manager Thomas Arnold, Head of Client Team, has acquired 403 ordinary shares in the company at a price of 55.75 pence per share under its Share Incentive Plan, bringing his total holding under the plan to 56,536 shares. The transaction, conducted on 27 January 2026 on the London Stock Exchange main market, reflects the ongoing use of equity-based compensation to align key management’s interests with shareholders, with the disclosure made in line with UK Market Abuse Regulation requirements for transparency around dealings by persons discharging managerial responsibilities.

The most recent analyst rating on (GB:REC) stock is a Buy with a £60.00 price target. To see the full list of analyst forecasts on Record plc stock, see the GB:REC Stock Forecast page.

Record plc Sets New AUM High on Strong Inflows and Stable Earnings Outlook

Record plc reported a record level of assets under management of US$115.9bn for the quarter ended 31 December 2025, driven by positive net inflows and underlying asset growth, particularly in its core Passive Hedging business and a second consecutive quarter of inflows into FX Alpha. Performance fees rose to £1.6m in the quarter, bringing year-to-date performance fees to £2.4m, while average fee rates remained broadly stable and management reaffirmed that earnings expectations for the current financial year are unchanged, underscoring operational momentum and stable profitability for investors.

The most recent analyst rating on (GB:REC) stock is a Buy with a £60.00 price target. To see the full list of analyst forecasts on Record plc stock, see the GB:REC Stock Forecast page.

Record plc Senior Manager Increases Stake Through Share Incentive Plan

Record plc has disclosed that Thomas Arnold, its Head of Client Team, acquired 407 ordinary shares in the company on 29 December 2025 under its Share Incentive Plan at a price of 55.40 pence per share, taking his total holding within the plan to 56,133 shares. The transaction, conducted on the London Stock Exchange’s main market and notified under UK Market Abuse Regulation, underscores ongoing alignment of senior management interests with those of shareholders through regular participation in the company’s share incentive arrangements.

The most recent analyst rating on (GB:REC) stock is a Buy with a £60.00 price target. To see the full list of analyst forecasts on Record plc stock, see the GB:REC Stock Forecast page.

Record plc Senior Managers Increase Holdings via Dividend Reinvestment Plan

Record plc has disclosed that two senior managers, Head of Client Team Thomas Arnold and Head of Client Onboarding Shaesta Wahedally, have acquired additional ordinary shares in the company through participation in its Dividend Reinvestment Plan under the firm’s Share Incentive Plan. The acquisitions, completed on 19 December 2025 at a price of 54.19 pence per share on the London Stock Exchange, modestly increase their stakes—Arnold to 53,206 SIP shares and Wahedally to 73,844 SIP shares—highlighting ongoing managerial participation in equity-based incentives and aligning senior staff interests more closely with those of shareholders.

The most recent analyst rating on (GB:REC) stock is a Buy with a £60.00 price target. To see the full list of analyst forecasts on Record plc stock, see the GB:REC Stock Forecast page.