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Record plc
(LSE:REC)
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Rating:64Neutral
Price Target:
51.00 p
▼(-7.27% Downside)
Action:Downgraded
Date:06/23/26
The score is anchored by solid financial quality—especially cash generation and high-margin profitability—despite softer recent revenue/earnings momentum and rising leverage. Technicals materially weigh on the result due to a pronounced downtrend, while valuation support (moderate P/E and high dividend yield) partially offsets the weak price action.
Positive Factors
Recurring fee business
Record's core revenue derives from recurring management fees for institutional currency mandates. This business model produces predictable, repeatable cash flows tied to client mandates rather than one‑off sales, supporting steadier revenue and long‑term cash generation as mandates persist or renew.
Negative Factors
Softening revenue & earnings
Top‑line and profit momentum weakened after 2023, reducing the effective fee base and making future management fee growth harder to achieve. Prolonged softness could compress long‑term revenue runway and limit ability to grow or maintain distributable cash flows.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring fee business
Record's core revenue derives from recurring management fees for institutional currency mandates. This business model produces predictable, repeatable cash flows tied to client mandates rather than one‑off sales, supporting steadier revenue and long‑term cash generation as mandates persist or renew.
Read all positive factors
Record plc (REC) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£89.89M
Dividend Yield8.61%
Average Volume (3M)161.21K
Price to Earnings (P/E)12.1
Beta (1Y)0.44
Revenue Growth-3.44%
EPS Growth-16.56%
CountryUK
Employees98
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)0.04
Shares Outstanding199,054,320
10 Day Avg. Volume222,674
30 Day Avg. Volume161,214
Financial Highlights & Ratios
PEG Ratio-0.78
Price to Book (P/B)3.69
Price to Sales (P/S)2.48
P/FCF Ratio10.87
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.05
Revenue Forecast (FY)£44.73M
Record plc Business Overview & Revenue Model
Company Description
Record plc is an international financial services firm that, through its various entities, specializes in providing global currency and derivatives management solutions. Its extensive operations span the United Kingdom, North America, Continental ...
How the Company Makes Money
Record plc primarily makes money by charging fees for managing currency-related mandates and investment strategies on behalf of clients. Its main revenue stream is recurring management fees (often calculated as a percentage of assets under managem...
Record plc Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
70
Positive
Cash Flow
81
Very Positive
| Breakdown | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 40.54M | 41.62M | 45.38M | 44.91M | 34.78M |
| Gross Profit | 37.64M | 41.14M | 45.30M | 44.08M | 33.52M |
| EBITDA | 11.57M | 11.86M | 13.71M | 14.98M | 11.73M |
| Net Income | 7.66M | 9.11M | 9.25M | 11.34M | 8.63M |
Balance Sheet | |||||
| Total Assets | 40.60M | 42.40M | 36.06M | 36.74M | 33.23M |
| Cash, Cash Equivalents and Short-Term Investments | 13.03M | 13.30M | 17.48M | 14.50M | 17.26M |
| Total Debt | 6.61M | 7.11M | 185.00K | 979.00K | 1.33M |
| Total Liabilities | 12.79M | 13.33M | 7.11M | 8.45M | 7.29M |
| Stockholders Equity | 27.20M | 29.06M | 28.95M | 28.29M | 25.93M |
Cash Flow | |||||
| Free Cash Flow | 9.24M | 4.86M | 12.24M | 11.21M | 10.99M |
| Operating Cash Flow | 9.40M | 7.35M | 13.05M | 12.44M | 11.40M |
| Investing Cash Flow | 1.82M | 7.09M | -3.36M | 7.04M | -3.51M |
| Financing Cash Flow | -9.91M | -10.58M | -10.43M | -13.04M | -11.53M |
Record plc Technical Analysis
Negative
55.00
Price Trends
53.74
Negative
53.96
Negative
54.60
Negative
Market Momentum
-2.36
Positive
37.88
Neutral
23.58
Neutral
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 above the 20-day moving average (MA) of 51.29, above the 50-day MA of 53.74, and above the 200-day MA of 54.60, indicating a bearish trend. The MACD of -2.36 indicates Positive momentum. The RSI at 37.88 is Neutral, neither overbought nor oversold. The STOCH value of 23.58 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:REC.
Record plc Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
83 Outperform | £216.88M | 13.49 | 14.29% | 8.15% | 0.66% | 11.49% | |
79 Outperform | £456.09M | 24.00 | 31.92% | 3.21% | 20.14% | 15.61% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | £206.13M | 22.43 | 10.12% | 21.31% | -20.90% | -40.53% | |
67 Neutral | £114.06M | 35.06 | 1.79% | 3.29% | -2.25% | -353.75% | |
64 Neutral | £89.89M | 12.06 | 30.24% | 8.61% | -3.44% | -16.56% | |
64 Neutral | £119.54M | 9.33 | 11.90% | 17.93% | -22.86% | -56.06% |
* Financial Sector Average
GB:REC
Record plc
47.40
-14.68
-23.65%
GB:CLIG
City of London Investment
448.00
129.93
40.85%
GB:IPX
Impax Asset Management
98.70
-77.96
-44.13%
GB:LIO
Liontrust Asset Management
349.50
4.00
1.16%
GB:MERC
Mercia Asset Management
27.00
-5.00
-15.63%
GB:TAM
Tatton Asset Management Plc
744.00
85.31
12.95%
Record plc Corporate Events
Business Operations and StrategyDividendsFinancial Disclosures
Record plc boosts AUM but trims dividend as it pivots deeper into private markets
Neutral
Jun 19, 2026
Record plc reported a 14% rise in assets under management to $114.6 billion for the year to 31 March 2026, driven by new mandates and favourable markets, but revenue slipped 4% to £40.1 million and profit after tax fell 23% to £7.0 milli...
Business Operations and StrategyExecutive/Board ChangesDividendsFinancial Disclosures
Record plc grows AUM but profits and dividend dip as it pivots to private markets
Neutral
Jun 19, 2026
Record plc reported a 14% rise in assets under management to $114.6 billion for the year to 31 March 2026, but revenue slipped 4% to £40.1 million and profit after tax fell 23% to £7.0 million as mandate reshuffles and lower performance ...
Business Operations and StrategyFinancial Disclosures
Record plc sets dates for FY26 results and investor briefings
Neutral
Jun 11, 2026
Record plc, the specialist asset manager, will publish its audited full-year results for the 12 months to 31 March 2026, with management positioning the update as a key communication to the market on recent performance. The results are expected to...
Other
Record plc Senior Managers Increase Stakes via Share Incentive Plan
Positive
Jun 1, 2026
Record plc has disclosed that senior managers Thomas Arnold, head of the client team, and Othman Boukrami, CEO of Record Currency Management Limited, have acquired additional ordinary shares under the company’s Share Incentive Plan. The tran...
Regulatory Filings and Compliance
Record plc Executives Increase Stakes Through Share Incentive Plan
Positive
Apr 28, 2026
Record plc has disclosed that senior managers Thomas Arnold, head of the client team, and Othman Boukrami, CEO of Record Currency Management Limited, have acquired additional ordinary shares in the company under its Share Incentive Plan. The trans...
Business Operations and StrategyFinancial Disclosures
Record plc posts third straight quarter of inflows as AUM holds steady at $114.6bn
Positive
Apr 24, 2026
Record plc reported a third consecutive quarter of net inflows, ending its financial year with assets under management of $114.6bn, as positive client flows were partly offset by adverse asset market moves and foreign exchange headwinds. Performan...
Executive/Board ChangesRegulatory Filings and Compliance
Record plc grants nil‑cost share options to top executives under LTIP
Positive
Apr 15, 2026
Record plc has granted nil‑cost options over ordinary shares to its chief executive officer, Jan Witte, and group chief investment officer, Andreas Daenzer, under the company’s Long Term Incentive Plan. Witte received options over 351,...
Regulatory Filings and Compliance
Record plc Executives Increase Holdings Through Share Incentive Plan
Positive
Apr 2, 2026
Record plc has disclosed share purchases by senior managers under its Share Incentive Plan, reinforcing management’s equity participation in the company. Head of Client Team Thomas Arnold acquired 441 ordinary shares at 50.98p, taking his to...
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
Record’s Swiss Pension Vehicle Backs NorthC Data Centre Stake
Positive
Mar 30, 2026
Record plc’s subsidiary Record Asset Management GmbH has completed its third infrastructure commitment via a co-investment vehicle for Swiss pension funds, enabling them to invest alongside Dutch pension giant ABP through APG’s Asset O...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.