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Record plc
(LSE:REC)
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Rating:64Neutral
Price Target:
51.00 p
â–²(14.35% Upside)
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
£83.64M
Dividend Yield8.2%
Average Volume (3M)161.21K
Price to Earnings (P/E)11.2
Beta (1Y)0.43
Revenue Growth-3.44%
EPS Growth-16.56%
CountryUK
Employees103
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)0.04
Revenue Forecast (FY)£44.79M
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
44.60
Price Trends
45.75
Negative
49.04
Negative
51.18
Negative
Market Momentum
-0.35
Negative
45.59
Neutral
27.59
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 44.6 is above the 20-day moving average (MA) of 44.54, below the 50-day MA of 45.75, and below the 200-day MA of 51.18, indicating a bearish trend. The MACD of -0.35 indicates Negative momentum. The RSI at 45.59 is Neutral, neither overbought nor oversold. The STOCH value of 27.59 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 | £234.30M | 14.90 | 14.29% | 6.90% | 0.66% | 11.49% | |
79 Outperform | £424.95M | 22.39 | 33.94% | 3.65% | 20.14% | 15.61% | |
70 Outperform | £139.04M | 10.81 | 11.90% | 9.26% | -22.86% | -56.06% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | £195.51M | 19.90 | 8.74% | 6.46% | -20.90% | -40.53% | |
64 Neutral | £83.64M | 11.17 | 27.84% | 8.07% | -3.44% | -16.56% | |
52 Neutral | £112.67M | -13.18 | -4.78% | 3.67% | -2.25% | -350.00% |
* Financial Sector Average
GB:REC
Record plc
44.20
-13.02
-22.76%
GB:CLIG
City of London Investment
481.00
133.43
38.39%
GB:IPX
Impax Asset Management
111.80
-65.42
-36.92%
GB:LIO
Liontrust Asset Management
307.50
-41.69
-11.94%
GB:MERC
Mercia Asset Management
26.75
-4.77
-15.13%
GB:TAM
Tatton Asset Management Plc
692.00
-32.17
-4.44%
Record plc Corporate Events
DividendsRegulatory Filings and Compliance
Record plc Executives Add Shares Through Dividend Reinvestment Plan
Positive
Jul 29, 2026
Record plc has disclosed that three senior managers acquired additional ordinary shares in the company through its Dividend Reinvestment Plan, as part of the Record Share Incentive Plan. Head of Client Team Thomas Arnold, Head of Client Onboarding...
Business Operations and StrategyRegulatory Filings and Compliance
Record plc Senior Managers Add Shares Through Incentive Plan
Positive
Jul 29, 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 increased their holdings in the company through the Record plc Share Incentive Plan. The tra...
Business Operations and StrategyFinancial Disclosures
Record plc grows AUM to $122bn and revamps quarterly disclosure
Positive
Jul 23, 2026
Record plc reported a 6% rise in assets under management to $122.0 billion for the quarter ended 30 June 2026, driven by positive net flows across all three product pillars and favourable market movements. Risk Management growth was led by Passive...
Business Operations and StrategyExecutive/Board ChangesStock BuybackDividendsShareholder Meetings
Record plc shareholders back all AGM resolutions, approve dividend and capital authorities
Positive
Jul 23, 2026
Record plc reported that shareholders overwhelmingly approved all 15 resolutions at its 2026 annual general meeting, with each item receiving more than 90% support and around 47% of issued share capital voting. The meeting backed the adoption of t...
Regulatory Filings and Compliance
Record plc Discloses Share Option Exercise and Sale by Chief of Staff
Neutral
Jul 15, 2026
Record plc has reported a series of transactions by chief of staff Kevin Ayles involving the company’s ordinary shares under its share incentive arrangements. The disclosure was made in line with U.K. Market Abuse Regulation rules for person...
Executive/Board ChangesRegulatory Filings and Compliance
Record plc Executives Acquire Shares Under Group Bonus Scheme
Neutral
Jul 15, 2026
Record plc has disclosed that several directors and senior managers acquired ordinary shares in the company on 22 June 2026 at a price of 48.1572 pence per share under its Group Bonus Scheme. Chief executive officer Jan Witte received 259,906 shar...
Business Operations and StrategyExecutive/Board Changes
Record plc senior managers increase stakes through Share Incentive Plan
Positive
Jul 1, 2026
Record plc reported that senior managers Thomas Arnold, head of the client team, and Othman Boukrami, CEO of Record Currency Management Limited, acquired additional ordinary shares in the company under its Share Incentive Plan. The transactions, c...
Regulatory Filings and Compliance
Record plc Senior Independent Director Buys Shares Under Incentive Plan
Positive
Jun 30, 2026
Record plc has disclosed that Senior Independent Director Krystyna Nowak has acquired 11,000 ordinary shares in the company at a price of 46.6881 pence per share on 26 June 2026. The transaction was executed on the London Stock Exchange Main Marke...
Financial DisclosuresRegulatory Filings and ComplianceShareholder Meetings
Record plc releases 2026 annual report and sets July AGM
Neutral
Jun 23, 2026
Record plc has published its 2026 Annual Report and Accounts alongside the notice of its 2026 Annual General Meeting, following the release of its annual results on 19 June. The AGM is scheduled for 22 July at the company’s registered office...
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...
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.