Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
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Presumably if we break through 35p we can ride up to 50p?
Just got in to REC. Looks promising in the medium term.
looks like some big share swapping going on.....
blimey....
Followed by another of 2m, but price flat. Whats going on?
big trade.....
Record: JP Morgan shifts its target price from 43p to 44p and maintains an overweight rating.
Specialist currency manager Record has unveiled its third-quarter results for the period ending September 30th, revealing a five per cent rise in its assets under management equivalents. The group's assets under management equivalents totaled $34bn (£20.9bn), up from $32.5bn (£20.1bn) in the previous quarter. Assets under management equivalents in the Dynamic Hedging rose to $10.3bn from $9.9bn in the previous quarter. Passive hedging rose to $22.1bn from $21bn. Currency for Returns remained flat at $1.5bn and cash and future also remained flat at $0.1bn. The company reported that it had two more clients at the end of the quarter with 45 compared to 43 in the previous quarter.
Valuation: Premium to sector The P/E for a calendarised 2013e is 15x, a noticeable premium to the broader asset management sector (c 13x). But Record holds a cash balance of c £26m, nearly 50% of the market capitalisation, and the yield is attractive, with consensus forecasting growing dividend cover.
http://www.edisoninvestmentresearch.co.uk/researchreports/Recordqv191112.pdf
Record: JP Morgan Cazenove raises target price from 37p to 39p, overweight rating kept.
Group strategy and outlook With risk aversion continuing to be a theme of financial markets, hedging products continue to be the most likely source of new revenue for the Group in the short term. The Group continues to actively market its hedging products particularly in North America, the UK and Switzerland. There has been a marked increase in the number of formal RFPs, particularly for Passive Hedging from Switzerland, in the first half of the financial year and it is hoped that this level of activity will continue. The product suite of Currency for Return products is now largely complete with the addition of Value, Momentum and a Multi-Strategy offering. It is encouraging to have secured our first Multi-Strategy mandate. Whilst we continue to market these products to clients, demand remains subdued as risk aversion appears to be a prevailing theme. Those products that are able to build compelling three-year track records have the greatest chance of success, with the Emerging Market strategy reaching a three year 'live' history in the second half of the financial year. Hedging is likely to provide short-term growth opportunities with medium-term growth being built on the success of our Currency for Return products.
Commenting on the results, James Wood-Collins, Chief Executive of Record plc, said: "The first six months of the year has seen growing AuME and client numbers, together with a marked increase in Requests for Proposals for hedging mandates. "As a result of the loss of historic mandates already announced, revenue fell to £8.7m and as a result the operating margin fell to 30%. The Group had cash of £25.6m and no debt at 30 September 2012. "Looking to the remainder of the financial year, we are hopeful that we can secure further hedging mandates, particularly passive hedging in Switzerland. We continue to be encouraged by the progress we have made in the US and are well positioned to benefit from any formal procurement processes that are initiated. The level of demand for currency mandates in the UK has been more modest and this level of activity is likely to continue for the rest of the financial year. "Overall the business environment for our hedging services appears to have improved and we are working hard to capitalise on the opportunities that are presented to us, whilst continuing to lay the foundations for future growth in demand for return-seeking currency products."
Key Points: § Passive hedging AuME increased by 11% since 31 March 2012 - including three new clients § Client numbers grew by 2 to 43 (31 March 2012: 41) § First Multi-Strategy Currency for Return mandate commenced
INTERIM RESULTS ANNOUNCEMENT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2012 Record plc, the specialist currency manager, today announces its unaudited results for the six months ended 30 September 2012. Financial highlights: § AuME¹ $32.5bn up 5% during the six months to 30 September 2012 § Net client inflows during the six months of $1.2bn (six months to 30 September 2011: net inflow of $1.0bn) § Profit before tax was £2.7m (six months to 30 September 2011: £3.7m) § Revenue for the six months to 30 September 2012 fell to £8.7m (six months to 30 September 2011: £11.2m) § Average management fee rates of 8.9 bps for the six months to 30 September 2012 (six months to 30 September 2011: 11.9 bps) reflecting changes in product mix § Operating costs, before Group Profit Share, reduced by £0.9m to £4.7m (six months to 30 September 2011: £5.6m) § Operating margin 30% (six months to 30 September 2011: 33%) § Basic EPS of 0.94 pence (six months to 30 September 2011: 1.26 pence) § Subject to business conditions and a satisfactory outlook, the intention is to recommend a final dividend of 1.50p per share for the current financial year. No interim dividend will be paid. § Shareholders' equity increased to £26.9m (30 September 2011: £25.9m) with a cash balance of £25.6m (30 September 2011: £19.7m)
Broker comment JP Morgan Cazanove has an "Overweight" rating on Record and has raised its target price for the stock to 37p from 32p. Analyst Rae Maile comments: "The company remains solidly profitable and cash generative, and retains its strong balance sheet. The process of rebuilding continues, but is not, in our view, discounted by the current share price."
"Whilst the UK continues to be a competitive market with lower levels of activity, we continue to see encouraging engagement with prospective clients and investment consultants in North America. "We remain confident that further progress can be made in acquiring new business during the second half of the financial year." Record will announce its half-year results on 16th November and its third-quarter trading update on 18th January 2013.
Record, a specialist currency manager for institutional clients, saw shares rise on Tuesday morning following a positive trading update for the second quarter to September 30th. Assets under management equivalents (AuME) when expressed in both dollars and sterling increased to $32.5bn (June 30th 2011: $29.9bn), with the number of clients increasing to 43 from 40. During the quarter to September 30th, fee rates for all products remained broadly unchanged from the previous quarter. Chief Executive James Wood-Collins, commenting on trading, said "Overall AuME increased during the period due to the commencement of new passive hedging mandates. AuME has also increased over the first six months of the financial year, with Passive Hedging having grown by 11%. "As we had anticipated, we have seen a notable increase in the level of Requests for Proposals towards the end of the quarter, particularly for Passive Hedging in Switzerland. We are hopeful that we will be successful in securing additional mandates from these proposals.
Hi folks, Read my latest writeup on (alternative) asset managers, including Record plc, here: http://wexboy.wordpress.com/2012/05/23/asset-managers-cash-hogs-whats-hot-whats-not/ Cheers, Wexboy
ok,we'll wait 4 you,take az long az you want..!!!!!!!!!!
hello fancy seeing you here lol rec
hello?...
Specialist currency manager Record has posted assets under management equivalents of $30.9bn (£19.3bn) at March 31st, up from $25.4bn (£16.4bn) at December 31st. The firm said it expects pre-tax profits for the year ended March 31st to be £6.5m. Fee rates for the final quarter remained broadly unchanged from the previous three months.
50% up !!! Glad I added earlier at 14p!