Business Update

RNS Number : 5262R

Record PLC

04 November 2011

 



4 November 2011

RECORD PLC

BUSINESS UPDATE

Record plc ("Record" or the "Company"), the specialist currency investment manager, announces today that it has been advised by its second largest dynamic hedging client of its intention to terminate its mandate shortly. Record received £2.6m revenue from this client in the year to 31^st March 2011 and had anticipated a similar level of revenue in the current financial year. Record anticipates that this will reduce Pre Tax Profits by approximately £0.6m for the year ended 31^st March 2012.

Record will announce its interim results for the six months ended 30^th September 2011 on 18^th November 2011.  Record anticipates that Pre Tax Profits for the six months ended 30^th September 2011 will be approximately £3.7m.

For further information, please contact:

Record plc                     Tel: [phone]

Neil Record                    Chairman

James Wood-Collins       Chief Executive

Paul Sheriff                    Chief Financial Officer/Chief Operating Officer

MHP                             Tel: [phone]

Nick Denton

John Olsen

Vicky Watkins

Notes to Editors

Record plc

Record is a specialist currency manager and provider of currency hedging services for institutional clients. Founded in 1983, Record has established a market leading position as a currency manager. Specifically, the Group has a leading position in managing Dynamic Hedging and Currency for Return for institutional clients.

The Group has three principal product lines:

-          Currency for Return, formerly known as Absolute Return, in which Record enters into currency contracts for clients with the objective of generating positive returns;

-          Dynamic Hedging, formerly known as Active Hedging, where Record seeks to eliminate the impact of currency movements on elements of clients' investment portfolios that are denominated in foreign currencies when these movements are expected to result in an economic loss to the client, but not to do so when they are expected to result in an economic gain; and

-          Passive Hedging, where Record seeks to eliminate fully or partially the economic impact of currency movements on elements of clients' investment portfolios that are denominated in foreign currencies.

Record (LSE: REC) was admitted to trading on the London Stock Exchange on 3rd December 2007.

This announcement includes information with respect to Record's financial condition, its results of operations and business, strategy, plans and objectives. All statements in this document, other than statements of historical fact, including words such as "anticipates", "expects", "intends", "plans", "believes", "seeks", "estimates", "may", "will", "continue", "project" and similar expressions, are forward-looking statements.

These forward-looking statements are not guarantees of the Company's future performance and are subject to risks, uncertainties and assumptions that could cause the actual future results, performance or achievements of the Company to differ materially from those expressed in or implied by such forward-looking statements.

The forward-looking statements contained in this document are based on numerous assumptions regarding Record's present and future business and strategy and speak only as at the date of this announcement. 

The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this announcement whether as a result of new information, future events or otherwise. 

 

END

 

 

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