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Record PLC (REC)

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Thursday 01 October, 2015

Record PLC

Business Update

RNS Number : 8225A
Record PLC
01 October 2015
 



RECORD PLC

BUSINESS UPDATE

 

Record plc ("Record" or the "Company"), the specialist currency manager, announces today that it has been advised by a UK dynamic hedging client of its intention to terminate its approximately £900 million mandate, likely by the end of the current financial year.  This mandate generates revenues consistent with Record's standard dynamic hedging management fee scales.

 

Record will announce its second quarter trading update on 16th October 2015 and its half year results on 24th November 2015.

 

For further information, please contact:

 

Record plc                                                                                   Tel: +44 (0) 1753 852 222

James Wood-Collins, Chief Executive Officer

Steve Cullen, Chief Financial Officer

 

MHP                                                                                              Tel: +44 (0) 20 3128 8100

Nick Denton                                                                                             [email protected]

Jack Holden

Jennifer Iveson

 

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:

 

-    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;

-    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; and

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

 

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.


This information is provided by RNS
The company news service from the London Stock Exchange
 
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