Business Update (5262R)
04 November 2011 - 12:37PM
UK Regulatory
TIDMREC
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 GBP2.6m 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
GBP0.6m 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 GBP3.7m.
For further information, please contact:
Record plc Tel: +44 (0) 1753 852 222
Neil Record Chairman
James Wood-Collins Chief Executive
Paul Sheriff Chief Financial Officer/Chief Operating Officer
MHP Tel: +44 (0) 20 3128 8100
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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