olivLaw · European equity research
Record plc REC.L
United Kingdom · London Stock Exchange · ISIN GB00B28ZPS36 · Vertical: Listed companies from United Kingdom
Record plc is a specialist in currency risk management that has extended into Absolute Return and Private Markets strategies, with assets under management of more than 114.6 billion dollars in fiscal 2026. The company is betting that higher-margin, more predictable products will reshape its earnings, while revenue declined slightly in the same year.
At the close of 05 Nov 2026, Record plc (REC.L) stock was 0.47 GBP (−2.09% on the day), with market capitalisation 91.4 m GBP, P/E 12.2 on diluted EPS of 0.04 GBP over the last 12 months, dividend yield 9.94%, beta 0.30, 52-week range 0.42–0.60 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 55.9
- strong (55–70)
- Bollinger (20, 2)
- 0.42 – 0.50
- in the upper half of the band · %B 0.64 · band width 17.7%
- SMA 50 / 200
- 0.44 / 0.50
- mixed trend
- MACD (12, 26, 9)
- 0.01 / 0.01
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +6.4% | −0.6% | +7.0 pp | — |
| 3 months | +4.9% | −4.2% | +9.1 pp | — |
| 6 months | −17.9% | +4.3% | −22.2 pp | — |
| Year to date | −16.7% | +7.5% | −24.2 pp | — |
| 1 year | −18.8% | +9.9% | −28.7 pp | +5.8% |
| 3 years | −34.1% | +49.8% | −83.9 pp | +26.3% |
| 5 years | −44.0% | +42.8% | −86.8 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 25 percentile of its own 4-quarter history (min 10.1, median 13.4, max 13.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|
| Revenue | 44.7 m | 45.4 m | 41.6 m | 40.1 m |
| Revenue YoY | unavailable | +1.5% | −8.3% | −3.7% |
| Net income | 11.3 m | 9.3 m | 9.7 m | 7.7 m |
| Net income YoY | unavailable | −18.4% | +5.0% | −21.2% |
| Diluted EPS | 0.06 | 0.05 | 0.05 | 0.04 |
| Diluted EPS YoY | unavailable | −17.7% | +3.3% | −22.5% |
| net % | 25.4% | 20.4% | 23.4% | 19.1% |
| Free cash flow | unavailable | 13.0 m | 5.2 m | 9.0 m |
Balance sheet & financial health
Fiscal year 2026 · 31 Mar 2026
- Cash
- 13.0 m GBP
- Financial debt
- unavailable GBP
- Net debt
- unavailable GBP
- Equity
- 27.8 m GBP
- Total assets
- 40.6 m GBP
- Debt / equity
- unavailable
- Current ratio
- 4.34x
- ROE
- 26.9%
- ROA
- 18.5%
- FCF margin
- 22.5%
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 44.7 m | 45.4 m | 41.6 m | 40.1 m | esef· 02 Sept 2026verified |
| Cost of revenue | 37.0 k | 82.0 k | 472.0 k | 186.0 k | esef· 02 Sept 2026verified |
| Gross profit | 44.7 m | 45.3 m | 41.1 m | 39.9 m | esef· 02 Sept 2026verified |
| Operating income | 14.5 m | 12.6 m | 10.7 m | 10.0 m | esef· 02 Sept 2026verified |
| Interest expense | 55.0 k | 81.0 k | 162.0 k | 397.0 k | esef· 02 Sept 2026verified |
| Pre-tax income | 14.6 m | 12.9 m | 10.9 m | 9.8 m | esef· 02 Sept 2026verified |
| Income tax | 3.3 m | 3.7 m | 1.8 m | 2.8 m | esef· 02 Sept 2026verified |
| Net income | 11.3 m | 9.3 m | 9.7 m | 7.7 m | esef· 02 Sept 2026verified |
| Diluted EPS | 0.06 | 0.05 | 0.05 | 0.04 | esef· 02 Sept 2026verified |
| Dividend per share | 0.05 | 0.05 | 0.05 | 0.05 | esef· 02 Sept 2026derived |
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 9.9 m | 8.0 m | 11.8 m | 13.0 m | esef· 02 Sept 2026verified |
| Receivables | 14.4 m | 13.0 m | 13.7 m | 13.4 m | esef· 02 Sept 2026verified |
| Current assets | 28.9 m | 30.6 m | 27.4 m | 26.5 m | esef· 02 Sept 2026verified |
| Property, plant & equipment, net | 377.0 k | 193.0 k | 2.1 m | 1.9 m | esef· 02 Sept 2026verified |
| Intangibles (excl. goodwill) | — | — | 358.0 k | 772.0 k | esef· 02 Sept 2026verified |
| Total assets | 36.7 m | 36.1 m | 42.4 m | 40.6 m | esef· 02 Sept 2026verified |
| Accounts payable | 6.0 m | 4.9 m | 5.7 m | 5.0 m | esef· 02 Sept 2026verified |
| Current liabilities | 7.6 m | 7.0 m | 6.2 m | 6.1 m | esef· 02 Sept 2026verified |
| Equity | 28.3 m | 29.0 m | 29.1 m | 27.8 m | esef· 02 Sept 2026verified |
| Shares outstanding at year end | 190.6 m | 191.2 m | 193.2 m | 195.3 m | esef· 02 Sept 2026derived |
Cash flow · GBP
| Line | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | — | 13.1 m | 7.3 m | 9.2 m | esef· 02 Sept 2026verified |
| Capex | — | 29.0 k | 2.1 m | 165.0 k | esef· 02 Sept 2026verified |
| Free cash flow | — | 13.0 m ≈ | 5.2 m ≈ | 9.0 m ≈ | esef· 02 Sept 2026derived |
| Investing cash flow | — | -3.4 m | 7.1 m | 2.0 m | esef· 02 Sept 2026verified |
| Financing cash flow | — | -10.4 m | -10.6 m | -9.9 m | esef· 02 Sept 2026verified |
| Dividends paid | — | 10.1 m | 10.0 m | 9.1 m | esef· 02 Sept 2026verified |
| Share repurchases | — | 0 | 325.0 k | 0 | esef· 02 Sept 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 64 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 91.4 m GBP
Key indicators
Coverage and freshness
Score by group
- Balance sheet100
- Returns71
- Quality84
- Growth0
- Valuation85
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Neutral profile · Score 64/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 19.1% | 69 (vs peers) | 9% |
| FCF conversion · Quality | 118.0% | 100 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | -3.6% | 0 (on a fixed band) | 12% |
| EPS CAGR 3Y · Growth | -13.0% | 0 (on a fixed band) | 12% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 25.2x | 100 (on a fixed band) | 9% |
| Current ratio · Balance sheet | 4.3x | 100 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 12.2x | 72 (vs peers) | 15% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 9.9% | 100 (on a fixed band) | 12% |
| Shareholder yield (distributions) · Returns | 9.9% | 100 (on a fixed band) | 9% |
| Payout ratio (FCF) · Returns | 100.4% | 28 (on a fixed band) | 6% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 2/3 factors with a value
- Growth0/100 · 2/2 factors with a value
- Quality84/100 · 2/3 factors with a value
- Returns71/100 · 2/2 factors with a value
- Valuation85/100 · 2/3 factors with a value
Memo
RECORD PLC (REC.L). Latest full fiscal year: 2026; data up to 2026-03-31.
Figures computed from the financial statements: revenue 40.1 m GBP in 2026; YoY growth -3.7%; net margin 19.1%; ROE 27.2%.
The estimated value range is 0.44–0.62 GBP per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 0.53 GBP, the price of 0.47 GBP leaves a potential of 12.9% (value / price − 1) and a margin of safety of 11.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 64/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 118.0%
- Interest coverage: 25.2x
- Current ratio: 4.3x
- P/E (TTM): 12.2x
- FCF yield: 9.9%
- Shareholder yield (distributions): 9.9%
What contradicts it
- Revenue CAGR 3Y: -3.6%
- EPS CAGR 3Y: -13.0%
- Payout ratio (FCF): 100.4%
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| REC.LRecord PLC | 91.4 m | 12.2 | 27.2% | 19.1% | −3.7% | −14% / −38% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
1- and 3-year price returns: for REC.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (GBP)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 0.26 Total return -38% · Per year -38% | 0.46 Total return 7% · Per year 7% | 0.70 Total return 59% · Per year 59% |
| 3 years | 0.21 Total return -38% · Per year -15% | 0.43 Total return 15% · Per year 5% | 0.72 Total return 83% · Per year 22% |
| 5 years | 0.17 Total return -38% · Per year -9% | 0.40 Total return 23% · Per year 4% | 0.74 Total return 108% · Per year 16% |
- Exit P/E± 0.11
- Net margin± 0.08
- Annual revenue growth± 0.07
- Annual dilution± 0.01
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Record plc is a specialist in currency risk management that has extended into Absolute Return and Private Markets strategies, with assets under management of more than 114.6 billion dollars in fiscal 2026 1. The company is betting that higher-margin, more predictable products will reshape its earnings, while revenue declined slightly in the same year 1.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Timing of Private Markets revenueshigh
Management acknowledges that revenues from new products can be uneven and hard to predict in the short term, which could affect quarterly results 1.
- Client concentration in hedgingmedium
The core business is exposed to concentration on a few clients and to low margins, a risk the company is working to reduce 1.
- Macroeconomic and geopolitical uncertaintymedium
Global conditions could lead clients to delay new investments regardless of the company's strategy 1.
- Leadership changesmedium
The departure of the chief financial officer and other team changes could affect continuity in strategic execution, although management views them as strengthening the team 1.
- Dividend policymedium
If growth investments continue to absorb capital, distributions to shareholders could remain below what some investors expect 1.
Investment thesis
What would need to be true (bull case)
- If Private Markets products increase their share of revenue, the company could achieve higher margins and more stable earnings than from traditional hedging 1.
- High client retention and the ability to deliver bespoke solutions could support growth in assets under management 1.
- If mandates from asset managers and for infrastructure keep developing, revenues could grow faster than assets 1.
What would break the thesis
- Revenue declined in fiscal 2026 and the timing of new products remains uncertain, which could prolong pressure on results 1.
- If geopolitical uncertainty persists, clients could postpone new commitments, slowing asset growth 1.
- The reduced dividend and the capital needed for investment could disappoint shareholders expecting stable distributions 1.
What to watch
- Pace of capital deployment in the Infrastructure Equity fund and achievement of investment targetsH1 FY27
- Development of Private Markets revenues and their contribution to the totalFY27
- Size of the dividend and the payout ratio in the coming yearnext annual report
- Appointment of a permanent chief financial officer after the previous one stepped down2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Record plc, headquartered in London with offices in the USA, Germany and Switzerland, began as a currency risk management specialist for institutional investors and has gradually evolved into an alternative asset manager 1. Its products are grouped into three pillars: Risk Management, Absolute Return and Private Markets, each built on capabilities accumulated over more than four decades 1. The company describes a client-focused approach in which solutions are tailored to each mandate and each risk exposure 1.
The current strategy rests on three pillars: organic growth driven by client needs, quality of earnings and operational excellence 1. The company aims to reduce its reliance on low-margin hedging and customer concentration by investing in Record Asset Management GmbH 1. Management has noted that these investments influence the timing and level of capital available for distribution to shareholders 1.
On governance, leadership changes include a new chief executive for the currency management subsidiary RCML, a new non-executive director and an interim chief financial officer during the transition 1. The board has maintained a payout ratio of 92% of earnings attributable to shareholders 1.
Segments
Risk Management
Risk Management products, covering passive, enhanced passive and dynamic hedging, form the foundation of the business and contributed 66% of revenue in fiscal 2026 1. They are described as scalable and capital-light, although margins are under pressure and client concentration remains a factor 1.
Absolute Return
The Absolute Return pillar includes FX Alpha strategies and custom opportunities, aimed at controlled sources of active return rather than pure risk mitigation 1. In fiscal 2026 it contributed a smaller share of revenue, 6%, but management expresses a positive outlook on it 1.
Private Markets
Private Markets include Solutions for Asset Managers, EM Local Debt, Infrastructure Equity and Private Equity and Credit, contributing 28% of revenue in fiscal 2026 1. These products are described as offering higher margins and more consistent long-term revenues, although the timing of revenue is harder to predict 1. Revenue from Solutions for Asset Managers rose 39% while assets under management in that area grew 19% 1.
Market context
The company operates in the international market for currency risk management and alternative assets, where clients are mainly institutional investors, pension funds and asset managers 1. Management describes an environment marked by macroeconomic uncertainty, elevated geopolitical risk and volatile currency markets 1. Demand for bespoke solutions and Private Markets strategies is supported by clients seeking specific returns and controlled liquidity 1.
Management considers the market for infrastructure and private credit strategies attractive, but the timing of revenue contributions remains hard to estimate because it depends on client mandates 1. If uncertainty in energy and bond markets persists, clients could postpone new investments, as the board has warned 1.
Trends
- Investor demand for specific returnstailwind
Institutional investors, particularly pension funds, are under pressure to hit return targets in volatile conditions, which supports demand for Absolute Return strategies 1.
- Volatility and geopolitical uncertaintymixed
Management notes that the geopolitical and geoeconomic outlook is complicated, which could make clients hesitant to commit to new investments 1.
- Growing demand for infrastructure and private credittailwind
Mandates for infrastructure and private credit solutions are developing, with new transactions for the Infrastructure Equity fund, although the timing is uneven 1.
- Automation and artificial intelligencemixed
The company is investing in automation and gradually integrating AI into processes while managing the associated risks 1.
Competitive position
Record presents itself as a specialist with depth in currency management and a culture of innovation, differentiating itself from more generalist asset managers through bespoke solutions 1. The provided sources do not explicitly name direct competitors, so statements about competitive position remain limited to the company's own description 1.
In asset management, the company relies on long-standing client relationships and its ability to structure complex products, advantages that management considers hard to replicate quickly 1.
- Generalist asset managers with private markets divisions
The sources do not name specific competitors; the company is implicitly compared with managers offering private strategies and solutions for institutional investors.
- Providers of standardised currency hedging services
Competition in Risk Management comes from providers of standardised hedging solutions, which the company seeks to outperform through customisation 1.
- Banks and development finance institutions
These institutions may compete for sources of exposure in frontier markets, where the company plans to expand 1.
- Funds specialised in infrastructure and private credit
Infrastructure and private credit funds are indirect competitors for the same institutional investors 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202602 Sept 2026
- Annual report 202602 Sept 2026
- Annual report 202410 Jul 2024
Sources
- [1] Annual report, fiscal year ended 2026-03-31 (ESEF) · SEC / Record plc · 31 Mar 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.