REG - Record PLC - Trading Statement

RecordAnnouncement

13/03/2020 11:00

RNS Number : 1023G
  
Record PLC
  
13 March 2020
  
 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").  Upon the publication of this announcement via Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.
13 MARCH 2020
RECORD PLC

BUSINESS UPDATE
Record plc ("Record" or "the Company"), the specialist currency manager, announces today the reduction of approximately $1 billion (with AUME quoted by convention in US dollars) to a tactical bespoke mandate.  This arises as a consequence of market movements and is a reversal of the temporary increase previously announced on 23 December 2019.  Fee rates for this mandate are reported under, and generated fees consistent with Record's Multi-Product mandates.
Record will announce its fourth quarter trading update on 17th April 2020 and its financial results for the year ending 31st March 2020 on 19th June 2020.
 
For further information, please contact:
 
Record plc                                                                             Tel: +44 (0) 1753 852 222
Leslie Hill, Chief Executive Officer
Steve Cullen, Chief Finance Officer
 
Buchanan                                                                               Tel: +44 (0) 20 7466 5000
Giles Stewart                                                                         record@buchanan.uk.com
Victoria Hayns
Henry Wilson
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 Currency Hedging and Currency for Return for institutional clients.
 
The Group has four principal reporting lines:
-    Dynamic 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;
-    Currency for Return, in which Record enters into currency contracts for clients with the objective of generating positive returns; and
-    Multi-Product, where the client mandate includes combined hedging and return-seeking objectives.
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.


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