Generating and returning cash
Record’s FY17 results were close to our expectations so the main new news was the level of ordinary dividend increase (+21%), the announcement of a revised capital policy and the accompanying return of capital by way of a c £10m tender offer. These underline the balance sheet strength and cash-generative nature of the business. Despite re-rating in the last year the shares still trade below average multiples for UK asset managers and the yield, including the special dividend, is over 7%.Record is an independent currency manager delivering currency solutions. Co.'s clients are mainly institutions, including pension funds, charities, foundations, endowments, and family offices, as well as other fund managers and corporate clients.
Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.
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