Record PLC Business Update (5025S)
12 March 2019 - 3:29AM
UK Regulatory
TIDMREC
RNS Number : 5025S
Record PLC
11 March 2019
RECORD PLC
BUSINESS UPDATE
Record plc ("Record" or "the Company") , the specialist currency
manager, announces today that it has undertaken a series of
tactical changes to a client's Dynamic Hedging portfolio in order
to realise gains. As a result AuME has decreased by approximately
$1.1 billion (with AuME quoted by convention in US dollars). Record
expects that the impact of these changes will prove to be
temporary, and at least part or all of this reduction may be
reversed.
Record will announce its fourth quarter trading update on 17(th)
April 2019.
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.
For further information, please contact:
Record plc Tel: +44 (0) 1753 852
222
James Wood-Collins, Chief Executive
Officer
Steve Cullen, Chief Finance Officer
MHP Tel: +44 (0) 20 3128
8100
Nick Denton record@mhpc.com
Ollie Hoare
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 3(rd) 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 news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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