Record’s second quarter update showed an increase in dollar denominated AUME to a new high of over $60bn. Flows were modestly negative but this was well within the normal range of quarterly volatility; the main reasons for a moderate reduction in our earnings estimates are the currency-related reduction in sterling AUME and increased costs to enhance customer service and deal with regulatory changes. After recent weakness the shares trade on below average earnings multiples and offer an
25 Oct 2017
- Market trends help but costs and forex hinder
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- Market trends help but costs and forex hinder
Record plc (REC:LON) | 61.2 -1.7 (-4.4%) | Mkt Cap: 121.8m
- Published:
25 Oct 2017 -
Author:
Andrew Mitchell -
Pages:
6
Record’s second quarter update showed an increase in dollar denominated AUME to a new high of over $60bn. Flows were modestly negative but this was well within the normal range of quarterly volatility; the main reasons for a moderate reduction in our earnings estimates are the currency-related reduction in sterling AUME and increased costs to enhance customer service and deal with regulatory changes. After recent weakness the shares trade on below average earnings multiples and offer an