Underlying profits in H115 were flat compared with H114. Revenue from mandate wins in H214 together with cost savings went some way in offsetting revenue declines from re-pricing Record’s dynamic hedging product and the previously known loss of a large dynamic hedging client on 1 April 2014. Record reports it is experiencing a good level of new business enquiries across all geographies and products. More divergent monetary policy and wider interest rate differentials could produce more currency volatility and demand for its hedging and currency for return strategies. Our estimates do not include new mandate wins (or losses) and would benefit from any conversion of this increased market interest.