Small Cap Value Report (Thur 13 June 2019) - REC, TAP, VLE, SPE, WINE

Good morning!
A few things to look at today:
Record (LON:REC)Taptica International (LON:TAP)Volvere (LON:VLE)Sopheon (LON:SPE)Majestic Wine (LON:WINE)

Record (LON:REC)
Share price: 33.4p (+15%)No. of shares: 199 millionMarket cap: £66 millionFinal Results(Please note that I have a long position in REC.)
After a period of what feels like relentless decline, it's nice to finally see some positive results at Record.
I've described this as a low-conviction holding - see my discussions at the last trading update and in more detail at the interim results.
It's a currency manager, helping dozens of institutional clients to deal with their currency exposures.
In recent years, it has suffered from competitive pressures on pricing and overall growth has been very limited, particularly when it comes to client numbers. Performance fees have withered.
However, I took the view that downside risk was limited by Record's fortress-like balance sheet, and that its highly-invested managers and motivated staff might come up with ways...