Record plc has reported a 49% rise in profit attributable to shareholders for the six months to 30 September 2026, as assets under management reached a record $130.3 billion.
The specialist asset manager said revenue rose 19% to £22.8 million from £19.2 million a year earlier, helped by stronger management fees and a sharp increase in performance fees. Operating profit climbed 64% to £7.3 million, while operating margin improved to 32.3% from 23.4%.
Management fees increased 6% to £18.6 million, with growth across all three product pillars. Performance fees were £2.2 million, up from £0.8 million in the prior period. Profit after tax attributable to Record plc shareholders rose to £5.6 million from £3.7 million, and basic earnings per share increased to 2.84 pence from 1.93 pence.
Assets under management rose 14% over the half year to $130.3 billion, compared with $114.6 billion at 31 March 2026. Net inflows totalled $12.7 billion across the period, with additional gains from underlying market movements partly offset by foreign exchange effects.
Growth across all three pillars
Record said the strongest contribution came from Absolute Return, where net inflows of $10.4 billion were driven mainly by new FX Alpha mandates won towards the end of the period. Because those mandates were funded close to the reporting date, their contribution to revenue will start in the second half of the year.
Private Markets also continued to expand, supported by demand for Solutions for Asset Managers and two deployments from the Record Infrastructure Equity Fund. The business said it sees Private Markets as its greatest long-term opportunity because it offers higher-margin, scalable and long-dated revenues.
Risk Management remained a stable part of the group, with management fees broadly steady at £12.2 million. The company said its Passive Hedging mandates generated performance fees of £1.9 million, up from £0.6 million a year earlier.
Across the group, operating costs rose only 3% to £15.2 million, compared with revenue growth of 19%. Staff costs were largely unchanged at £10.0 million, while technology costs edged down to £1.9 million. Average headcount remained at 104.
Record generated £5.9 million of cash from operating activities before tax, up from £4.6 million a year earlier. Cash and cash equivalents ended the period at £13.4 million, broadly unchanged from £13.0 million at 31 March 2026.
Dividend policy revised
The board declared an interim dividend of 1.00 pence per share, down from 2.15 pence a year earlier. It also announced a new dividend policy targeting a total ordinary payout range of 40% to 60% of annual profit after tax attributable to equity holders.
That new policy will apply for the full year. For FY27, the board currently expects the total ordinary dividend to be around the mid-point of the new range.
Record said the revised policy is intended to balance balance sheet strength, regulatory capital and flexibility to invest in growth. The group said retained capital will be used to broaden its FX Alpha and Solutions for Asset Managers offerings, build out private credit and private equity strategies, expand EM and Frontier capabilities, and invest in people and technology.
The company also confirmed that Albert Soleiman joined the board as chief financial officer on 28 September 2026. Record said the appointment strengthens its leadership team.
Chief executive Jan Witte said the first half was strong both operationally and financially, and that progress was clear in record AUM, inflows across all three product pillars and a return to revenue and earnings growth. He also said performance across the group continues to support expectations for the current financial year.
