Record plc reported a strong first half to its 2027 financial year, with revenue increasing 19% to £22.8m and assets under management (AUM) reaching a record $130.3bn for the six months ended 30 September 2026.
The specialist asset manager recorded a 14% increase in AUM since the beginning of the financial year, supported by positive net inflows across all three business divisions: risk management, absolute return and private markets. This marked the group’s third consecutive half-year of positive net flows.
Absolute return was the main contributor to new business, with assets under management increasing to $14.6bn from $3.7bn at the previous financial year end. More than $10bn of inflows were recorded, largely driven by a substantial new mandate from an existing client. Most of these assets were onboarded towards the end of the reporting period, with the full revenue contribution expected during the second half and into the 2028 financial year.
The group also secured mandates expected to generate approximately £4m in annualised recurring revenue. These have now been onboarded, with the full financial benefit anticipated in the next financial year.
Revenue increased across all three business divisions. Risk management revenue rose 13%, absolute return increased 39%, and private markets grew 22%. The expansion of the latter two divisions is contributing to a more diversified revenue mix, with absolute return and private markets now accounting for 37% of group revenue. Record is targeting an increase towards 50% over the medium term.
The private markets division continued to attract commitments, with the Record Infrastructure Equity Fund securing a further $180m from four additional Swiss pension funds. Total commitments reached $1.4bn, of which $300m had been deployed by the end of September, leaving $1.1bn available for future investment. The fund completed two additional deployments during the period and remains on track with its planned investment timetable.
Record Asset Management, the group’s business in this area, has also reached cash self-sufficiency, funding its own operations and progressing towards profitability.
Financial performance improved alongside revenue growth. Operating profit increased 62%, while the operating margin rose to 32.3% from 23.4% a year earlier. Costs increased by approximately 5%, compared with revenue growth of 19%, reflecting operating leverage within the business.
Record plc (LON:REC) develops bespoke, high-quality, sophisticated solutions for institutional investors, a unique offering stemming from Record’s knowledge and expertise gained from its core currency hedging markets.
