Record plc (LON:REC), the specialist currency and asset manager, has announced its unaudited results for the six months ended 30 September 2025.
Financial headlines:
· AUM increased to a new high of $110.3bn driven by growth in underlying assets, partially offset by outflows as clients rebalanced their exposures. Overall net flows were positive.
· Management fees of £17.5m (H1 FY25: £19.0m) down 8% on prior year following termination of certain client mandates last year.
· Another six months of solid performance fees of £0.8m (H1 FY25: £1.6m).
· Careful cost management has pushed costs down 4% to £14.8m (H1 FY25: £15.4m).
· Profit after tax attributable to Record plc shareholders of £3.7m (H1 FY25: £5.0m).
· Basic EPS of 1.93 pence (H1 FY25: 2.58 pence).
· Strong financial position with net assets of £27.8m (H1 FY25: £27.7m), cash and cash equivalents of £11.4m (H1 FY25: £9.9m) and healthy regulatory capital coverage.
· Interim dividend maintained at 2.15 pence per share (H1 FY25: 2.15 pence per share).
Key developments:
· Appointment of Dr Othman Boukrami to the Record Currency Management Limited executive team strengthens our leadership and adds unparalleled EM and Frontier currency expertise.
· First deployment of $120m of capital from the Record Infrastructure Equity fund. Second investment signed.
· Continued growth in Solutions for Asset Managers business.
· Good new business momentum in Private Markets, locking in higher margin recurring revenues.
Commenting on the results, Jan Witte, Chief Executive Officer of Record plc, said:
“Our core business delivered another healthy performance this half. AUM ended the half at the highest level we have ever reported following positive underlying asset growth and good inflows into our growing Solutions for Asset Managers business. Performance fees were £0.5m in the quarter, bringing the total for the first half of the year to £0.8m.
But although not yet reflected in our AUM, it is in our Private Markets segment where new business momentum has been strongest. We have completed the first deployment of capital from the Record Infrastructure Equity fund, with a second deployment also signed. And we continue progress towards closing the world’s first ever Sharia-compliant Deep Tier Supply Chain Finance fund.
The outlook for the current financial year relative to market expectations is highly dependent on timing of closing certain projects. But we are in the middle of an important transition to becoming a business with higher margins and long-term recurring revenues, which will deliver sustained growth and increased value.”
Analyst presentation
There will be a presentation for analysts at 9.30am today held via a Teams call. Please contact [email protected] for further details. A recording of the presentation will be made available on the Group’s website at www.recordfg.com.
