Record plc (REC), the specialist currency and asset manager, has reported a strong set of interim results for the six months ended 30 September 2026, with revenue rising 19% to £22.8 million and assets under management reaching a new high of $130.3 billion. Profit after tax attributable to shareholders increased 49% to £5.6 million, while operating margin expanded materially to 32.3% from 23.4% in the prior period. The Board has also introduced a new dividend policy targeting a 40–60% payout of annual profit after tax, replacing the previous approach under which over 90% of earnings were returned to shareholders.

Key Points

  • Record plc (REC) — specialist asset manager focused on currency management and private markets
  • Revenue grew 19% to £22.8 million in H1 FY27, with operating profit up 64% to £7.3 million
  • AUM reached a record $130.3 billion, supported by net inflows of $12.7 billion across all three product pillars
  • Investors will be watching the full-year dividend outcome under the new 40–60% payout policy and progress on FX Alpha mandate growth

Record AUM of $130.3 Billion Driven by $10.4 Billion of Absolute Return Inflows

Group AUM increased 14% from $114.6 billion at the end of FY26 to $130.3 billion as at 30 September 2026, with net inflows of $12.7 billion the primary driver. Absolute Return accounted for the bulk of those inflows at $10.4 billion, predominantly from new FX Alpha mandates won towards the close of the period. Because these mandates were funded near period end, the announcement states their revenue contribution will begin in the second half of the year. Risk Management AUM reached $95.9 billion, while Private Markets grew to $19.8 billion, supported by Solutions for Asset Managers and two completed deployments from the Record Infrastructure Equity Fund totalling $0.2 billion.

Operating Margin Expands to 32.3% as Revenue Growth Outpaces Cost Increases

Operating costs rose just 3% to £15.2 million against revenue growth of 19%, demonstrating the operating leverage the company has been targeting. Staff costs, the largest cost component, remained broadly flat at £10.0 million, while average headcount held steady at 104. Performance fees more than doubled to £2.2 million from £0.8 million in H1 FY26, with Passive Hedging mandates generating £1.9 million alone. Management fees grew 6% to £18.6 million, with increases recorded across all three pillars: Risk Management, Absolute Return, and Private Markets. Basic earnings per share rose to 2.84 pence from 1.93 pence in the comparable period.

New Dividend Policy Rebases Payout to 40–60% Range, Interim Dividend Set at 1.00 Pence

The Board has declared an interim dividend of 1.00 pence per share, compared with 2.15 pence in H1 FY26, reflecting the adoption of a new dividend policy that targets a total ordinary payout of between 40% and 60% of profit after tax attributable to equity holders. The announcement states the Board currently expects the total ordinary dividend for FY27 to be around the mid-point of this range. The policy change is designed to retain greater capital flexibility for investment in higher-margin growth areas, including FX Alpha, private credit, private equity, and emerging market and frontier strategies, while maintaining balance sheet strength above regulatory capital requirements.

Albert Soleiman Appointed CFO as Record Strengthens Leadership for Next Growth Phase

Albert Soleiman joined the Record plc Board as Chief Financial Officer on 28 September 2026, with the announcement noting he brings significant capital markets and financial services experience. He succeeds Samantha Dunn, who served as Interim Chief Financial Officer during the transition. The company's principal risks, as outlined in the announcement, include operational and technology exposures such as cyber and data security, investment concentration and competitive threats, and people-related risks covering key person dependency and talent retention. Cash and cash equivalents stood at £13.4 million at the period end, broadly unchanged from £13.0 million at 31 March 2026.