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Highlights

  • REC’s FY25 revenue fell by 8% YoY primarily due to reduced performance fees.
  • The company increased its full-year dividend to 4.65p, up from 4.60p in FY24.
  • REC announced a planned launch of a USD 1bn Sharia-compliant supply chain finance fund.

Record plc (LSE:REC) is a UK-based specialist asset manager focused on currency and derivative-based investment solutions. The company manages assets for institutional clients globally, offering services across risk management, absolute return, and private market strategies.

For the financial year ended 31 March 2025 (FY25), the company reported a slight decline in assets under management (AUM) to AUD 100.9 billion, down 1% from AUD 102.1 billion in FY24. Despite isolated client outflows, AUM remained above the AUD 100 billion mark due to new business and ongoing inflows.

Total revenue declined by 8% YoY to AUD 41.6 million as compared to AUD 45.4 million in FY24, primarily due to reduced performance fees. Management fees, which make up most revenues, fell by 4% to GBP 37.2 million compared to GBP 38.7 million the prior year.

Operating costs decreased 6% to GBP 30.8 million as compared to GBP 32.7 million in FY24, aided by cost discipline during a period of internal leadership changes and operational restructuring. Excluding a prior-year IT-related write-off, operating costs were largely unchanged.

Profit after tax declined slightly to GBP 9.1 million from GBP 9.3 million in FY24, a 2% decrease. However, basic earnings per share (EPS) rose 4% to 5.03 pence, benefiting from share count dynamics and cost management.

The board declared a final ordinary dividend of 2.5 pence per share, bringing the total full-year dividend to 4.65 pence per share, up from 4.60 pence in the prior year. The company maintained a decent financial position, reporting net assets of GBP 29.1 million versus GBP 28.9 million at the end of FY24.

During FY25, Record restructured its business into three core product pillars: Risk Management, Absolute Return, and Private Markets. This reorganisation aims to better align the company’s offerings with client demand and future market opportunities.

Notable fund launches during the year included an Infrastructure Equity fund that secured EUR 1.1 billion in investor commitments. The company also announced plans to launch the world’s first Sharia-compliant Deep Tier Supply Chain Finance fund, with a targeted size of USD 1 billion. In addition, Record signed non-binding terms related to a USD 2.2 billion food security financing initiative.

The leadership transition at Record concluded with the appointment of Andreas Danzer as Group Chief Investment Officer. Jan Witte, who became CEO earlier in the year, described the company’s expansion into Private Markets as a key area of focus for future growth.

 

Record expects medium-term growth in revenue and EPS to be supported by the deployment of new funds within its Private Markets segment. However, near-term performance remains highly dependent on the successful closing of several large, complex deals currently in the pipeline.

For FY26, management anticipates revenue growth in the low single digits and earnings per share to remain flat year-on-year. Despite this cautious outlook, the company confirmed its intention to maintain a stable ordinary dividend while preserving its balance sheet.