Highlights

  • Record reports AUM rising to USD 110.3bn amid asset growth and client rebalancing.
  • Management fees and profit decline YoY following prior mandate terminations.
  • Interim dividend maintained at 2.15 pence per share for the half year.

Record plc (LSE:REC) released its unaudited results for the six months ended 30 September 2025, reporting its highest-ever assets under management (AUM). Total AUM increased to USD 110.3bn, supported by underlying asset growth. The company noted that although client rebalancing created some outflows, overall net flows remained positive for the period.

Management fees came in at GBP 17.5m for H1 FY26, compared with GBP 19.0m in the prior-year period, reflecting an 8% decline. The reduction was primarily attributed to the termination of certain mandates in the previous financial year.

Cost Base and Earnings Movement

Record reported ongoing cost control measures, resulting in operating expenses of GBP 14.8m, representing a 4% YoY reduction. Profit after tax attributable to shareholders was GBP 3.7m, compared with GBP 5.0m a year earlier.

Basic earnings per share for the half year came in at 1.93 pence versus 2.58 pence in the prior comparative period.

The balance sheet position remained stable, with net assets reported at GBP 27.8m. Cash and cash equivalents increased to GBP 11.4m, compared with GBP 9.9m in H1 FY25. An interim dividend of 2.15 pence per share was declared, in line with the previous year.

Business Developments Across Segments

Record highlighted several operational updates during the period. The appointment of Dr. Othman Boukrami to the Record Currency Management Limited executive team was described as enhancing leadership capabilities, particularly in emerging and frontier market currency areas.

The company confirmed the first deployment of USD 120m from the Record Infrastructure Equity fund, with a second investment signed during the period. The Private Markets business recorded continued momentum, contributing to higher-margin recurring revenue streams. Additionally, the Solutions for Asset Managers business reported further client uptake.

Strategic Transition and Outlook Factors

Record stated that the timing of key project closures will influence financial performance relative to market expectations for the current year. The company also emphasised its ongoing transition towards a model focused on higher-margin products and long-term recurring revenues.

Share Performance of REC

REC shares were trading GBX 57.20 per share, down by 2.72% at the time of writing on 7 November 2025.