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Record (REC) investor relations material
Record H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary13 Nov, 2025
Executive summary
Achieved record AUM of $110.3bn, up 9% from $100.9bn at FY25, driven by asset growth, positive net flows, and strong institutional demand, especially in Switzerland and the US.
Transitioning to a higher-margin, recurring revenue model with a focus on Private Markets, infrastructure, and Solutions for Asset Managers.
Management fees fell 8% year-over-year, and total revenue declined 9%, mainly due to mandate losses and lower performance fees.
Recent leadership hires, including Dr. Othman Boukrami and Group CIO Andreas Daenzer, strengthen expertise in emerging and frontier market currencies.
Interim dividend maintained at 2.15p per share, reflecting confidence in long-term growth and a strong, cash-generative balance sheet.
Financial highlights
Total revenue decreased 9% year-over-year to £19.2m, with management fees down 8% and performance fees halved; operating profit declined 20% to £4.5m.
Profit after tax attributable to shareholders was £3.7m, down 25%; basic EPS fell to 1.93p from 2.58p.
Operating costs reduced by 4% to £14.8m, aided by disciplined cost management.
Net assets stood at £27.8m, with cash and equivalents at £11.4m and no external debt.
Interim dividend maintained at 2.15p per share, despite being uncovered by current EPS.
Outlook and guidance
Medium-term growth expected from new Private Markets fund deployments and higher margin products, driving recurring revenue and EPS.
Short-term results depend on timing and completion of new project deliveries, especially in Private Markets.
Infrastructure Fund commitments (EUR 1.1bn) expected to be deployed over three years, generating recurring management fees for at least 15 years.
Projected H2 FY26 Infrastructure revenue contribution?
Quantify EM/Frontier currency market share growth
Sustainability of cost reduction given growth investment?
Private markets revenue share vs. AUM drivers?
How will Othman expand EM/Frontier offering?
Why maintain dividend despite lower EPS?
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Next Record earnings date
Q3 2026 TU23 Jan, 2026
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Frequently asked questions
Record plc is a UK-based specialist in currency management services, providing tailored solutions to institutional clients such as pension funds, investment managers, and corporations. The company offers currency hedging, return-seeking currency strategies, and currency overlay services designed to manage exchange rate risks and enhance portfolio returns. The company is headquartered in Windsor, England, and its shares are listed on the London Stock Exchange (LSE).
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