Record (REC) H1 2027 earnings summary

Executive summary

• H1 FY27 revenue rose 19% to £22.8m; attributable profit increased 49% to £5.6m, and AUM reached a record $130.3bn.

• Positive net flows across all three pillars and operating margin expansion to 32.3% supported performance in line with FY27 expectations.

Financial highlights

• Revenue was £22.8m, up 19% YoY; management fees rose 6% to £18.6m and performance fees were £2.2m versus £0.8m.

• Operating profit was £7.3m versus £4.5m, up 64%; attributable profit was £5.6m versus £3.7m, and basic EPS rose to 2.84p from 1.93p.

• Cash generated from operations was £5.9m versus £4.6m; cash and cash equivalents closed at £13.4m versus £13.0m at FY26 year-end.

Outlook and guidance

• Trading and performance support expectations for FY27; revenue excluding performance fees grew faster than costs in H1.

• New mandates represent £4.0m of annualised revenue, with the full run rate expected on exit into FY28; newly funded FX Alpha mandates are expected to contribute revenue in H2.

• FY27 ordinary dividends are expected near the midpoint of the new 40–60% payout range, subject to capital needs, balance-sheet strength and regulatory capital.