RECORD PLC - Final Results

Record plc delivered a resilient FY2026 performance despite volatile currency markets and macroeconomic uncertainty, reinforcing its long-term growth strategy and evolution into a broader specialist asset manager. Assets under management (AUM) increased 14% to $114.6 billion, supported by consecutive quarters of net inflows and favourable foreign exchange movements, while the company maintained strong cost discipline with operating costs down 2%. Revenue declined 4%, primarily due to lower management fees following prior mandate changes, resulting in earnings per share of 3.92p and a total dividend of 3.6p per share, maintaining a 92% payout ratio. Strategic progress was driven by significant growth in higher-margin private markets and solutions for asset managers, where AUM rose 19% and management fees increased 39%. The infrastructure equity fund achieved its first deployment and remains on track for full deployment within three years, enhancing recurring revenue visibility through long-term capital commitments. Record continues to leverage its expertise in currency management, derivatives, liquidity solutions and institutional risk management to diversify revenue streams, improve earnings quality and expand into private credit, private equity, infrastructure and frontier market strategies. Management highlighted a strong FY2027 outlook, supported by new mandates expected to add approximately £4 million in annualised revenue, a growing pipeline of institutional opportunities, and a strategic target of achieving a more balanced revenue mix between its traditional risk management business and higher-growth absolute return and private markets segments.