Record (REC) H2 2026 earnings summary

Executive summary

• Specialist asset manager with $114.6bn AUM, focusing on institutional clients and complex solutions.

• 40+ year track record, leading in derivatives, FX, and structured solutions.

• FY26 marked by disciplined cost management and strategic growth in Private Markets.

Financial highlights

• Revenue declined 4% year-over-year to £40.1m, mainly due to lower management and performance fees.

• Operating costs reduced by 2% to £30.4m, supporting margins.

• AUM increased 14% to $114.6bn.

• EPS fell 22% to 3.92p; ordinary dividend per share at 3.60p, payout ratio 92%.

• Profit after tax dropped 23% to £7.0m, reflecting a normalized tax rate.

Outlook and guidance

• FY27 started with strong momentum and new mandates expected to add £4m to revenue.

• Focus remains on Risk Management, Absolute Return, and Private Markets, targeting balanced revenue split.