20th Jun 2025 10:03
(Alliance News) - Record PLC on Friday reported a drop in annual profit and revenue, citing a decline in performance fees, though earnings per share improved slightly and the asset manager raised its dividend.
The Windsor, England-based specialist currency and asset manager said pretax profit for the financial year ended March 31 fell 15% to GBP10.9 million from GBP12.9 million the year before.
Total revenue slipped 8.3% to GBP41.6 million from GBP45.4 million, driven by lower performance fees, while management fees were down 3.9% to GBP37.2 million.
Assets under management as at March 31 were USD100.9 billion, down 1.2% from USD102.1 billion a year earlier.
Despite the weaker top line, basic earnings per share rose 3.9% to 5.03 pence from 4.84p, helped by a lower tax charge of GBP1.8 million, down from GBP3.7 million. Diluted EPS increased 3.3% to 4.94p from 4.78p.
Record proposed a final dividend of 2.50p per share, up from 2.45p, taking the full-year dividend to 4.65p, slightly ahead of the prior year's 4.60p.
The firm said cost control efforts helped limit the earnings impact from reduced fees, with operating expenses falling 6.2% to GBP30.8 million from GBP32.7 million.
Looking ahead, Record said it expects revenue to grow in the low single digits in financial 2026, with earnings per share likely to remain flat. However, growth over the medium term is expected to accelerate as the company deploys newly raised private market funds.
"Our unwavering commitment to delivering a best-in-class, tailored client experience continues to be a key differentiator," said Chief Executive Officer Jan Witte.
Strategically, Record said it has now completed its leadership transition and is progressing on its three-pillar model comprising Risk Management, Absolute Return, and Private Markets. It launched a EUR1.1 billion infrastructure equity fund during the year and is preparing to launch what it claims will be the world’s first Sharia-compliant deep-tier supply chain finance fund.
Shares in Record were down 5.6% at 54.00 pence in London on Friday morning.
By Eva Castanedo, Alliance News reporter
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