- Investors
- Analyst coverage
Analyst coverage
Record — H126 results – timing uncertainty
12/11/2025
Record’s H126 results (to 30 September) were mixed, with assets under management (AUM) growing to $110bn. Revenues were down 9% following the termination of previously identified client mandates at the end of last year. The company has cut costs by 4%, offsetting some of the revenue weakness in the period. The outlook for the remainder of the fiscal year is highly dependent on the timing of certain mandates in the pipeline. That said, the company’s strategic refocus on core products that can grow, diversify and enhance the quality of earnings is accelerating. The Infrastructure fund has commenced investment, which will support earnings in FY26 and beyond. Finally, Record maintained the interim dividend at 2.15p, highlighting management’s discipline around capital return.
Record — Highest level of reported AUM in Q226
24/10/2025
Record reported steady progress in its Q226 trading update. Assets under management (AUM) grew by 2% in the quarter to $110.3bn, the highest level reported for Record, primarily driven by positive asset movements of $2.3bn. Crystallised Q2 performance fees of £0.5m were slightly below the run-rate end-FY26 estimate of £3m. Importantly, the first deployment of €100m of capital from the Infrastructure Equity fund will add incremental management fees for the group. We are not changing our estimates at this stage, and await the full set of H1 results on 7 November.
Record — Strong AUM growth driven by fx
25/07/2025
Record reported steady progress in its Q126 trading update. Assets under management (AUM) grew by $7bn in the quarter to $107.9bn, primarily driven by fx movements of $7.6bn, offset by a modest asset loss of $0.6bn. Crystallised Q1 performance fees of £0.4m were down year-on-year but in line with our end-FY26 estimate of £3m. The bulk of the AUM fx growth was caused by the weakness of the dollar versus the swiss franc over the quarter. Given that Record’s revenues are primarily in pounds sterling, this movement will not have had a material impact on numbers. Therefore, we are not changing our estimates at this stage.
Record — Building foundations for growth
01/07/2025
Record’s FY25 results (to 31 March) were robust, with assets under management equivalent (AUME) remaining above $100bn. Progress with the company’s strategic refocus on core products that can grow, diversify and enhance the quality of earnings is accelerating. Launched in November, the Infrastructure Equity Fund will soon commence investment. A recently announced Sharia-compliant deep-tier supply chain finance fund, the world’s first of its kind, is expected to launch before year-end, and non-binding terms have been agreed for the funding of a potash development in conjunction with a joint venture partner. Although Record has a diverse set of products and exposures, the commonality is Record’s ability to make the complex simple.
Record — Robust AUM and opportunity amid volatility
30/04/2025
Record has reported robust assets under management (AUM) for Q425. Against a background of increased volatility in currency markets, the company’s core risk management services continue to demonstrate their value to both existing and potential clients, while providing opportunities in asset management products. An additional £0.3m of performance fees in the quarter has taken the FY25 total to £3.2m and we have slightly lifted our FY25 earnings forecast. FY25 results will be reported on 20 June.
Record — Revenues are ahead of guidance
24/01/2025
Record has published its trading update for the three months to 31 December 2024 (Q325). Increased volatility in currency markets has provided additional opportunities in value-add strategies and increased performance fees. Net flows were neutral in the period but there are continuing signs of progress with the company’s strategic focus on core products, with strong inflows and continuing growth in Hedging for Asset Managers. We expect the first inflows from the recently launched Infrastructure Equity Fund by end FY25. Record continues to expect FY25 recurring management fees to be in line with previous guidance but for total revenues, including performance fees, to be ahead of its expectations.
Record — Robust interim results with strategic progress
12/12/2024
Record’s interim results (H125) were robust and assets under management equivalent (AUME) reached a new high level. There are clear signs of progress with the company’s strategic refocus on core products that can grow, diversify and enhance the quality of earnings. The launch of the new Infrastructure Equity Fund, with €1.1bn of initial commitments, is a significant step forward, with further initiatives in the pipeline.
Record — Strong performance fees
29/07/2024
Record reported steady progress in its Q125 trading update. Assets under management (AUM) grew $0.5bn in the quarter to $102.7bn, driven by market and other movements of +$1bn offset by a modest net $0.5bn outflow. The AUM progression is in line with our end-FY25 estimate of $104.7bn. Performance fees surprised positively at £1.6m in the quarter, not much below our £2m estimate for the full year. We are not changing our estimates at this stage.
Record — Transitional year ahead
16/07/2024
Record reported FY24 PBT of £12.9m, down 12% y-o-y and in line with our estimate of £12.8m. Underlying PBT was £14.8m, up 2% y-o-y on record assets under management (AUM), which grew 16.5% to $102.2bn. The final ordinary dividend surprised positively at 2.45p, above our 2.36p forecast, and a special dividend of 0.6p was declared. As new CEO Dr Jan Witte continues to refocus the strategy over the next six months, the company is guiding to relatively flat management fees. We have cut our FY25 PBT estimate to £12.1m (previously £14.8m) on a weaker fee revenue projection. We also initiate FY26 PBT and diluted EPS estimates at £14.0m and 5.43p, respectively. The cash-generative business model enables the group to continue to pay an attractive ordinary dividend.
Record — AUME momentum and a sharper focus
16/05/2024
Record’s Q424 trading update demonstrated continued growth in assets under management equivalent (AUME), which will support management fee growth into FY25. In FY24, AUME grew 17% to US$102.2bn, setting a new milestone in business scale. Net inflows for FY24 were US$6.8bn (FY23: US$9.1bn) or 8% of opening AUME. Performance fees of £5.8m matched the record FY23 figure, and we expect this to offset the negative product mix in FY24. We have reduced our FY24e EPS by 1%, which is affected by £2.4m in IT restructuring and impairment charges announced in March 2024. New CEO Dr Jan Witte is putting a sharper focus on the business, and we have upgraded our FY25e EPS by 5% in anticipation of efficiency improvements after a period of elevated cost inflation.
© 2025 Edison Group - All rights reserved.