Record — H126 results – timing uncertainty

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.