RECORD PLC (REC) — Interim Results

Investor webinar replay

Replay transcript excerpt

Good afternoon, ladies and gentlemen, and welcome to the RECORD PLC interim results investor presentation. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged. They can be submitted at any time via the q and a tab that's situated on the right hand corner of your screen. Please just simply type in your questions and press send. The company may not be in a position to answer every question it receives during the meeting itself. However, the company can review all questions submitted today, and we'll publish those responses where it's appropriate to do so. Before we begin, as usual, we would just like to submit the following poll. And if you could give that your kind attention, I'm sure the company would be most grateful. And I would now like to hand you over to the executive management team from RECORD PLC. Jan, good afternoon, sir. Good afternoon, and welcome to our results presentation for the six month ended 09/30/2024. I'm Jan Witte, CEO of RECORD Financial Group, and, with me is our CFO, Richard Hedden. I'm pleased to report on a first half of good performance and strategic progress. Assets under management continues to grow, reaching a new record high of 106,000,000,000, a 3.7% up since the year end, and an impressive 25% up since this time a year ago. Operating margin is down a little compared to last year, reflecting lower management fees and higher costs as we invest in new initiatives. However, earnings per share attributable to RECORD shareholders has increased as we are sharing startup losses on our German subsidiary with minority shareholders. We have continued to grow our management fees from currency management products, and we have earned performance fees in line with last year. On the asset management ...