Record plc (REC) Q4 2025 Earnings Call

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Replay transcript excerpt

WEBVTT 00:00:00.031 -- 00:00:05.097 I'm Jan Witte, CEO of Rekord, and with me this morning is Richard Hedding, 00:00:05.097 -- 00:00:06.838 our CEO. 00:00:06.838 -- 00:00:10.200 And thank you for joining the call this morning. 00:00:10.502 -- 00:00:15.608 This financial year was my first full year since taking over as CEO of the group in 00:00:15.608 -- 00:00:18.009 April 2024. 00:00:18.091 -- 00:00:22.476 I've been at Rekord for nearly 13 years now, and having previously had responsibility 00:00:22.476 -- 00:00:27.979 for the client and investment teams, this year has brought a new set of challenges. 00:00:28.651 -- 00:00:31.855 I'm very proud of the progress we have made this year. 00:00:31.855 -- 00:00:36.682 As we will cover in this presentation, we continue to expand records offering by building 00:00:36.682 -- 00:00:41.168 on our core strengths, and we are well positioned for the future. 00:00:41.168 -- 00:00:46.372 But let's start with a review of the financial highlights. 00:00:47.456 -- 00:00:52.443 FY25 was a year of major management transition and rebuilding during which we nevertheless 00:00:52.443 -- 00:00:55.844 delivered solid financial performance. 00:00:56.288 -- 00:01:01.670 Assets under management passed 100%, billion dollar milestone at the end of last year 00:01:01.670 -- 00:01:05.153 and have remained above that figure throughout the year. 00:01:05.153 -- 00:01:09.697 We have seen a couple of large clients terminate absolute return mandates, which has 00:01:09.697 -- 00:01:12.580 impacted revenue in the year and impacted AUM. 00:01:12.580 -- 00:01:17.725 And management fees ended the year down 4%, which combined with low management with low 00:01:17.725 -- 00:01:22.850 performance fees after two exceptional years in 2022 and 2023 00:01:22.850 --...