Annual Financial Report

About this update from Record Plc

[{"type":"text","content":"\n \n Record plc \n   \n 19 June 2026 \n   \n FINAL RESULTS FOR THE YEAR ENDED 31 MARCH 2026 \n   \n Record plc (\"Record\", the \"Company\" or the \"Group\"), the specialist asset manager, today announces its audited results for the year ended 31 March 2026 (\"FY26\"). \n   \n Financial highlights \n   \n ·      AUM up 14% to $114.6 billion (FY25: $100.9 billion) with strong inflows from new business wins, and favourable foreign exchange and market movements \n ·      Total revenue down 4% to £40.1 million (FY25: £41.6 million) due to mandate re-compositions and lower performance fees \n ·      Operating costs down 2% to £30.4 million (FY25: £30. 8 million) whilst still investing selectively in key areas that support strategic objectives \n ·      Profit after tax down 23% to £7.0 million (FY25: £9.1 million) reflecting tax rate normalising following prior year deferred tax credits \n ·      Basic EPS down 22% to 3. 92 pence (FY25: 5.03 pence ), broadly in line with expectations \n ·      Final ordinary dividend of 1. 45 pence per share (FY25: 2.50 pence) brings full year ordinary dividend to 3. 60 pence (FY25: 4.65 pence ), reflecting a dividend payout ratio maintained at 92% \n ·      Strong financial position with net assets of £27.8 million (FY25: £29.1 million) \n   \n Strategic and Operational highlights \n   \n ·      35% of Record Infrastructure Equity Fund initial capital commitment now pledged, with first deployment completed and two more scheduled for completion in first half of FY27 \n ·      Solutions for Asset Managers became the biggest source of growth, with a 19% increase in AUM and a 39% increase in revenue \n ·      Executive team strengthens with Andreas Dänzer as Group Chief Investment Officer, and Dr Othman Boukrami appointed as Chief Executive Office of Group subsidiary, Record Currency Management Limited \n   \n Dividend \n   \n The Board has recommended a final ordinary dividend for the year ended 31 March 2026 of 1. 45p per share. This is subject to approval by shareholders at the Annual General Meeting to be held on 22 July 2026. If approved, the dividend will be paid on 27 July 2026 to shareholders who are on the register of members at 3 July 2026, taking the total ordinary dividends for the year to 3. 60p per share. Shares will trade ex-dividend from 2 July 2026. \n   \n Outlook \n   \n ·      FY27 has started with strong momentum, with focus on maintaining the foundations in Risk Management while continuing the momentum in Absolute Return and Private Markets \n ·      New mandates nearing completion are expected to contribute £4 million to revenue, supporting current FY27 market expectations \n ·      Further updates on pipeline development and progress over the remainder of the year will be provided in due course \n   \n Commenting on the results, Jan Witte, chief Executive Officer of Record plc, said: \n   \n \"Record is a business in purposeful evolution. We are excited for the future. Our core is unchanged: we deliver best-in-class solutions to large institutional investors. What is changing is the breadth of problems we solve, and the quality of the earnings that follow. Private Markets strategies, in particular, offer the potential for longer-term, higher-margin and more scalable revenues as they mature. This is where our priorities are focused. These growth opportunities require continued balance sheet strength and disciplined capital allocation to support their full potential. With our strategic pillars guiding us, a strengthened leadership team, and growing visibility of returns over the medium term, we are confident in the direction of travel.\" \n   \n Analyst presentation \n   \n There will be a presentation for analysts at 9:30am on Friday, 19 June 2026 held via a Teams call. Please contact [email protected] for further details. A copy of the presentation will be made available on the Group's website at  www.recordfg.com . \n   \n For further information , please visit www.recordfg.com or contact : \n   \n Record plc \n Jan Witte, Chief Executive Officer                                                       Tel: +44 (0)20 3892 1300 \n Sam Dunn, Interim Chief Financial Officer                         \n   \n Panmure Liberum \n Atholl Tweedie, Corporate Broking                                                     Tel: +44 (0)20 7886 2500 \n David Watkins, Corporate Advisory \n   \n   \n   \n Chairman's statement \n   \n \"As the Group continues to evolve, the Board remains supportive of its direction through disciplined capital allocation and measured oversight.\" \n   \n David Morrison | Chairman \n   \n Since the foundation of Record over 40 years ago, the Company has earned a reputation as a specialist with its origins in currency risk management and providing highly tailored hedging plans for institutional investors. From the outset, the focus was not on selling products, but on providing solutions to specific risk exposures faced by each client. \n   \n This approach has enabled Record to grow alongside its clients, building scale, operational strength and trust over decades. The experience in currency risk management and hedging provided not only a stable foundation for the business, but also a deep understanding of risk, liquidity, derivatives and portfolio construction. All capabilities that continue to prove essential as the Group evolves. \n   \n Over the last four decades, as markets developed and client needs became more complex, the solutions evolved accordingly. The year under review has been one of further evolution for the Group, as it continues to evolve from a focus solely on currency risk management to an alternative asset manager with several asset classes under management. \n   \n The transition from Risk Management solutions into FX Alpha strategies over the years was a natural extension of the Group's hedging expertise. This reflected growing demand from clients to move beyond pure risk mitigation to seeking carefully controlled sources of active return, and so grew the current suite of Absolute Return strategies. \n   \n From this foundation, the more recent progression into Private Markets was neither abrupt nor speculative. It has been a considered next step, shaped by client demand and enabled by the skills accumulated within the Company over the years. \n   \n The Record EM Sustainable Finance Fund marked Record's first meaningful step into fund management beyond traditional hedging mandates. Solutions for Asset Managers, one of the more recent innovations, has seen considerable demand from clients over the last two years and reflects the understanding of client needs. Most recently, the expansion into Private Equity and Private Credit has seen the launch of the Record Infrastructure Equity Fund. Following the completion of the first capital deployment in FY26, we already have a further two deployments pledged and lined up for completion in early FY27. \n   \n These strategies have not been developed in isolation, but in close collaboration with clients, tailored to specific mandates, risk tolerances and governance requirements and I continue to be enthusiastic about the continuing development of this Private Markets pipeline and the traction that the newer investment capabilities are gaining. \n   \n The growth opportunity in Private Markets looks particularly interesting at present. However, it remains difficult to predict the precise timing of future revenue contribution and growth in AUM, given the nature of the clients with whom we are in discussion and the need to shape products to fit their specific requirements. In the short term, the predictability of revenues is less certain. In the medium to long term, however, these new products have the potential to generate higher margins, are highly scalable and provide long-term, consistent revenues. \n   \n Capital allocation and dividends \n In the interests of generating long-term growth in shareholder value and reduction in risk associated with low margins and customer concentration risk in the core currency hedging business, our approach to capital allocation has been to invest in and develop Record Asset Management GmbH (\"RAM\"), with its focus on development of Private Markets products. This has required meaningful investment, as building and resourcing such solutions from scratch takes time, capital and patience. As we continue to invest in these strategic growth opportunities, this will continue to influence the timing and level of capital required and, therefore, what is available for distribution to shareholders. \n   \n As we begin to see evidence of our product pipeline materialising, we remain focused on investing for future growth, and strengthening the long-term position of the business. Accordingly, appropriate capital allocation continues to be a key area of focus for the Board. \n   \n In that context and in line with the movement in EPS, the Board has made the decision to maintain the total ordinary dividend payout ratio for the period at 92% of earnings attributable to shareholders. The Board is recommending a final ordinary dividend of 1.45 pence per share (FY25: 2.50 pence) with the full-year ordinary dividend at 3.60 pence per share (FY25: 4.65 pence), to be paid on \n 27 July 2026 to shareholders on the register at 3 July 2026, subject to shareholder approval. \n   \n As we progress through key milestones in our asset management business, the Board will be monitoring the dividend policy to ensure that we continue to strike the right balance between dividends, capital allocation, balance sheet strength and liquidity. \n   \n Board composition and updates \n Along with an evolution in the strategy of the Group, we have also seen an evolution in the Record plc Board (the \"Board\") and the Group senior management team. \n   \n After joining the Board as a Non-executive Director in July 2024, Dr Othman Boukrami accepted an offer to join Record Currency Management Limited (\"RCML\") as its Chief Executive Officer with effect from December 2025. He brings with him decades of experience as a pioneer in emerging and frontier market currencies. We are delighted to have him as part of the Executive team. His familiarity with the Group has enabled a seamless transition, allowing him to build quickly on existing knowledge of RCML's operational and client landscape. \n   \n In succession to Othman, Nick Adams joined the Board in January 2026 as a Non-executive Director. He is also a member of the Audit, Remuneration and Nomination Committees. I would like to welcome Nick to the Board. He brings extensive institutional asset management experience, having most recently served as Global Head of Institutional at Janus Henderson Investors. His insights will be valuable as the Group continues to develop the strategic initiatives discussed above. \n   \n Following the announcement of Richard Heading stepping down as Chief Financial Officer, I am grateful for the role that Samantha Dunn has played as Interim Chief Financial Officer during the handover phase. Samantha brings financial leadership experience in asset management, private markets and regulated investment businesses, providing strong continuity and discipline at an important point in the Group's evolution. \n   \n And lastly, Kevin Ayles, Chief of Staff and Head of Human Resources, made the decision to stand down from the Board with effect from 31 March 2026 for personal reasons, taking on a slightly different role to facilitate a reduced working pattern. Kevin has been an important and highly valued member of the senior management team for several years, and I am very pleased that we are able to retain his services whilst accommodating his personal requirements. \n   \n The senior management team has undergone considerable change over the last couple of years or so, which reflects a combination of normal turnover and the development of the activities of the Group. I am confident that these changes have resulted in improved bench strength and a broader and more balanced mix of experience, capability and leadership. \n   \n Looking ahead \n The Board enters the next financial year with confidence in the Group's strategy, its people and its leadership. At the time of writing this statement, the geopolitical and geoeconomic global outlook is, at best, complicated. How energy prices and stock and bond markets perform over the next few weeks, let alone few months, is hard to predict, and such conditions inevitably create uncertainty and some reluctance to commit to new investment opportunities, however uncorrelated they might be, and it would be foolish to consider that Record will be immune to such developments that are wholly outside our control. \n   \n However, the Board enters the current financial year with confidence in the Group's strategy, its people and its leadership. Against that backdrop I am increasingly confident about the potential of the Group to attain its medium term financial and strategic objectives. \n   \n David Morrison \n Chairman \n   \n 18 June 2026 \n   \n   \n   \n Chief Executive Officer's statement \n   \n \"Focus remains on strengthening the foundations of the business while purposefully positioning it for sustainable long-term growth.\" \n   \n Jan Witte | Chief Executive Officer \n   \n The 2026 financial year has been a year focused on growth prioritising investment in our capabilities, and ensuring we are well positioned for the future. In a time where the market environment is continuously characterised by ongoing macroeconomic uncertainty, elevated geopolitical risk and volatile currency markets, these conditions have reinforced the importance placed by our clients on trusted partnerships, specialist expertise and disciplined risk management. Against this backdrop, we have remained focused on executing our strategy and strengthening the foundations of the business while purposefully positioning it for sustainable long-term growth. \n   \n Last year, I highlighted our three product categories designed to reflect more clearly the unique capabilities of the Group: \n   \n ·     Risk Management; \n ·     Absolute Return; and \n ·     Private Markets. \n   \n Risk Management houses our core FX risk management products that have been at the foundation of our business from its inception. Building on this expertise, the Absolute Return product suite provides carefully structured return ‑ seeking strategies. Drawing on our experience in structuring complex vehicles, managing risk and operating at scale, Private Markets includes strategies across areas such as Emerging Markets, Infrastructure Equity, Private Credit and Private Debt, designed in close partnership with our institutional clients. \n   \n Developed over the last four decades, each product category builds on existing investment, risk and operational capabilities of the Group, allowing us to solve specific client challenges through bespoke design rather than standardised products. This is something our clients recognise, and is illustrated by consistent revenue levels and an ever-increasing AUM base, despite this year's tough market environment. \n   \n Strategic progress \n When I first introduced our refined strategy at the start of my time as CEO, it was important to define a plan that was not a departure from our past, but a direct extension of it. Now beginning its third year of execution, our three strategic pillars continue to reflect our vision for growth of the business and long-term value: Organic Growth driven by client needs, a specific focus on the Quality of Earnings, and a commitment to Operational Excellence. \n   \n Organic Growth at Record has always been client led. From our earliest hedging mandates to our latest Infrastructure Equity fund capital deployment, our trajectory has been defined by working directly with our clients to solve a problem, rather than by pursuing products or scale for their own sake. Our increased focus on opportunities in Private Markets is not a departure from who we are at our core. This expansion has emerged directly from client conversations where traditional solutions were inadequate, and where our expertise, structuring capability and in-house infrastructure allow us to deliver bespoke solutions that clients could not achieve through conventional products. \n   \n Last year, we made meaningful progress with the launch of our Record Infrastructure Equity fund, the co-investment vehicle developed in partnership with our Swiss pension fund clients. The most recent announcement of the investment in NorthC Datacenters is the third transaction for this fund, expanding the portfolio's exposure to digital infrastructure, and follows earlier commitments to Pattern Energy and TenneT Germany. With two deployments scheduled for the first half of FY27, 35% of initial committed capital is now pledged. A pipeline of further investment targets is currently under review. \n   \n This client-centric evolution of our suite of investment capabilities also directly supports our second pillar: improving our Quality of Earnings. While our core Risk Management business provides highly scalable and capital ‑ light revenues, we have been deliberate in complementing this with investment into strategies that offer greater longevity, scalability and margin potential. Risk Management products contribute 66% of our revenue base, and are complemented by a further 6% from Absolute Return products. \n   \n This year has been about refining our pipeline of products to secure sustainable long-term earnings. Our focus has been on our Private Markets strategies which involve a combination of longer lock-up periods, higher margins, or more predictable fee profiles, thereby improving earnings visibility over time. These solutions now contribute 28% of our revenue base. \n   \n Although the development of these Private Markets products has required patience and will be coupled with uneven revenue recognition in the early stages, this mix enhances the resilience and sustainability of our earnings base, while remaining aligned with our clients' long-term objectives. \n   \n Solutions for Asset Managers is a prime example of this. First introduced as an extension of our hedging expertise, this has now evolved to include advanced liquidity and credit management tools. Growth in this area over the year stems from both winning new clients and growth in the fund base of existing clients, and has resulted in a 39% increase in revenue from only a 19% increase in AUM. An impressive achievement by the team which highlights why we are specifically targeting further development of our Private Markets products. \n   \n None of this progress would be possible without our commitment to Operational Excellence . Our foundations in Risk Management products required us to build an operational engine capable of managing complexity, scale and precision. These capabilities have been translated directly into our Absolute Return and Private Markets strategies, and we continue to invest in the people and technology that make them possible. \n   \n As mentioned by the Chairman, Dr Othman Boukrami has joined the senior leadership team of the Group, as the CEO of our currency management business. With his pre-existing knowledge of Record and expansive industry experience, his focus will be on the development of the core Risk Management products, FX Alpha and Emerging Markets strategies. His appointment reinforces our commitment to operational excellence; enhancing accountability, governance and execution, while still supporting the Group's longer-term strategic objectives. \n   \n We have also made some impressive advances in automation this year, driven by the expertise and commitment of our talented in-house teams. And with AI becoming an increasingly integral part of the industry, the Group is embracing its potential; carefully managing its challenges while progressing with targeted implementation initiatives.  \n   \n Taken together, our three strategic pillars build on proven foundations and focus on investing for the long term. Although the timing might still have some uncertainty, our client-centric approach will always remain constant: we listen carefully to our clients, invest time in understanding their needs, and draw on experience to deliver best-in-class solutions. \n   \n Financial performance \n While the timing of revenue growth continues to be influenced by the pace of deployment, our revenue base remains stable and well diversified. The performance fees crystallised during the period continue to be a direct reflection of the value-add that our bespoke products provide for our clients. Cost discipline and operational efficiency continue to be priorities, ensuring we protect margins while investing selectively in those growth areas aligned with our strategy. \n   \n Further information on financial results can be found in the Business and financial review section. \n   \n Outlook \n Looking ahead, our priorities remain clear. We will continue to focus on organic growth by deepening our existing client relationships and pursuing new opportunities where our capabilities provide a clear competitive advantage. \n   \n While short-term financial outcomes will continue to be influenced by the timing of mandates, market conditions and performance fees, the medium-term outlook is supported by a growing AUM base with improved earnings quality. Private Markets strategies, in particular, offer the potential for longer-term, higher-margin and more scalable revenues as they mature. This is where our priorities will be focused. \n   \n With a strong foundation, a clear strategy and exceptional people, I am confident that Record is well positioned to continue delivering bespoke, best-in-class solutions for our clients and sustainable value for our shareholders over the long term. \n   \n   \n Jan Witte \n Chief Executive Officer \n   \n 18 June 2026 \n   \n   \n   \n Business and financial review \n   \n \"Against a challenging market backdrop, results reflect the Group repeatability of revenue and operational consistency, with EPS reflecting selective investment decisions to support strategic objectives.\" \n   \n Samantha Dunn | Interim Chief Financial Officer \n   \n Overview \n As Interim Chief Financial Officer, I am pleased to present an overview of Record plc's performance for the period. Despite a challenging and evolving market backdrop, the Group has maintained operational consistency while continuing to invest selectively in key areas that support its strategic objectives. \n   \n Throughout this period, the Board and management team have prioritised cost control and balance sheet strength, ensuring that Record is well positioned to manage near-term uncertainty. These foundations support the Group's ongoing commitment to delivering value for clients and shareholders and to position the business for sustainable progress over the longer term. This year has seen some exciting new client wins, further product developments and impressive growth in AUM, setting the Group up well for the future. \n   \n AUM development \n Assets Under Management (\"AUM\") finished the year at $114.6 billion (FY25: $100.9 billion), up $13.7 billion since the start of the period, an increase of 14%. \n   \n AUM is presented in our three product pillars: Risk Management, Absolute Return and Private Markets. \n   \n AUM movement analysis by product pillar \n   \n \n \n \n \n \n \n \n 2026 \n \n \n 2025 \n \n \n \n \n \n \n \n Risk \n \n \n Absolute \n \n \n Private \n \n \n \n \n \n Risk \n \n \n Absolute \n \n \n Private \n \n \n \n \n \n \n \n \n \n \n Management \n \n \n Return \n \n \n Markets \n \n \n Total \n \n \n Management \n \n \n Return \n \n \n Markets \n \n \n Total \n \n \n \n \n \n \n \n $bn \n \n \n $bn \n \n \n $bn \n \n \n $bn \n \n \n $bn \n \n \n $bn \n \n \n $bn \n \n \n $bn \n \n \n \n \n Opening balance \n \n \n 81.1 \n \n \n 4.5 \n \n \n 15.3 \n \n \n 100.9 \n \n \n 92.9 \n \n \n 8.3 \n \n \n 1.0 \n \n \n 102.2 \n \n \n \n \n Net flows \n \n \n 3.2 \n \n \n (1.2) \n \n \n 2.8 \n \n \n 4.8 \n \n \n 0.5 \n \n \n (3.6) \n \n \n - \n \n \n (3.1) \n \n \n \n \n Equity and other market impacts \n \n \n 3.4 \n \n \n 0.1 \n \n \n (0.1) \n \n \n 3.4 \n \n \n 0.6 \n \n \n (1.0) \n \n \n - \n \n \n (0.4) \n \n \n \n \n FX and scaling adjustments \n \n \n 5.1 \n \n \n 0.3 \n \n \n 0.1 \n \n \n 5.5 \n \n \n 1.4 \n \n \n 0.8 \n \n \n - \n \n \n 2.2 \n \n \n \n \n SAM transferred from RM to PM 1 \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (14.3) \n \n \n - \n \n \n 14.3 \n \n \n - \n \n \n \n \n Closing balance \n \n \n 92.8 \n \n \n 3.7 \n \n \n 18.1 \n \n \n 114.6 \n \n \n 81.1 \n \n \n 4.5 \n \n \n 15.3 \n \n \n 100.9 \n \n \n \n \n 1.   Previously known as Hedging for Asset Managers under the Risk Management (\"RM\") pillar, Solutions for Asset Managers (\"SAM\") has expanded its service offering over the last year. As a result, SAM now falls under the Private Markets (\"PM\") pillar as they continue to grow and service clients in that space. For comparative purposes, we have adjusted the FY25 closing balance to reflect this transfer. \n   \n Consistent positive net flows over the year due to new business wins was a prominent driver of AUM movement during the period. This was further enhanced by the positive underlying asset and foreign exchange movements. \n   \n Risk Management \n AUM in our core Risk Management products increased by 14% during the period to $92.8 billion (FY25: $81.1 billion). Risk Management products consist of Passive Hedging and Dynamic Hedging. \n   \n Passive Hedging AUM increased due to favourable exchange rate movements from weakening of the US dollar against the Swiss franc, the currency in which the majority of Passive Hedging clients' assets are denominated. \n   \n AUM of Dynamic Hedging clients is more heavily weighted to US dollars, and was therefore not impacted by foreign exchange movements, but instead was driven by growth in the value of underlying assets. \n   \n Absolute Return \n AUM for Absolute Return products tends to be more volatile as clients are more likely to move in and out of Absolute Return strategies. The 18% decrease in AUM is as a result of the deferred impact of the wind-up of an FX Alpha client in late FY25. \n   \n Private Markets \n Consisting of Solutions for Asset Managers, EM Local Debt, Infrastructure Equity, Private Equity and Private Credit, Private Markets saw an 18% increase in the year. \n   \n Solutions for Asset Managers was the main driver of this as it continues to see strong inflows, with AUM up 19% for the year. Growth in Solutions for Asset Managers is expected to continue by both winning new clients and growing alongside existing clients as new funds launch. \n   \n In EM Local Debt, the AUM in the Record EM Sustainable Finance Fund continues to remain consistent year on year. \n   \n A further increase in Private Markets AUM was as a result of the first capital deployment for the Record Infrastructure Equity Fund which took place in FY26. While not yet reported as AUM, the remaining balance of commitments to the fund totals $1.1 billion, with two additional investment target closures already announced and expected to be deployed in the first half of FY27. \n   \n Financial performance \n We ended FY26 with an operating profit of £10.0 million (FY25: £10.7 million), down 6%, driven by marginally lower revenues, resulting in a decrease in operating margin from 25.6% to 25.0%. In a period of slower revenues, our focus on cost management has reduced operating costs by 2%. The 23% decrease in profit after tax is primarily as a result of the absence of the high net impact of deferred tax credits that occurred in the prior period. The net result is that EPS decreased 22% to 3.92 pence per share, down from 5.03 pence per share last year although largely in line with market expectations. \n   \n \n \n \n \n \n \n \n 2026 \n \n \n 2025 \n \n \n \n \n \n \n \n £'000 \n \n \n  £'000 \n \n \n \n \n Revenue \n \n \n 40,096 \n \n \n 41,615 \n \n \n \n \n Cost of sales \n \n \n (186) \n \n \n (472) \n \n \n \n \n Gross profit \n \n \n 39,910 \n \n \n 41,143 \n \n \n \n \n Operating expenses \n \n \n (30,382) \n \n \n (30,845) \n \n \n \n \n Share of profit/(loss) of joint venture \n \n \n 50 \n \n \n (4) \n \n \n \n \n Other income \n \n \n 437 \n \n \n 364 \n \n \n \n \n Operating profit \n \n \n 10,015 \n \n \n 10,658 \n \n \n \n \n Operating margin \n \n \n 25.0% \n \n \n 25.6% \n \n \n \n \n Profit after tax \n \n \n 7,026 \n \n \n 9,105 \n \n \n \n \n Profit after tax for the year attributable to \n \n \n   \n \n \n \n \n \n \n \n Equity holders of Record plc \n \n \n 7,657 \n \n \n 9,719 \n \n \n \n \n Non-controlling interest \n \n \n (631) \n \n \n (614) \n \n \n \n \n Profit after tax \n \n \n 7,026 \n \n \n 9,105 \n \n \n \n \n EPS \n \n \n 3.92p \n \n \n 5.03p \n \n \n \n \n   \n Revenue \n Total revenue of £40.1 million (FY25: £41.6 million) was down 4%. Management fees of £35.4 million (FY25: £37.2 million) were down 5% following the loss of a client with schemes across multiple products in late FY25, which was partly offset by new growth. Performance fees of £2.8 million, while once again an important component of total revenue, were down against a marginally stronger performance in FY25. Other services income, which comprises primarily distribution fees and the closing fee for the first capital deployment from the Record Infrastructure Equity Fund, saw encouraging growth during the period. \n   \n \n \n \n \n \n \n \n 2026 \n \n \n 2025 \n \n \n \n \n \n \n \n Risk \n \n \n Absolute \n \n \n Private \n \n \n   \n \n \n Risk \n \n \n Absolute \n \n \n Private \n \n \n \n \n \n \n \n \n \n \n Management \n \n \n Return \n \n \n Markets \n \n \n Total \n \n \n Management \n \n \n Return \n \n \n Markets \n \n \n Total \n \n \n \n \n \n \n \n £'000 \n \n \n £'000 \n \n \n £'000 \n \n \n £'000 \n \n \n £'000 \n \n \n £'000 \n \n \n £'000 \n \n \n £'000 \n \n \n \n \n Management fees \n \n \n 23,797 \n \n \n 2,056 \n \n \n 9,515 \n \n \n 35,368 \n \n \n 25,170 \n \n \n 3,530 \n \n \n 8,546 \n \n \n 37,246 \n \n \n \n \n Performance fees \n \n \n 2,465 \n \n \n 333 \n \n \n - \n \n \n 2,798 \n \n \n 3,175 \n \n \n - \n \n \n - \n \n \n 3,175 \n \n \n \n \n Other services income \n \n \n 326 \n \n \n - \n \n \n 1,604 \n \n \n 1,930 \n \n \n 531 \n \n \n - \n \n \n 663 \n \n \n 1,194 \n \n \n \n \n Total revenue \n \n \n 26,588 \n \n \n 2,389 \n \n \n 11,119 \n \n \n 40,096 \n \n \n 28,876 \n \n \n 3,530 \n \n \n 9,209 \n \n \n 41,615 \n \n \n \n \n   \n Risk Management \n Revenue from Risk Management products decreased to £26.6 million (FY25: £28.9 million). The decrease was mainly attributed to the decrease in Passive Hedging and Dynamic Hedging management fees, both largely due to the client loss already mentioned at the end of the previous period, with some effects offset through growth in AUM. Despite this, Passive Hedging products saw another year end with well-earned performance fees. \n   \n Absolute Return \n The decrease in revenue from Absolute Return products is as a result of the remaining impact of the wind-up of the same client in late FY25, with decreases in both AUM and management fees. Nevertheless, our FX Alpha products were also able to crystallise performance fees of £0.3 million (FY25: £nil) during the year. \n   \n Private Markets \n Increased activity in our Private Markets products has been a key driver in revenue growth. As noted in the AUM development section above, Solutions for Asset Managers now falls under the Private Markets pillar. For comparative purposes, the FY25 revenue allocation in the table above has been restated to reflect this. Solutions for Asset Managers saw 39% growth in management fees as it continued to make good new business wins during the period. EM Debt, which comprises our EMSF fund, generates high and consistent revenue from a stable AUM base. Following the first Record Infrastructure Equity Fund deployment in FY26, and another two announced and expected for deployment in the first half of FY27, increased infrastructure revenues are expected to begin materialising. \n   \n Operating costs \n Operating costs of £30.4 million (FY25: £30.8 million) were down 2%. This represents consistent progress in the restructuring of our cost base and aligning investment to our strategic priorities. \n   \n \n \n \n \n \n \n \n 2026 \n \n \n 2025 \n \n \n \n \n \n \n \n £'000 \n \n \n £'000 \n \n \n \n \n Operating expenses \n \n \n   \n \n \n \n \n \n \n \n Staff costs \n \n \n 16,178 \n \n \n 15,931 \n \n \n \n \n IT and technology \n \n \n 3,905 \n \n \n 4,236 \n \n \n \n \n Professional fees \n \n \n 3,485 \n \n \n 3,118 \n \n \n \n \n Occupancy \n \n \n 983 \n \n \n 1,343 \n \n \n \n \n Depreciation and amortisation \n \n \n 1,309 \n \n \n 758 \n \n \n \n \n Travel and marketing \n \n \n 947 \n \n \n 831 \n \n \n \n \n Operating costs (excl. bonus) \n \n \n 26,807 \n \n \n 26,217 \n \n \n \n \n Bonus \n \n \n 3,575 \n \n \n 4,628 \n \n \n \n \n Operating costs \n \n \n 30,382 \n \n \n 30,845 \n \n \n \n \n Headcount \n \n \n 103 \n \n \n 99 \n \n \n \n \n   \n Staff costs excluding bonuses increased in line with average headcount during the year, which was up from 99 to 103, as we continue to invest in our talented team of professionals to support our strategic objectives. Technology fees for external services have decreased, driven by the efficiencies gained through our in-house IT development team, whose efforts continue to yield tangible cost savings and operational improvements. Professional fees have increased somewhat, as a result of continued investment in the wider Group and supporting growth in our Private Markets solutions. Since the closure of the Windsor office in December 2025, occupancy costs have now decreased, although we are incurring higher depreciation relating to the new London office, and increased amortisation of the internally developed software that is now in use by the business. Travel and marketing costs have increased slightly, in line with our expanded presence in Germany and Switzerland. \n   \n For FY26 the Board approved a total bonus pool of £3.6 million (FY25: £4.6 million) for the year, down from FY25, reflecting lower operating profits in the period. Further information on bonuses can be found in the Remuneration report. \n   \n Profit after tax and earnings per share \n Profit after tax of £7.0 million (FY25: £9.1 million) was down 23%. \n   \n This decrease was partially due to the 4% lower revenues seen this year, but largely driven by the increased tax charge for the year to £2.8 million (FY25: £1.8 million), an effective rate of 28% (FY25: 17%). The significantly lower FY25 tax expense was due the deferred tax impact of a once-off tax credit recognised in respect of cumulative tax losses in Record Asset Management GmbH (\"RAM\") and RAM Strategies GmbH (\"RAMS\"), our German subsidiaries, of £1.4 million, recognised for the first time in FY25. In comparison, only an additional £0.3 million was recognised in the current period. The cumulative deferred tax credit of £1.7 million will be available to be used to offset the future taxable profits of RAM and RAMS. \n   \n When factoring in the non-controlling interests in the RAM Group, profit after tax attributable to Record plc shareholders is £7.7 million (FY25: £9.7 million). As a result, earnings per share has decreased by 22% to 3.92 pence (FY25: 5.03 pence). The decrease is largely in line with market expectations set after the interim results. \n   \n Financial stability and capital management \n Maintaining a strong balance sheet is a priority for Record and we believe this is important to investors and clients alike. \n   \n At 31 March 2026, net assets were £27.8 million (FY25: £29.1 million) which is £19.2 million in excess of our minimum regulatory capital requirement of £8.6 million which we are required to maintain by the FCA in the UK and BaFin in Germany. \n   \n The Board will continue to balance the expectations of shareholders for dividends with the needs of the business to maintain a healthy balance sheet and preserve capital for future growth. The Group has no external debt and is cash generative with capital and dividend policies aimed at ensuring continued balance sheet strength to support future growth. Included within net assets is £13.0 million of assets managed as cash (FY25: £13.3 million), indicating a consistently strong year-on-year cash position. \n   \n Dividends \n An interim ordinary dividend of 2.15 pence per share (FY25: 2.15 pence) was paid to shareholders on 19 December 2025, equivalent to £4.1 million. \n   \n As disclosed in the Chairman's statement, the Board is recommending a final ordinary dividend of 1.45 pence per share (FY25: 2.50 pence), equivalent to approximately £2.8 million, taking the overall ordinary dividend for the financial year to 3.60 pence per share (FY25: 4.65 pence), maintaining the dividend payout ratio at 92% of total earnings per share of 3.92 pence. \n   \n Outlook \n The outlook for the short term remains highly dependent on the timing of revenue recognition, with variability reflecting the natural progression of projects currently in the pipeline. FY27 has already started with some new client wins, and we are anticipating healthy revenue growth, resulting in a modest increase in earnings per share (\"EPS\") year on year. Over the medium term, we expect the deployment of new products in the Private Markets space in particular to drive revenue and EPS growth. \n   \n Recognising the importance of the dividend to investors, and the uncertainty of timing of new revenue growth, we remain aligned with the interests of investors while always balancing that with the aim of maintaining a strong balance sheet. \n   \n Samantha Dunn \n Interim Chief Financial Officer \n   \n 18 June 2026 \n   \n   \n   \n Preliminary announcement statement \n The financial information, which comprises the consolidated statement of comprehensive income, consolidated statement of financial position, consolidated statement of changes in equity, consolidated statement of cash flows, company statement of financial position, company statement of changes in equity, company statement of cash flows and related notes, does not constitute full accounts within the meaning of s435 (1) and (2) of the Companies Act 2006. The auditor has reported on the Group's statutory accounts for each of the years FY25 and FY26, which did not contain any statement under s498 of the Companies Act 2006 and are unqualified. The statutory accounts for FY25 have been delivered to the Registrar of Companies and the statutory accounts for FY26 will be filed with the Registrar in due course. The financial statements are presented in thousands of UK pounds, rounded to the nearest £'000. \n   \n Cautionary statement \n   \n This Annual Report contains certain forward‑looking statements with respect to the financial condition, results, operations and business of Record. These statements involve risk and uncertainty because they relate to events and depend upon circumstances that will occur in the future. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied in this Annual Report. Nothing in this Annual Report should be construed as a profit forecast. \n   \n Directors' responsibility statement pursuant to DTR4 \n The Directors confirm to the best of their knowledge: \n ·      the financial statements have been prepared in accordance with the applicable set of accounting standards, give a true and fair view of the assets, liabilities, financial position and profit and loss of the Group and Company; and \n ·      the Annual Report includes a fair review of the development and performance of the business and the financial position of the Group and Company, together with a description of the principal risks and uncertainties that they face. \n   \n   \n   \n Consolidated statement of comprehensive income \n   \n Year ended 31 March 2026 \n   \n \n \n \n \n \n \n \n \n \n \n 2026 \n \n \n 2025 \n \n \n \n \n \n \n \n Note \n \n \n £'000 \n \n \n £'000 \n \n \n \n \n Revenue \n \n \n 4 \n \n \n 40,096 \n \n \n 41,615 \n \n \n \n \n Cost of sales \n \n \n \n \n \n (186) \n \n \n (472) \n \n \n \n \n Gross profit \n \n \n \n \n \n 39,910 \n \n \n 41,143 \n \n \n \n \n Operating expenses \n \n \n 5 \n \n \n (30,382) \n \n \n (30,845) \n \n \n \n \n Share of profit/(loss) of joint venture \n \n \n 16 \n \n \n 50 \n \n \n (4) \n \n \n \n \n Other income \n \n \n 5 \n \n \n 437 \n \n \n 364 \n \n \n \n \n Operating profit \n \n \n \n \n \n 10,015 \n \n \n 10,658 \n \n \n \n \n Finance income \n \n \n \n \n \n 201 \n \n \n 446 \n \n \n \n \n Finance expense \n \n \n \n \n \n (397) \n \n \n (162) \n \n \n \n \n Profit before tax \n \n \n \n \n \n 9,819 \n \n \n 10,942 \n \n \n \n \n Taxation \n \n \n 7 \n \n \n (2,793) \n \n \n (1,837) \n \n \n \n \n Profit after tax \n \n \n \n \n \n 7,026 \n \n \n 9,105 \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Items that may be reclassified to the income statement: \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Foreign exchange (loss)/gain on translation of foreign operations \n \n \n \n \n \n (86) \n \n \n 55 \n \n \n \n \n Other comprehensive (loss)/income \n \n \n \n \n \n (86) \n \n \n 55 \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Total comprehensive income for the year \n \n \n \n \n \n 6,940 \n \n \n 9,160 \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Profit after tax for the year attributable to \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Equity holders of Record plc \n \n \n \n \n \n 7,657 \n \n \n 9,719 \n \n \n \n \n Non-controlling interest \n \n \n 15 \n \n \n (631) \n \n \n (614) \n \n \n \n \n \n \n \n \n \n \n 7,026 \n \n \n 9,105 \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Other comprehensive (loss)/income for the year attributable to \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Equity holders of Record plc \n \n \n \n \n \n (45) \n \n \n 31 \n \n \n \n \n Non-controlling interest \n \n \n 15 \n \n \n (41) \n \n \n 24 \n \n \n \n \n \n \n \n \n \n \n (86) \n \n \n 55 \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Total comprehensive income for the year attributable to \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Equity holders of Record plc \n \n \n \n \n \n 7,612 \n \n \n 9,750 \n \n \n \n \n Non-controlling interest \n \n \n 15 \n \n \n (672) \n \n \n (590) \n \n \n \n \n \n \n \n \n \n \n 6,940 \n \n \n 9,160 \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Earnings per share attributable to the equity holders of Record plc \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Basic earnings per share \n \n \n 8 \n \n \n 3.92p \n \n \n  5.03p \n \n \n \n \n Diluted earnings per share \n \n \n 8 \n \n \n  3.83p \n \n \n  4.94p \n \n \n \n \n   \n The notes are an integral part of these consolidated financial statements. \n   \n Consolidated statement of financial position \n   \n As at 31 March 2026 \n   \n \n \n \n \n \n \n \n \n \n \n 2026 \n \n \n 2025 \n \n \n \n \n \n \n \n Note \n \n \n £'000 \n \n \n £'000 \n \n \n \n \n Non ‑ current assets \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Intangible assets \n \n \n 11 \n \n \n 772 \n \n \n 358 \n \n \n \n \n Right ‑ of ‑ use assets \n \n \n 12 \n \n \n 6,143 \n \n \n 7,007 \n \n \n \n \n Property, plant and equipment \n \n \n 13 \n \n \n 1,918 \n \n \n 2,147 \n \n \n \n \n Investments \n \n \n 14 \n \n \n 3,484 \n \n \n 4,123 \n \n \n \n \n Investments in joint ventures \n \n \n 16 \n \n \n 50 \n \n \n - \n \n \n \n \n Deferred tax assets \n \n \n 17 \n \n \n 1,731 \n \n \n 1,365 \n \n \n \n \n Total non ‑ current assets \n \n \n \n \n \n 14,098 \n \n \n 15,000 \n \n \n \n \n Current assets \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Trade and other receivables \n \n \n 18 \n \n \n 13,425 \n \n \n 13,729 \n \n \n \n \n Corporation tax assets \n \n \n \n \n \n 47 \n \n \n 289 \n \n \n \n \n Derivative financial assets \n \n \n 19 \n \n \n - \n \n \n 84 \n \n \n \n \n Money market instruments \n \n \n 20 \n \n \n - \n \n \n 1,500 \n \n \n \n \n Cash and cash equivalents \n \n \n 20 \n \n \n 13,027 \n \n \n 11,798 \n \n \n \n \n Total current assets \n \n \n \n \n \n 26,499 \n \n \n 27,400 \n \n \n \n \n Total assets \n \n \n \n \n \n 40,597 \n \n \n 42,400 \n \n \n \n \n Current liabilities \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Trade and other payables \n \n \n 21 \n \n \n (5,007) \n \n \n (5,739) \n \n \n \n \n Corporation tax liabilities \n \n \n \n \n \n (468) \n \n \n (51) \n \n \n \n \n Lease liabilities \n \n \n 12 \n \n \n (457) \n \n \n (263) \n \n \n \n \n Provisions \n \n \n 22 \n \n \n (109) \n \n \n (186) \n \n \n \n \n Derivative financial liabilities \n \n \n 19 \n \n \n (71) \n \n \n - \n \n \n \n \n Total current liabilities \n \n \n \n \n \n (6,112) \n \n \n (6,239) \n \n \n \n \n Non-current liabilities \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Lease liabilities \n \n \n 12 \n \n \n (6,152) \n \n \n (6,842) \n \n \n \n \n Provisions \n \n \n 22 \n \n \n (250) \n \n \n (250) \n \n \n \n \n Deferred tax liabilities \n \n \n 17 \n \n \n (276) \n \n \n - \n \n \n \n \n Total non-current liabilities \n \n \n \n \n \n (6,678) \n \n \n (7,092) \n \n \n \n \n Total net assets \n \n \n \n \n \n 27,807 \n \n \n 29,069 \n \n \n \n \n Equity \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Share capital \n \n \n 23 \n \n \n 50 \n \n \n 50 \n \n \n \n \n Share premium \n \n \n \n \n \n 1,809 \n \n \n 1,809 \n \n \n \n \n Capital redemption reserve \n \n \n \n \n \n 26 \n \n \n 26 \n \n \n \n \n Foreign currency translation reserve \n \n \n \n \n \n (1) \n \n \n 44 \n \n \n \n \n Retained earnings \n \n \n \n \n \n 25,317 \n \n \n 27,131 \n \n \n \n \n Equity attributable to the equity holders of Record plc \n \n \n \n \n \n 27,201 \n \n \n 29,060 \n \n \n \n \n Non-controlling interests \n \n \n 15 \n \n \n 606 \n \n \n 9 \n \n \n \n \n Total equity \n \n \n \n \n \n 27,807 \n \n \n 29,069 \n \n \n \n \n   \n Approved by the Board on 18 June 2026 and signed on its behalf by: \n   \n David Morrison \n Chairman \n   \n Jan Witte \n Chief Executive Officer \n   \n Company registered number: 1927640 \n   \n The notes are an integral part of these consolidated financial statements. \n   \n   \n Consolidated statement of changes in equity \n   \n Year ended 31 March 2026 \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Equity \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Foreign \n \n \n \n \n \n attributable \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Capital \n \n \n currency \n \n \n \n \n \n to equity \n \n \n Non- \n \n \n \n \n \n \n \n \n \n \n \n \n \n Share \n \n \n Share \n \n \n redemption \n \n \n translation \n \n \n Retained \n \n \n holders of \n \n \n controlling \n \n \n Total \n \n \n \n \n \n \n \n \n \n \n capital \n \n \n premium \n \n \n reserve \n \n \n reserve \n \n \n earnings \n \n \n the parent \n \n \n interest \n \n \n equity \n \n \n \n \n \n \n \n Note \n \n \n £'000 \n \n \n £'000 \n \n \n £'000 \n \n \n £'000 \n \n \n £'000 \n \n \n £'000 \n \n \n £'000 \n \n \n £'000 \n \n \n \n \n As at 1 April 2025 \n \n \n   \n \n \n 50 \n \n \n 1,809 \n \n \n 26 \n \n \n 44 \n \n \n 27,131 \n \n \n 29,060 \n \n \n 9 \n \n \n 29,069 \n \n \n \n \n Profit and total comprehensive income for the year \n \n \n   \n \n \n - \n \n \n - \n \n \n - \n \n \n (45) \n \n \n 7,657 \n \n \n 7,612 \n \n \n (672) \n \n \n 6,940 \n \n \n \n \n Share of additional equity reserve contribution \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (1,269) \n \n \n (1,269) \n \n \n 1,269 \n \n \n - \n \n \n \n \n Dividends \n \n \n 9 \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (9,078) \n \n \n (9,078) \n \n \n - \n \n \n (9,078) \n \n \n \n \n Own shares acquired by EBT \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (996) \n \n \n (996) \n \n \n - \n \n \n (996) \n \n \n \n \n Release of shares held by EBT \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 2,820 \n \n \n 2,820 \n \n \n - \n \n \n 2,820 \n \n \n \n \n Tax on share-based payments \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (95) \n \n \n (95) \n \n \n - \n \n \n (95) \n \n \n \n \n Other share-based payment reserve movements \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (853) \n \n \n (853) \n \n \n - \n \n \n (853) \n \n \n \n \n Transactions with shareholders \n \n \n   \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (9,471) \n \n \n (9,471) \n \n \n 1,269 \n \n \n (8,202) \n \n \n \n \n As at 31 March 2026 \n \n \n   \n \n \n 50 \n \n \n 1,809 \n \n \n 26 \n \n \n (1) \n \n \n 25,317 \n \n \n 27,201 \n \n \n 606 \n \n \n 27,807 \n \n \n \n \n   \n   \n Year ended 31 March 2025 \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Equity \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Foreign \n \n \n \n \n \n attributable \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Capital \n \n \n currency \n \n \n \n \n \n to equity \n \n \n Non- \n \n \n \n \n \n \n \n \n \n \n \n \n \n Share \n \n \n Share \n \n \n redemption \n \n \n translation \n \n \n Retained \n \n \n holders of \n \n \n controlling \n \n \n Total \n \n \n \n \n \n \n \n \n \n \n capital \n \n \n premium \n \n \n reserve \n \n \n reserve \n \n \n earnings \n \n \n the parent \n \n \n interest \n \n \n equity \n \n \n \n \n \n \n \n Note \n \n \n £'000 \n \n \n £'000 \n \n \n £'000 \n \n \n £'000 \n \n \n £'000 \n \n \n £'000 \n \n \n £'000 \n \n \n £'000 \n \n \n \n \n As at 1 April 2024 \n \n \n \n \n \n 50 \n \n \n 1,809 \n \n \n 26 \n \n \n 13 \n \n \n 27,051 \n \n \n 28,949 \n \n \n 5 \n \n \n 28,954 \n \n \n \n \n Profit and total comprehensive income for the year \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n 31 \n \n \n 9,719 \n \n \n 9,750 \n \n \n (590) \n \n \n 9,160 \n \n \n \n \n Non-controlling interest acquired in subsidiaries \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 571 \n \n \n 571 \n \n \n (552) \n \n \n 19 \n \n \n \n \n Share of additional equity reserve contribution \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (1,146) \n \n \n (1,146) \n \n \n 1,146 \n \n \n - \n \n \n \n \n Dividends \n \n \n 9 \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (10,049) \n \n \n (10,049) \n \n \n - \n \n \n (10,049) \n \n \n \n \n Own shares acquired by EBT \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (760) \n \n \n (760) \n \n \n - \n \n \n (760) \n \n \n \n \n Release of shares held by EBT \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 1,332 \n \n \n 1,332 \n \n \n - \n \n \n 1,332 \n \n \n \n \n Tax on share-based payments \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (15) \n \n \n (15) \n \n \n - \n \n \n (15) \n \n \n \n \n Other share-based payment reserve movements \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 428 \n \n \n 428 \n \n \n - \n \n \n 428 \n \n \n \n \n Transactions with shareholders \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (9,639) \n \n \n (9,639) \n \n \n 594 \n \n \n (9,045) \n \n \n \n \n As at 31 March 2025 \n \n \n \n \n \n 50 \n \n \n 1,809 \n \n \n 26 \n \n \n 44 \n \n \n 27,131 \n \n \n 29,060 \n \n \n 9 \n \n \n 29,069 \n \n \n \n \n The notes are an integral part of these consolidated financial statements. \n   \n   \n Consolidated statement of cash flows \n   \n As at 31 March 2026 \n   \n \n \n \n \n \n \n \n \n \n \n 2026 \n \n \n 2025 \n \n \n \n \n \n \n \n Note \n \n \n £'000 \n \n \n £'000 \n \n \n \n \n Net cash inflow from operating activities \n \n \n 27 \n \n \n 9,204 \n \n \n 7,346 \n \n \n \n \n Cash flows from investing activities \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Purchase of intangible assets \n \n \n 11 \n \n \n (508) \n \n \n (365) \n \n \n \n \n Purchase of property, plant and equipment \n \n \n 13 \n \n \n (165) \n \n \n (2,118) \n \n \n \n \n Purchase of investments \n \n \n 14 \n \n \n (48) \n \n \n (60) \n \n \n \n \n Sale of investment in subsidiary \n \n \n \n \n \n - \n \n \n 4 \n \n \n \n \n Redemption of investments \n \n \n 14 \n \n \n 1,038 \n \n \n 1,120 \n \n \n \n \n Purchase of money market instruments \n \n \n \n \n \n - \n \n \n (4,922) \n \n \n \n \n Disposal of money market instruments \n \n \n \n \n \n 1,500 \n \n \n 12,952 \n \n \n \n \n Interest received \n \n \n \n \n \n 201 \n \n \n 479 \n \n \n \n \n Net cash inflow from investing activities \n \n \n \n \n \n 2,018 \n \n \n 7,090 \n \n \n \n \n Cash flows from financing activities \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Lease principal payments \n \n \n 12 \n \n \n (674) \n \n \n (217) \n \n \n \n \n Lease interest payments \n \n \n 12 \n \n \n (156) \n \n \n (15) \n \n \n \n \n Proceeds from share issue to NCI \n \n \n \n \n \n - \n \n \n 24 \n \n \n \n \n Purchase of own shares \n \n \n 33 \n \n \n - \n \n \n (325) \n \n \n \n \n Dividends paid to equity shareholders \n \n \n 9 \n \n \n (9,078) \n \n \n (10,049) \n \n \n \n \n Net cash outflow from financing activities \n \n \n \n \n \n (9,908) \n \n \n (10,582) \n \n \n \n \n Net increase in cash and cash equivalents in the year \n \n \n \n \n \n 1,314 \n \n \n 3,854 \n \n \n \n \n Exchange loss \n \n \n \n \n \n (85) \n \n \n (11) \n \n \n \n \n Cash and cash equivalents at the beginning of the year \n \n \n \n \n \n 11,798 \n \n \n 7,955 \n \n \n \n \n Cash and cash equivalents at the end of the year \n \n \n \n \n \n 13,027 \n \n \n 11,798 \n \n \n \n \n Closing cash and cash equivalents consist of: \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Cash \n \n \n \n \n \n 8,257 \n \n \n 6,739 \n \n \n \n \n Cash equivalents \n \n \n \n \n \n 4,770 \n \n \n 5,059 \n \n \n \n \n Cash and cash equivalents \n \n \n 20 \n \n \n 13,027 \n \n \n 11,798 \n \n \n \n \n   \n The notes are an integral part of these consolidated financial statements. \n   \n   \n Company statement of financial position \n   \n As at 31 March 2026 \n   \n \n \n \n \n \n \n \n \n \n \n 2026 \n \n \n 2025 \n \n \n \n \n \n \n \n Note \n \n \n £'000 \n \n \n £'000 \n \n \n \n \n Non ‑ current assets \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Right ‑ of ‑ use assets \n \n \n 12 \n \n \n 6,107 \n \n \n 6,936 \n \n \n \n \n Property, plant and equipment \n \n \n 13 \n \n \n 1,717 \n \n \n 1,943 \n \n \n \n \n Investments \n \n \n 14 \n \n \n 14,913 \n \n \n 12,620 \n \n \n \n \n Total non ‑ current assets \n \n \n \n \n \n 22,737 \n \n \n 21,499 \n \n \n \n \n Current assets \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Corporation tax \n \n \n \n \n \n - \n \n \n 201 \n \n \n \n \n Trade and other receivables \n \n \n 18 \n \n \n 6,254 \n \n \n 6,670 \n \n \n \n \n Cash and cash equivalents \n \n \n 20 \n \n \n 64 \n \n \n 90 \n \n \n \n \n Total current assets \n \n \n \n \n \n 6,318 \n \n \n 6,961 \n \n \n \n \n Total assets \n \n \n \n \n \n 29,055 \n \n \n 28,460 \n \n \n \n \n Current liabilities \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Trade and other payables \n \n \n 21 \n \n \n (12,869) \n \n \n (11,432) \n \n \n \n \n Lease liabilities \n \n \n 12 \n \n \n (420) \n \n \n (226) \n \n \n \n \n Provisions \n \n \n 22 \n \n \n - \n \n \n (61) \n \n \n \n \n Total current liabilities \n \n \n \n \n \n (13,289) \n \n \n (11,719) \n \n \n \n \n Non-current liabilities \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Deferred tax liabilities \n \n \n \n \n \n (406) \n \n \n (434) \n \n \n \n \n Lease liabilities \n \n \n 12 \n \n \n (6,152) \n \n \n (6,804) \n \n \n \n \n Provisions \n \n \n 22 \n \n \n (250) \n \n \n (250) \n \n \n \n \n Total non-current liabilities \n \n \n \n \n \n (6,808) \n \n \n (7,488) \n \n \n \n \n Total net assets \n \n \n \n \n \n 8,958 \n \n \n 9,253 \n \n \n \n \n Equity \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Share capital \n \n \n 23 \n \n \n 50 \n \n \n 50 \n \n \n \n \n Share premium \n \n \n \n \n \n 1,809 \n \n \n 1,809 \n \n \n \n \n Capital redemption reserve \n \n \n \n \n \n 26 \n \n \n 26 \n \n \n \n \n Retained earnings \n \n \n \n \n \n 7,073 \n \n \n 7,368 \n \n \n \n \n Total equity \n \n \n \n \n \n 8,958 \n \n \n 9,253 \n \n \n \n \n The Company's total comprehensive income for the year (which is principally derived from intra-group dividends) was £8,001,790 (2025: £13,879,895). \n   \n Approved by the Board on 18 June 2026 and signed on its behalf by: \n   \n David Morrison \n Chairman               \n   \n Jan Witte \n Chief Executive Officer \n   \n Company registered number: 1927640 \n   \n The notes on are an integral part of these consolidated financial statements. \n   \n   \n Company statement of changes in equity \n   \n Year ended 31 March 2026 \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Capital \n \n \n \n \n \n Total \n \n \n \n \n \n \n \n \n \n \n Share \n \n \n Share \n \n \n redemption \n \n \n Retained \n \n \n shareholders' \n \n \n \n \n \n \n \n \n \n \n capital \n \n \n premium \n \n \n  reserve \n \n \n earnings \n \n \n equity \n \n \n \n \n \n \n \n Note \n \n \n £'000 \n \n \n £'000 \n \n \n £'000 \n \n \n £'000 \n \n \n £'000 \n \n \n \n \n As at 1 April 2025 \n \n \n   \n \n \n 50 \n \n \n 1,809 \n \n \n 26 \n \n \n 7,368 \n \n \n 9,253 \n \n \n \n \n Profit and total comprehensive income for the year \n \n \n   \n \n \n - \n \n \n - \n \n \n - \n \n \n 8,002 \n \n \n 8,002 \n \n \n \n \n Dividends \n \n \n 9 \n \n \n - \n \n \n - \n \n \n - \n \n \n (9,078) \n \n \n (9,078) \n \n \n \n \n Share based payments charge for the year \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n 781 \n \n \n 781 \n \n \n \n \n Transactions with shareholders \n \n \n   \n \n \n - \n \n \n - \n \n \n - \n \n \n (8,297) \n \n \n (8,297) \n \n \n \n \n As at 31 March 2026 \n \n \n   \n \n \n 50 \n \n \n 1,809 \n \n \n 26 \n \n \n 7,073 \n \n \n 8,958 \n \n \n \n \n   \n   \n Year ended 31 March 2025 \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Capital \n \n \n \n \n \n Total \n \n \n \n \n \n \n \n \n \n \n Share \n \n \n Share \n \n \n redemption \n \n \n Retained \n \n \n shareholders' \n \n \n \n \n \n \n \n \n \n \n capital \n \n \n premium \n \n \n  reserve \n \n \n earnings \n \n \n equity \n \n \n \n \n \n \n \n Note \n \n \n £'000 \n \n \n £'000 \n \n \n £'000 \n \n \n £'000 \n \n \n £'000 \n \n \n \n \n As at 1 April 2024 \n \n \n \n \n \n 50 \n \n \n 1,809 \n \n \n 26 \n \n \n 2,723 \n \n \n 4,608 \n \n \n \n \n Profit and total comprehensive income for the year \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n 13,880 \n \n \n 13,880 \n \n \n \n \n Dividends \n \n \n 9 \n \n \n - \n \n \n - \n \n \n - \n \n \n (10,049) \n \n \n (10,049) \n \n \n \n \n Share based payments charge for the year \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n 814 \n \n \n 814 \n \n \n \n \n Transactions with shareholders \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n (9,235) \n \n \n (9,235) \n \n \n \n \n As at 31 March 2025 \n \n \n \n \n \n 50 \n \n \n 1,809 \n \n \n 26 \n \n \n 7,368 \n \n \n 9,253 \n \n \n \n \n   \n The notes are an integral part of these consolidated financial statements. \n   \n   \n Company statement of cash flows \n   \n Year ended 31 March 2026 \n   \n \n \n \n \n \n \n \n \n \n \n 2026 \n \n \n 2025 \n \n \n \n \n \n \n \n Note \n \n \n £'000 \n \n \n £'000 \n \n \n \n \n Net cash inflow from operating activities \n \n \n 27 \n \n \n 1,500 \n \n \n 1,711 \n \n \n \n \n Cash flows from investing activities \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Dividends received \n \n \n 28 \n \n \n 9,500 \n \n \n 10,000 \n \n \n \n \n Purchase of property, plant and equipment \n \n \n 13 \n \n \n (65) \n \n \n (1,246) \n \n \n \n \n Investment in equity reserve of subsidiary \n \n \n \n \n \n (2,151) \n \n \n (1,422) \n \n \n \n \n Sale of investment in subsidiary \n \n \n \n \n \n - \n \n \n 4 \n \n \n \n \n Purchase of investments \n \n \n 14 \n \n \n (48) \n \n \n (60) \n \n \n \n \n Redemption of investments \n \n \n 14 \n \n \n 1,038 \n \n \n 1,120 \n \n \n \n \n Interest received \n \n \n \n \n \n - \n \n \n - \n \n \n \n \n Net cash inflow from investing activities \n \n \n \n \n \n 8,274 \n \n \n 8,396 \n \n \n \n \n Cash flows from financing activities \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Lease principal payments \n \n \n 12 \n \n \n (630) \n \n \n (173) \n \n \n \n \n Lease interest payments \n \n \n 12 \n \n \n (153) \n \n \n (11) \n \n \n \n \n Dividends paid to equity shareholders \n \n \n 9 \n \n \n (9,078) \n \n \n (10,049) \n \n \n \n \n Net cash outflow from financing activities \n \n \n \n \n \n (9,861) \n \n \n (10,233) \n \n \n \n \n Net decrease in cash and cash equivalents in the year \n \n \n \n \n \n (87) \n \n \n (126) \n \n \n \n \n Exchange (loss)/gains \n \n \n \n \n \n 61 \n \n \n 2 \n \n \n \n \n Cash and cash equivalents at the beginning of the year \n \n \n \n \n \n 90 \n \n \n 214 \n \n \n \n \n Cash and cash equivalents at the end of the year \n \n \n \n \n \n 64 \n \n \n 90 \n \n \n \n \n Closing cash and cash equivalents consist of: \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Cash \n \n \n \n \n \n 64 \n \n \n 90 \n \n \n \n \n Cash equivalents \n \n \n \n \n \n - \n \n \n - \n \n \n \n \n Cash and cash equivalents \n \n \n 20 \n \n \n 64 \n \n \n 90 \n \n \n \n \n   \n The notes are an integral part of these consolidated financial statements. \n   \n   \n Notes to the financial statements for the year ended 31 March 2026 \n   \n   \n 1. Accounting policies \n In order to provide more clarity to the notes to the financial statements, accounting policy descriptions appear at the \n beginning of the note to which they relate. \n   \n The material accounting policies adopted in the preparation of these consolidated financial statements are set out in the \n notes below. These policies have been consistently applied to all periods presented unless otherwise stated. \n   \n 1.1 Basis of preparation \n The Group financial statements have been prepared in accordance with UK adopted international accounting standards and the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. The financial statements have been prepared on a going concern basis. \n   \n The financial statements have been prepared on a historical cost basis, modified to include fair valuation of derivative financial instruments. Investments are measured at fair value through profit or loss. \n   \n The accounting policies have been applied consistently to all periods presented in these financial statements and by all Group entities, unless otherwise stated. The financial statements of subsidiary undertakings are coterminous with those of Record plc, referred to as the \"Company\". \n   \n 1.2 Changes to international accounting standards \n There have been no new or amended standards adopted in the financial year beginning 1 April 2025 which have a material impact on the Group or any company within the Group. \n   \n The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective at the year-end date. \n   \n IFRS 18 - \"Presentation and Disclosure in Financial Statements\" has been issued but is not effective for the year ended 31 March 2026, and has not been early adopted. The standard will be effective for the Group for the financial year ending 31 March 2028. The Group is currently assessing the impact of IFRS 18, however it is not yet practicable to quantify the effect on the financial statements. \n   \n 1.3 Basis of consolidation \n The consolidated financial information contained within the financial statements incorporates financial statements of the Company, its subsidiaries and share in the results of its joint ventures drawn up to 31 March 2026. \n   \n Subsidiaries are entities controlled by the Company and are included from the date that control commences until the date that control ceases. Control is achieved where the Company is exposed to, or has rights over, variable returns from its involvement with the entity and it has the power to affect those returns. \n   \n The Record plc Employee Benefit Trust (\"EBT\") has been established for the purpose of satisfying certain share-based awards. As the Group has control over this special purpose entity, the trust is fully consolidated within the financial statements. The movements in the EBT are disclosed in the statement of changes in equity as own shares acquired and released by the EBT. This includes net settlements, through which employees have the option to sell back shares to cover the exercise price and tax liabilities arising as a result of exercising share awards. As the amounts are netted off, there are no cash movements. \n   \n Joint ventures are entities in which the Group has an investment where it has contractually agreed to share control of the business and where the major decisions require the unanimous consent of the joint partners. The results, as well as the assets and liabilities of joint ventures, are incorporated in the consolidated financial statements using the equity method of accounting. The Group's share of post-tax profits or losses is recognised in the consolidated statement of comprehensive income. \n   \n All intra ‑ group transactions, balances, income, expenses and dividends are eliminated on consolidation. \n   \n The Company financial statements have also been prepared in accordance with UK adopted international accounting standards and the Company has taken advantage of the exemption under the Companies Act 2006 s408(1) not to present its individual statement of comprehensive income and related notes that form part of the financial statements. The Company and its subsidiaries are collectively referred to as the \"Group\". The total comprehensive income for the year for the Company is £8,002k (FY25: £13,880k). The Company's principal activity is that of a holding company. \n   \n 1.4 Going concern \n The Directors are satisfied that the Company and the Group have adequate resources with which to continue to operate for the foreseeable future. In arriving at this conclusion, the Directors have considered various assessments including capital and liquidity positions, the current economic and geopolitical environment and the market in which the Group operates, and its stakeholders. These assessments show that the Group should be able to operate at adequate levels of both liquidity and capital for at least twelve months from the date of signing this report. \n   \n Consequently, the Directors have reasonable expectation that the Group has adequate financial resources to continue operations for at least twelve months from the date of signing the report, and therefore have continued to adopt the going concern basis in preparing the financial statements. \n   \n 1.5 Foreign currencies \n The financial statements are presented in sterling (£), which is the functional currency of the parent company. Foreign currency transactions are translated into the functional currency of the parent company using prevailing exchange rates which are updated on a monthly basis. Foreign exchange gains and losses resulting from the settlement of such transactions and from the remeasurement of monetary items at year ‑ end exchange rates are recognised in the statement of comprehensive income under \"other income or expense\". \n   \n On consolidation, the results of foreign operations are translated into sterling at rates approximating to those when the transactions took place. The assets and liabilities of foreign operations are translated at the period-end spot rate. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at monthly average rate are recognised in other comprehensive income, and accumulated in the foreign currency translation reserve. \n   \n 1.6 Financial instruments \n Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of the financial instrument. Financial assets are derecognised when the contractual rights to the cash flows from the financial assets expire, or when the financial asset and all substantial risks and rewards are transferred. A financial liability is derecognised when it is extinguished, discharged, cancelled or expires. \n   \n 1.7 Impairment of assets \n The Group assesses whether there is any indication that any of its assets have been impaired at least annually. If such an indication exists, the asset's recoverable amount is estimated and compared to its carrying value. \n   \n An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. Impairment losses are recognised in profit or loss. \n   \n 1.8 Segmental reporting \n Operating segments are identified on the basis of internal reports about components of the Group that are regularly reviewed by the Group's Chief Operating Decision Maker (\"CODM\") in order to allocate resources to the segments and to assess their performance. The CODM is considered to be the Board of Directors. \n   \n The segmental information presented to the Group's CODM is split by product category: Risk Management, Absolute Return and Private Markets. Only revenue per product category is regularly reviewed by the Group's CODM. \n   \n   \n 2. Critical accounting estimates and judgements \n The preparation of the financial statements in accordance with IFRS requires management to make accounting estimates and judgements that affect the application of the Group's accounting policies and reported amounts. \n   \n The estimates and associated assumptions are based on historical experience and various other factors including expectations of future events that are believed to be reasonable under the circumstances, the results of which form the basis of making judgements about carrying values of assets and liabilities that are not readily apparent from other sources. As a consequence, actual results may differ from these estimates. \n   \n The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. \n   \n The key areas involving estimates and judgements have been set out below, and detailed further within the respective notes: \n   \n \n \n \n \n Area \n \n \n Note \n \n \n Related estimates \n \n \n \n \n Deferred tax \n \n \n 17 \n \n \n Recoverability of subsidiary deferred tax credits \n \n \n \n \n Fair value of investments \n \n \n 26 \n \n \n Valuation methodology and inputs \n \n \n \n \n   \n \n \n \n \n Area \n \n \n Note \n \n \n Related judgement \n \n \n \n \n Basis of consolidation \n \n \n 14, 29 \n \n \n Control, interests in unconsolidated structured entities \n \n \n \n \n Fair value of investments \n \n \n 26 \n \n \n Input level allocation \n \n \n \n \n   \n   \n 3. Segmental analysis \n The Board and management team of the Group have continued to organise and report on the revenue performance of the business by the Currency Management and Asset Management segments. The Currency Management segment covers all activity under Record Currency Management Limited (\"RCML\") and affiliated Group companies. The Asset Management segment covers all activity of Record Asset Management GmbH (\"RAM\") and its subsidiaries. \n   \n Each segment contains a combination of products that fall under three product pillars: Risk Management, Absolute Return and Private Markets. Risk Management includes Passive Hedging, Dynamic Hedging and other currency management services. Absolute Return includes FX Alpha and Custom Opportunities. Private Markets includes Solutions for Asset Managers, EM Local Debt, Infrastructure, Private Credit and Equity, and other asset management services. \n   \n 3.1 Operating segments \n Currency Management revenue totalled £38.3 million for the period (FY25: £40.8 million) and Asset Management revenue totalled £1.8 million for the period (FY25: £0.8 million). Note 4 provides further detail on this. Of the £10.0 million operating profit for the Group, Currency Management contributed a £11.7 million operating profit for the period (FY25: £13.1 million) and Asset Management contributed a £1.7 million operating loss for the period (FY25: £2.5 million). \n   \n 3.2 Segment assets and liabilities \n Segment assets and liabilities are not presented, as such information is not presented on a regular basis to the Group's CODM. \n   \n   \n 4. Revenue \n Revenue represents the fair value of consideration received or receivable for the provision of currency and asset management services. Our revenues typically comprise of management fees, performance fees and other services income, recognised in accordance with IFRS 15 - \"Revenue from Contracts with Customers\". \n   \n Management fees and other services income are recognised over time as the related services are provided, with no additional performance obligations other than the standard duty-of-care requirements. Management fees are calculated as an agreed percentage of the Assets Under Management (\"AUM\") denominated in the client's chosen base currency, with rates varying by service type and AUM level. Management fees are typically invoiced on a monthly basis, with receivables recognised for unpaid amounts. \n   \n Performance fees are earned on certain mandates when performance exceeds defined benchmarks over a set period. These fees are recognised only when they can be measured reliably and are highly probable not to reverse, which is generally at the end of the performance period when they crystallise, become payable and cannot be clawed back. No further performance obligations exist after crystallisation. \n   \n Other services income includes currency management fees from signal hedging and fiduciary execution, as well as asset management distribution fees. \n   \n 4.1 Revenue by segment and product pillar 1 \n   \n \n \n \n \n \n \n \n 2026 \n \n \n 2025 \n \n \n \n \n \n \n \n Risk \n \n \n Absolute \n \n \n Private \n \n \n   \n \n \n Risk \n \n \n Absolute \n \n \n Private \n \n \n \n \n \n \n \n \n \n \n Management \n \n \n Return \n \n \n Markets \n \n \n Total \n \n \n Management \n \n \n Return \n \n \n Markets \n \n \n Total \n \n \n \n \n \n \n \n £'000 \n \n \n £'000 \n \n \n £'000 \n \n \n £'000 \n \n \n £'000 \n \n \n £'000 \n \n \n £'000 \n \n \n £'000 \n \n \n \n \n Currency Management \n \n \n  23,797 \n \n \n  1,915 \n \n \n  9,428 \n \n \n 35,140 \n \n \n  25,170 \n \n \n 3,346 \n \n \n  8,546 \n \n \n 37,062 \n \n \n \n \n Asset Management \n \n \n - \n \n \n  141 \n \n \n  87 \n \n \n 228 \n \n \n - \n \n \n 184 \n \n \n - \n \n \n 184 \n \n \n \n \n Management fees \n \n \n 23,797 \n \n \n 2,056 \n \n \n 9,515 \n \n \n 35,368 \n \n \n  25,170 \n \n \n 3,530 \n \n \n 8,546 \n \n \n 37,246 \n \n \n \n \n Currency Management \n \n \n 2,465 \n \n \n 333 \n \n \n - \n \n \n 2,798 \n \n \n 3,175 \n \n \n - \n \n \n - \n \n \n 3,175 \n \n \n \n \n Asset Management \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n Performance fees \n \n \n 2,465 \n \n \n 333 \n \n \n - \n \n \n 2,798 \n \n \n 3,175 \n \n \n - \n \n \n - \n \n \n 3,175 \n \n \n \n \n Currency Management \n \n \n 326 \n \n \n - \n \n \n 54 \n \n \n 380 \n \n \n 531 \n \n \n - \n \n \n - \n \n \n 531 \n \n \n \n \n Asset Management \n \n \n - \n \n \n - \n \n \n 1,550 \n \n \n 1,550 \n \n \n - \n \n \n - \n \n \n 663 \n \n \n 663 \n \n \n \n \n Other services income \n \n \n 326 \n \n \n - \n \n \n 1,604 \n \n \n 1,930 \n \n \n 531 \n \n \n - \n \n \n 663 \n \n \n 1,194 \n \n \n \n \n Total revenue \n \n \n 26,588 \n \n \n 2,389 \n \n \n 11,119 \n \n \n 40,096 \n \n \n 28,876 \n \n \n 3,530 \n \n \n 9,209 \n \n \n 41,615 \n \n \n \n \n   \n 1.   The revenue note has been updated show revenue by product pillar rather than by product type. As disclosed in note 3 above, \n   \n Risk Management includes Passive Hedging, Dynamic Hedging and other currency management services. Absolute Return includes FX Alpha and Custom Opportunities. Private Markets includes Solutions for Asset Managers (formally Hedging for Asset Managers), EM Local Debt, Infrastructure, Private Credit and Equity, and other asset management services. \n   \n This note disclosure has been revised to align with the above grouping to better reflect how the operations are assessed and managed. In addition, the split between Currency Management and Asset Management has also been revised to better align with the related statutory entities. The revenue for the year ended 31 March 2025 has been re-presented to reflect these updates for comparison. \n   \n 4.2 Revenue by geographical analysis \n All revenue received during the period was for services provided by Group companies situated in the UK, Germany and Switzerland. The following geographical analysis of revenue is based on the destination i.e. the location of the client to whom the services are provided. Other relates to a number of regions that are individually immaterial. \n   \n \n \n \n \n \n \n \n 2026 \n \n \n 2025 \n \n \n \n \n Revenue by geographical region \n \n \n £'000 \n \n \n £'000 \n \n \n \n \n UK \n \n \n 2,104 \n \n \n 2,331 \n \n \n \n \n US \n \n \n 14,035 \n \n \n 15,288 \n \n \n \n \n Switzerland \n \n \n 13,428 \n \n \n 13,893 \n \n \n \n \n Europe (excluding UK and Switzerland) \n \n \n 9,901 \n \n \n 8,722 \n \n \n \n \n Other \n \n \n 628 \n \n \n 1,381 \n \n \n \n \n Total revenue \n \n \n 40,096 \n \n \n 41,615 \n \n \n \n \n   \n 4.3 Major clients \n During the year ended 31 March 2026, two clients individually accounted for more than 10% of the Group's revenue. The two largest clients generated revenues of £6.0 million and £4.4 million in the year (FY25: three clients generated revenues of more than 10% totalling £6.9 million, £5.0 million and £4.3 million in the year). \n   \n   \n 5. Operating profit \n Operating profit for the year is stated after charging/(crediting): \n   \n \n \n \n \n \n \n \n 2026 \n \n \n 2025 \n \n \n \n \n \n \n \n £'000 \n \n \n £'000 \n \n \n \n \n Operating expenses \n \n \n   \n \n \n \n \n \n \n \n Staff costs \n \n \n 19,058 \n \n \n 19,335 \n \n \n \n \n Other staff-related costs \n \n \n 695 \n \n \n 1,224 \n \n \n \n \n IT and technology \n \n \n 3,905 \n \n \n 4,236 \n \n \n \n \n Auditor's remuneration (see below) \n \n \n 516 \n \n \n 480 \n \n \n \n \n Other professional fees \n \n \n 2,969 \n \n \n 2,638 \n \n \n \n \n Occupancy \n \n \n 983 \n \n \n 1,343 \n \n \n \n \n Depreciation and amortisation \n \n \n 1,309 \n \n \n 758 \n \n \n \n \n Travel and marketing \n \n \n 947 \n \n \n 831 \n \n \n \n \n Share of (profit)/loss of joint venture \n \n \n (50) \n \n \n 4 \n \n \n \n \n Other income or expense \n \n \n   \n \n \n \n \n \n \n \n Investment fair value gains \n \n \n (446) \n \n \n (305) \n \n \n \n \n Hedging losses/(gains) \n \n \n 52 \n \n \n (179) \n \n \n \n \n Other exchange (gains)/losses \n \n \n (43) \n \n \n 120 \n \n \n \n \n   \n The analysis of auditor's remuneration is as follows: \n   \n \n \n \n \n \n \n \n 2026 \n \n \n 2025 \n \n \n \n \n \n \n \n £'000 \n \n \n £'000 \n \n \n \n \n Auditor's remuneration \n \n \n   \n \n \n \n \n \n \n \n Fees payable to the Group's auditor for the audit of the Company's annual accounts \n \n \n 208 \n \n \n 186 \n \n \n \n \n Fees payable to the Group's auditor for the audit of subsidiary undertakings \n \n \n 298 \n \n \n 266 \n \n \n \n \n Audit-related assurance services required by law or regulation \n \n \n 10 \n \n \n 10 \n \n \n \n \n Other non-audit services \n \n \n - \n \n \n 18 \n \n \n \n \n Total \n \n \n 516 \n \n \n 480 \n \n \n \n \n Of the above auditor's remuneration, audit-related services for the year totalled £506k (FY25: £453k). \n   \n   \n 6. Staff costs \n The average number of employees, including Executive Directors, employed by the Group during the year was: \n   \n \n \n \n \n \n \n \n 2026 \n \n \n 2025 \n \n \n \n \n Corporate \n \n \n 3 \n \n \n 7 \n \n \n \n \n Client relationships \n \n \n 14 \n \n \n 11 \n \n \n \n \n Investment research \n \n \n 14 \n \n \n 20 \n \n \n \n \n Operations \n \n \n 40 \n \n \n 40 \n \n \n \n \n Risk management \n \n \n 5 \n \n \n 6 \n \n \n \n \n Support \n \n \n 27 \n \n \n 15 \n \n \n \n \n Annual average \n \n \n 103 \n \n \n 99 \n \n \n \n \n   \n The aggregate staff costs expensed during the year were as follows: \n   \n \n \n \n \n \n \n \n 2026 \n \n \n 2025 \n \n \n \n \n \n \n \n £'000 \n \n \n £'000 \n \n \n \n \n Wages and salaries \n \n \n 14,676 \n \n \n 14,653 \n \n \n \n \n Social security costs \n \n \n 2,095 \n \n \n 1,923 \n \n \n \n \n Pension costs \n \n \n 928 \n \n \n 873 \n \n \n \n \n Other employment benefit costs \n \n \n 1,359 \n \n \n 1,886 \n \n \n \n \n Total \n \n \n 19,058 \n \n \n 19,335 \n \n \n \n \n   \n Other employment benefit costs include share ‑ based payments, share option costs, and costs relating to the Record plc Share Incentive Plan. \n   \n In addition to the above, £508k staff costs (FY25: £365k) have been capitalised as internally generated intangible assets (see note 11). \n   \n   \n 7. Taxation \n Current tax is the tax currently payable based on taxable profit for the year. Current income tax assets and/or liabilities comprise those obligations to, or claims from, fiscal authorities relating to the current or prior reporting periods that are unpaid at the reporting date. Current tax is payable on taxable profit, which differs from profit or loss in the financial statements. Calculation of current tax is based on tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period. \n   \n \n \n \n \n \n \n \n 2026 \n \n \n 2025 \n \n \n \n \n \n \n \n £'000 \n \n \n £'000 \n \n \n \n \n UK current year charge \n \n \n 2,825 \n \n \n 3,238 \n \n \n \n \n Overseas taxes \n \n \n 61 \n \n \n (78) \n \n \n \n \n Prior year adjustments \n \n \n 15 \n \n \n (67) \n \n \n \n \n Current tax charge \n \n \n 2,901 \n \n \n 3,093 \n \n \n \n \n Origination and reversal of temporary differences \n \n \n (209) \n \n \n (1,054) \n \n \n \n \n Prior year adjustment \n \n \n 101 \n \n \n (202) \n \n \n \n \n Total deferred tax \n \n \n (108) \n \n \n (1,256) \n \n \n \n \n Tax on profit on ordinary activities \n \n \n 2,793 \n \n \n 1,837 \n \n \n \n \n   \n The total charge for the year can be reconciled to the accounting profit as follows: \n   \n \n \n \n \n \n \n \n 2026 \n \n \n 2025 \n \n \n \n \n \n \n \n £'000 \n \n \n £'000 \n \n \n \n \n Profit before taxation \n \n \n 9,819 \n \n \n 10,942 \n \n \n \n \n Taxation at the standard rate of tax in the UK of 25% (FY25: 25%) \n \n \n 2,455 \n \n \n 2,736 \n \n \n \n \n Tax effects of: \n \n \n   \n \n \n \n \n \n \n \n Disallowable expenses and non-taxable income \n \n \n 130 \n \n \n 236 \n \n \n \n \n Impact of unrecognised deferred tax assets on subsidiary losses \n \n \n 48 \n \n \n (734) \n \n \n \n \n Different tax rates on subsidiary undertakings \n \n \n 44 \n \n \n (131) \n \n \n \n \n Prior year adjustment \n \n \n 116 \n \n \n (270) \n \n \n \n \n Total tax expense \n \n \n 2,793 \n \n \n 1,837 \n \n \n \n \n The tax expense comprises: \n \n \n   \n \n \n \n \n \n \n \n Current tax expense \n \n \n 2,901 \n \n \n 3,094 \n \n \n \n \n Deferred tax credit \n \n \n (108) \n \n \n (1,257) \n \n \n \n \n Total tax expense \n \n \n 2,793 \n \n \n 1,837 \n \n \n \n \n   \n The standard rate of UK corporation tax for the year is 25% (FY25: 25%). A full corporation tax computation is prepared at the year end. The actual charge as a percentage of the profit before tax may differ from the underlying tax rate. Differences typically arise as a result of capital allowances differing from depreciation charged, and certain types of expenditure not being deductible for tax purposes. Other differences may also arise. \n   \n The tax charge for the year ended 31 March 2026 was 28% of profit before tax (FY25: 17%). The increase is primarily as a result of the lower temporary differences for the year which has a net impact of a deferred tax credit of £108k (FY25: £1,257k). \n   \n   \n 8. Earnings per share \n Basic earnings per share is calculated by dividing the profit after tax for the year attributable to equity holders of Record plc by the weighted average number of ordinary shares in issue during the year. Diluted earnings per share is calculated as for the basic earnings per share with a further adjustment to the weighted average number of ordinary shares to reflect the effects of all potential dilution. \n   \n There is no difference between the profit after tax for the year attributable to equity holders of Record plc used in the basic and diluted earnings per share calculations. \n   \n \n \n \n \n Earnings (£'000) \n \n \n 2026 \n \n \n 2025 \n \n \n \n \n Profit after tax for the year attributable to equity holders of Record plc \n \n \n £7,657 \n \n \n £9,719 \n \n \n \n \n Number of shares \n \n \n   \n \n \n \n \n \n \n \n Weighted average number of shares used in calculation of basic earnings per share \n \n \n  195,319,572 \n \n \n 193,200,901 \n \n \n \n \n Effect of potential dilutive share options \n \n \n  4,454,494 \n \n \n 3,410,882 \n \n \n \n \n Weighted average number of shares used in calculation of diluted earnings per share \n \n \n 199,774,066 \n \n \n 196,611,783 \n \n \n \n \n   \n   \n \n \n \n \n Earnings per share \n \n \n 2026 \n \n \n 2025 \n \n \n \n \n Basic earnings per share \n \n \n  3.92p \n \n \n 5.03p \n \n \n \n \n Diluted earnings per share \n \n \n  3.83p \n \n \n 4.94p \n \n \n \n \n   \n The potential dilutive shares relate to the share options, JSOP and LTIP awards granted in respect of the Group's Share Scheme (see note 24). Of the 14,226,002 share options, JSOP and LTIP awards in place at the end of the period, 10,270,172 have a dilutive impact at the year end. \n   \n   \n 9. Dividends \n Amounts paid as distributions to equity holders of Record plc during the year are: \n   \n \n \n \n \n \n \n \n 2026 \n \n \n 2025 \n \n \n \n \n \n \n \n £'000 \n \n \n £'000 \n \n \n \n \n Final ordinary dividend for the year ended 31 March 2025 of 2.50p per share (2024: 2.45p per share) \n \n \n  4,880 \n \n \n 4,724 \n \n \n \n \n Final special dividend for the year ended 31 March 2025 of nil per share (2024: 0.60p per share) \n \n \n - \n \n \n 1,157 \n \n \n \n \n Interim dividend for the year ended 31 March 2026 of 2.15p per share (2025: 2.15p per share) \n \n \n  4,198 \n \n \n 4,168 \n \n \n \n \n Total dividends paid \n \n \n  9,078 \n \n \n 10,049 \n \n \n \n \n For the year ended 31 March 2026, a final ordinary dividend of 1.45 pence per share has been proposed, totalling approximately £2.8 million. The final ordinary dividend is subject to approval by the shareholders at the Annual General Meeting on 22 July 2026 and has not been included as a liability within these financial statements. \n   \n   \n 10. Retirement benefit obligations \n The Group operates defined contribution pension plans for the benefit of employees. The Group makes contributions to independently administered plans; such contributions being recognised as an expense when they fall due. The assets of the schemes are held separately from those of the Group in independently administered funds. \n   \n The Group is not exposed to the particular risks associated with the operation of defined benefit plans and has no legal or constructive obligation to make any further payments to the plans other than the contributions due. \n   \n The pension cost charge disclosed in note 6 to the accounts represents contributions payable by the Group to the funds. \n   \n   \n 11. Intangible assets \n The Group's intangible assets comprise both purchased software and capitalised employee costs directly related to internal software development. Internally developed software is capitalised if it meets the IAS 38 criteria. The amount recognised for internally developed software is the sum of qualifying expenditure incurred from the date when the asset first meets the recognition criteria. \n   \n Intangible assets are shown at cost less accumulated amortisation and impairment losses. Amortisation is included within operating expenses in the statement of comprehensive income. Amortisation is charged from the date an intangible asset is available for use, on a straight ‑ line basis, over its estimated useful life as follows: \n   \n ·     Software: 2 - 5 years. \n   \n Amortisation periods and methods are reviewed and adjusted if appropriate at the end of each reporting period. \n   \n Group \n The carrying amounts of the Group's intangible assets can be analysed as follows: \n   \n \n \n \n \n \n \n \n 2026 \n \n \n 2025 \n \n \n \n \n \n \n \n £'000 \n \n \n £'000 \n \n \n \n \n Cost \n \n \n   \n \n \n \n \n \n \n \n At 1 April \n \n \n 1,386 \n \n \n 1,021 \n \n \n \n \n Additions \n \n \n 508 \n \n \n 365 \n \n \n \n \n At 31 March \n \n \n 1,894 \n \n \n 1,386 \n \n \n \n \n Amortisation \n \n \n   \n \n \n \n \n \n \n \n At 1 April \n \n \n 1,028 \n \n \n 1,010 \n \n \n \n \n Charge for the year \n \n \n 94 \n \n \n 18 \n \n \n \n \n At 31 March \n \n \n 1,122 \n \n \n 1,028 \n \n \n \n \n Net book value \n \n \n   \n \n \n \n \n \n \n \n At 31 March \n \n \n 772 \n \n \n 358 \n \n \n \n \n At 1 April \n \n \n 358 \n \n \n 11 \n \n \n \n \n The Group's and the Company's intangible non-current assets are located predominantly in the UK. The annual contractual commitment for the maintenance and support of the above software is £347k (FY25: £229k). All amortisation charges are included within operating expenses. \n   \n 12. Leases \n Lease arrangements consist of operating leases relating to office space. \n   \n At the commencement date of a lease, a right-of-use asset and a corresponding lease liability are recognised. \n   \n The lease liability is initially measured at the present value of expected future lease payments discounted at the interest rate implicit in the lease. If that rate cannot be determined, the Group's incremental borrowing rate is used, being the rate that the Group would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. As the Group has no borrowings, it has estimated the incremental borrowing rate based on interest rate data available in the market, adjusted to reflect Record's creditworthiness, the leased asset in question and the terms and conditions of the lease. \n   \n Subsequently the lease liability decreases by the lease payments made, offset by interest on the liability, and may be remeasured to reflect any reassessment of expected payments or to reflect any lease modifications. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. \n   \n The right-of-use asset is initially measured at the amount of the initial lease liability, adjusted for any lease incentives received, any initial direct costs, and the costs of decommissioning the asset and any restoration work to return the asset to the condition required under the terms of the lease. \n   \n Subsequently the right-of-use asset is valued using the cost model. The asset is depreciated on a straight-line basis over the shorter of the asset's useful life and expected term of the lease, adjusted for any remeasurement of the lease liability, and is shown net of the accumulated depreciation and any impairment provisions. \n   \n The Group has entered various leases that are typically made for fixed periods between two to ten years and may have extension and/or modification options. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. \n   \n Net book value of right ‑ of ‑ use assets \n   \n \n \n \n \n \n \n \n 2026 \n \n \n 2025 \n \n \n \n \n \n \n \n Group \n \n \n Company \n \n \n Group \n \n \n Company \n \n \n \n \n \n \n \n £'000 \n \n \n £'000 \n \n \n £'000 \n \n \n £'000 \n \n \n \n \n Net book value at 1 April \n \n \n 7,007 \n \n \n 6,936 \n \n \n 174 \n \n \n 68 \n \n \n \n \n Additions \n \n \n - \n \n \n - \n \n \n 7,383 \n \n \n 7,383 \n \n \n \n \n Valuation adjustment on lease modification \n \n \n - \n \n \n - \n \n \n (19) \n \n \n (19) \n \n \n \n \n Depreciation \n \n \n (870) \n \n \n (829) \n \n \n (531) \n \n \n (496) \n \n \n \n \n Foreign exchange movements \n \n \n 6 \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n Net book value at 31 March \n \n \n 6,143 \n \n \n 6,107 \n \n \n 7,007 \n \n \n 6,936 \n \n \n \n \n   \n The Group's and the Company's right-of-use assets are located predominantly in the UK. \n   \n Lease liabilities \n   \n \n \n \n \n \n \n \n 2026 \n \n \n 2025 \n \n \n \n \n \n \n \n Group \n \n \n Company \n \n \n Group \n \n \n Company \n \n \n \n \n \n \n \n £'000 \n \n \n £'000 \n \n \n £'000 \n \n \n £'000 \n \n \n \n \n Current \n \n \n 457 \n \n \n 420 \n \n \n 263 \n \n \n 226 \n \n \n \n \n Non-current \n \n \n 6,152 \n \n \n 6,152 \n \n \n 6,842 \n \n \n 6,804 \n \n \n \n \n Total lease liabilities \n \n \n 6,609 \n \n \n 6,572 \n \n \n 7,105 \n \n \n 7,030 \n \n \n \n \n   \n \n \n \n \n \n \n \n 2026 \n \n \n 2025 \n \n \n \n \n \n \n \n Group \n \n \n Company \n \n \n Group \n \n \n Company \n \n \n \n \n \n \n \n £'000 \n \n \n £'000 \n \n \n £'000 \n \n \n £'000 \n \n \n \n \n At 1 April \n \n \n 7,105 \n \n \n 7,030 \n \n \n 185 \n \n \n 71 \n \n \n \n \n Additions \n \n \n - \n \n \n - \n \n \n 6,963 \n \n \n 6,963 \n \n \n \n \n Interest expense \n \n \n 328 \n \n \n 325 \n \n \n 184 \n \n \n 180 \n \n \n \n \n Lease payments \n \n \n (674) \n \n \n (630) \n \n \n (217) \n \n \n (173) \n \n \n \n \n Lease interest payments \n \n \n (156) \n \n \n (153) \n \n \n (15) \n \n \n (11) \n \n \n \n \n Foreign exchange movements \n \n \n 6 \n \n \n - \n \n \n 5 \n \n \n - \n \n \n \n \n At 31 March \n \n \n 6,609 \n \n \n 6,572 \n \n \n 7,105 \n \n \n 7,030 \n \n \n \n \n   \n Lease payments \n At 31 March, the undiscounted operating lease payments on an annual basis are as follows: \n   \n Maturity of lease liability at 31 March: \n   \n \n \n \n \n \n \n \n 2026 \n \n \n 2025 \n \n \n \n \n \n \n \n Group \n \n \n Company \n \n \n Group \n \n \n Company \n \n \n \n \n \n \n \n £'000 \n \n \n £'000 \n \n \n £'000 \n \n \n £'000 \n \n \n \n \n Within 1 year \n \n \n 773 \n \n \n 733 \n \n \n 608 \n \n \n 569 \n \n \n \n \n 1-3 years \n \n \n 1,955 \n \n \n 1,955 \n \n \n 1,995 \n \n \n 1,955 \n \n \n \n \n After 3 years \n \n \n 5,377 \n \n \n 5,377 \n \n \n 6,354 \n \n \n 6,354 \n \n \n \n \n Total lease liability before discounting \n \n \n 8,105 \n \n \n 8,065 \n \n \n 8,957 \n \n \n 8,878 \n \n \n \n \n The remainder of the movement in the lease liability relates to non-cash movements. The lease term is determined as the non-cancellable period of a lease, together with periods covered by an option to extend the lease if the Group considers that exercise of the option is reasonably certain. \n   \n 13. Property, plant and equipment \n Property, plant and equipment is recognised at cost less accumulated depreciation. Depreciation of property, plant and equipment is provided to write off the cost, less residual value, on a straight ‑ line basis over the estimated useful life as follows: \n   \n ·     Leasehold improvements: over the life of the lease; \n ·&n...

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