Company Announcements

PRESS RELEASE

Record plc

 

20 June 2025

LEI number: 5493000VJ55ZTYGX4322

 

FINAL RESULTS FOR THE YEAR ENDED 31 MARCH 2025

 

Good strategic progress with higher EPS and increased ordinary dividend

 

Record plc, the specialist currency and asset manager, today announces its audited results for the year ended 31 March 2025 ("FY-25").

 

Financial highlights

 

AUM remained above $100 billion throughout the year with strong inflows and new business wins partially offsetting the impact of isolated outflows. Lower performance fees reduced total revenue, while costs were well controlled during a period of leadership change and operational restructuring. Earnings per share increased to 5.03 pence per share.

 

·      AUM of $100.9 billion (FY-24: $102.1 billion), down 1%

·      Total revenue of £41.6 million (FY-24: £45.4 million), down 8% due to lower performance fees

·      Management fees of £37.2 million (FY-24: £38.7 million), down 4%

·      Operating costs of £30.8 million (FY- 24: £32.7 million) down 6%; flat excluding the impact of prior year IT write off

·      Profit after tax down 2% to £9.1 million (FY-24: £9.3 million)

·      Basic EPS increased 4% to 5.03 pence (FY-24: 4.84 pence)

·      Final ordinary dividend of 2.5 pence per share (FY-24: 2.45 pence) increases full year ordinary dividend to 4.65 pence (FY24: 4.60 pence)

·      Strong financial position with net assets of £29.1 million (FY-24: £28.9 million)

 

 

Strategic and Operational highlights

 

·      Introduction of 3 product pillars: Risk Management, Absolute Return, Private Markets

·      Launch of Infrastructure Equity fund with €1.1 billion of commitments

·      Announced plans to launch the world's first Sharia-compliant Deep Tier Supply Chain Finance fund with a target of $1 billion; and non-binding terms signed on $2.2 billion food security financing

·      Appointment of Andreas Danzer as Group Chief Investment Officer completes leadership transition

 

Outlook

 

·      Deployment of new funds in Private Markets will drive growth in revenue and EPS over the medium term

·      Current year outlook highly dependent on the closing of large complex deals currently in the pipeline but we anticipate FY26 revenue growing low single digits and EPS flat

·      We remain committed to paying a healthy ordinary dividend while always maintaining our balance sheet strength

 

Commenting on the results, Jan Witte, CEO of Record plc, said:

 

"I am very proud of what we have accomplished in my first year as CEO of Record. We have added new capabilities in our Private Markets pillar to complement the core Risk Management and Absolute Return expertise which Record consistently delivers year after year. Our unwavering commitment to delivering a best-in-class, tailored client experience continues to be a key differentiator - one that not only strengthens client relationships but also attracts top-tier talent to our team."

 

Analyst presentation

There will be a presentation for analysts at 9am on Friday, 20 June 2025 held via a Teams call. Please contact investorrelations@recordfg.com for further details. A copy of the presentation will be made available on the Group's website at www.recordcm.com.

 

For further information:

 

Record plc	investorrelations@recordfg.com
Jan Witte - Chief Executive Officer
Richard Heading - Chief Financial Officer
Panmure Liberum	+ 44 (0) 20 7886 2500
Corporate Broking: David Watkins
Corporate Advisory: Atholl Tweedie
h2Radnor	+44 (0) 2038 971 830
Elliot Hance

 

 

 

 

Chairman's statement

 

In the last Annual Report, I commented on the management changes that had recently taken place or were in hand. This financial year represents the first year of what has been a generational shift in the executive team, now led by Jan Witte, with the support of Richard Heading, who joined the Board as Chief Financial Officer in July last year, and Kevin Ayles, Chief of Staff, who has been with the Company since 2007, but who also joined the Board during the course of the year. In addition, as anticipated in the previous Annual Report, Othman Boukrami was elected as a Non-executive Director at the beginning of July, succeeding Tim Edwards who stood down after the Annual General Meeting, and whom I would like to thank for his years of service on the Board. We have, as a result, witnessed a considerable change to the leadership of the Group in the course of the past couple of years.

 

Whilst there have been no subsequent changes to the membership of the Board, I would also like to note the appointment of Andreas Dänzer, who will join Record as Group Chief Investment Officer ("Group CIO") later this year. Andreas brings a wealth of relevant experience, having held a variety of senior positions in the investment sector, most recently as CIO of Pension Fund of Credit Suisse (Switzerland). Andreas has been known to Record for several years, making him an excellent addition to the executive management team.

 

As would be expected from new hands at the tiller, the first priority was to review the Group's strategic direction, revisit its medium and long-term goals and consider the human resources needed to achieve them. In that respect, while the past financial year may not have delivered standout figures, it has strengthened the foundations for future success.

 

For most of its history, Record's core activity has been the provision of currency hedging services predominantly to major institutional investors seeking cost efficient protection against adverse currency movements, whilst benefiting from the majority of favourable trends. Through Record Currency Management Limited, our key operating subsidiary, that activity continues to be a core component of the Group and accounts for the majority of our total Assets Under Management.

 

The Group's core offering continues to be currency hedging, however, this is increasingly complemented by a broader range of growth opportunities and it is now appropriate to view the Group as an alternative asset manager with a strong emphasis on risk management.

 

Whilst on an initial impression our products cover a wide field, the common denominator is Record's strength in developing bespoke, high-quality, sophisticated solutions for institutional investors, which are often benefiting from Record's knowledge and experience gained from its core currency hedging mandates. In each case, Record is compensated by management fees and, where applicable, performance fees. These offerings are typically uncorrelated with traditional asset classes and are carefully structured to deliver attractive risk-adjusted returns or long-term risk mitigation. By expanding its product offering, the Group is well positioned to grow both revenue and profit. For example, the Group recently announced that OWI-RAMS GmbH, a joint venture of the Group, has signed non-binding term sheets with Kore Potash plc, the potash development company, to provide the total funding requirement for the Kola Potash Project and Dougou Extension Potash Project in the Sintoukola Basin, located in the Republic of Congo.

 

Given that currency hedging continues to be at the core of the Group, the full impact of the newer areas of focus will inevitably take time to materialise. The Board is enthusiastic about the Group's pipeline ahead and looks forward to overseeing the delivery of long-term value for stakeholders.

 

The Board is pleased to confirm that we continue to deliver strong value to our investors through a solid and consistent dividend. Looking ahead, we remain confident in our strategy and are optimistic about the opportunities for growth and improved performance in the coming year.

 

The current economic and geopolitical environment is probably as uncertain as it has been since the end of the Cold War. We have seen, over the last few months, movement in the valuation of mainstream assets that few would have imagined even a year ago. This has been accompanied by non-trivial currency movements and increasing speculation as to whether the USD's role as the world's reserve currency will be sustained. In that context, Record's currency hedging activities may come more into focus than they have for many years and the uncorrelated nature of the returns in other parts of the product portfolio give rise to optimism about their potential for growth in the medium term, even in turbulent markets. What is more difficult to predict is the timing, but the new financial year has started very encouragingly.

 

David Morrison

Chairman

 

 

 

 

Chief Executive Officer's statement

 

The close of this financial year also concludes my first full year as Group CEO, after almost 13 years at Record. While my previous responsibilities included clients, investments and the regulated businesses, this year my role expanded to oversee public markets and direct engagement with our shareholders.

 

In addition to the Group CEO transition, Richard Heading joined us as Group CFO and Kevin Ayles joined the Board as Chief of Staff. I am grateful for their support and commitment and am proud to lead a strongly united and effective executive team.

 

As we reflect on the past year as another step towards the achievement of our goals, Record's unique selling point remains the same:

 

We deliver best-in-class solutions for large institutional investors

 

Our objectives remain fundamentally unchanged, and we continue to pursue:

 

•       Organic Growth;

•       Quality of Earnings; and

•       Operational Excellence.

 

I am pleased to provide progress updates on each of them.

 

Organic Growth

We are comfortable with the strategic direction we have chosen, which is validated by a strengthening of the Group's existing business (operationally and financially) and an expansion of our opportunity set. Given the long lead times that some of our mandates require, business growth continues to be variable. Although there have been no material opportunities concluding in the last financial year, we are, however, looking at a pipeline which is much stronger than this time last year, with several large projects very close to completion.

 

Looking forward, we now characterise the businesses by three pillars, namely:

 

•       Risk Management;

•       Absolute Return; and

•       Private Markets.

 

These pillars play an important part in contributing to the stability of the business and the growth opportunities we see.

 

As announced earlier this year, Andreas Dänzer will join us as Group CIO this summer. We are looking forward to having him as Group CIO; his appointment recognised an evolution of the role, and will bring together all parts of the Group's investment landscape under one leadership. Andreas has a strong background in all relevant investment areas and is very familiar with the Record Group and its clients.  

 

Quality of Earnings

We are consistent in our pursuit of high-quality earnings and fees structures. While a lot of our mandates are liquid, we have started to add an increasing number of smaller accounts, diversifying our customer base by applying our relationship management skills developed with our long-term larger clients. We are also evolving as a business with high expertise in the complexities of liquid markets into one that also has a firm footing in private markets. This has the obvious advantage of expanding our fee range into an area with higher revenues over longer lock-in periods, which is an attractive addition and helps us reduce reliance on any one specific fee model.

 

One of last year's milestones was the launch of our Infrastructure Equity fund, with an initial commitment of €1.1 billion, this is an evergreen structure with a 15-year break clause and a nice example of our capabilities when entering a new field. We are excited about the team's potential to expand this first step into a large growth area of business for the Group.

 

Operational Excellence

Our new IT leadership (originally announced in spring 2024) has made great strides in modernising our operational infrastructure, confirming our strategy to create an in-house team focusing on our exact requirements. Our IT requirements will, in lockstep with client requirements, continue to evolve, and there is always ongoing development in this space, but we are pleased to now have a team that moves at the required pace.

 

While closely monitoring headcount numbers and costs, which we aim to efficiently manage with the help of technology, we continue to increase our internal operational expertise across different asset classes.

 

This aligns with client demands, which increasingly often touch more than one area, and our business offering which now spans well beyond currency services. We now have our own internal Fixed Income, Infrastructure Equity, Private Equity and Private Credit teams, who in turn routinely offer segregated accounts, fund structures, securitisation vehicles and special purpose vehicles to our clients.

 

Looking ahead

Amid rising global volatility and the continued growth of private markets - driven by bank disintermediation and heightened regulation - we believe the Group is well positioned for the years ahead. We are also beginning to see meaningful synergies across our product lines, as more of our Risk Management clients are turning to us for complementary offerings such as Credit and Infrastructure. This diversification now spans pension funds, foundations and, increasingly, other asset managers.

 

We remain optimistic about the future, both near and long-term. Our unwavering commitment to delivering a best-in-class, tailored client experience continues to be a key differentiator - one that not only strengthens client relationships but also attracts top-tier talent to our highly regarded team.

 

Jan Witte

Chief Executive Officer

 

 

 

 

Chief Financial Officer's review

 

Overview

AUM remained above $100 billion throughout the year as Record demonstrated the resilience of its unique specialist asset management business model.

 

Revenue declined in FY-25 due to lower performance fees and the impact of one large client loss and another client change of strategy, but new client wins for our Hedging for Asset Manager offering, in particular, added to the strength of the client base.

In a year of management and operational transition we have controlled costs while making important investments for the future, particularly in technology and operational infrastructure, while our new office in Paddington is not only a first-class workspace, but also a cost-effective, long-term solution. Operating costs were down 6%. Excluding the impact of the £1.9 million impairment of internally developed software recognised in FY-24, operating costs were flat year on year.

 

The tax rate was low this year as we recognised a tax credit in respect of inception to date losses in our German subsidiary. This reflects our confidence that that entity will soon start to deliver profitable growth.

 

We have continued to invest in Record Asset Management, where our joint shareholding with the management team allows us to share the upfront costs. As a result, earnings per share increased from 4.84 pence per share to 5.03 pence per share.

 

Our balance sheet remains strong. Net assets of £29.1 million, includes assets managed as cash of

£13.3 million, which represents a healthy surplus over our regulatory capital requirement. We view balance sheet strength as important to both clients and investors and it will remain a priority.

 

The recommended final dividend of 2.50 pence per share will bring the total ordinary dividend for the year to 4.65 pence per share, up 1% on last year, which represents 92% of earnings per share.

 

 

AUM development

At the end of FY-24, Assets Under Management increased to over $100 billion for the first time, and has remained above that milestone throughout FY-25. At the year end, AUM was down 1% at $100.9 billion (FY-24: $102.2 billion). Net flows were negative due to some isolated client losses, but partially offset by foreign exchange movements.

 

AUM is presented in US dollars but the underlying assets are denominated in multiple underlying currencies and we earn management fees in those underlying currencies. The foreign exchange movements were driven by strengthening of the Swiss Franc against the US dollar and the impact on our revenue in GBP terms was small.

 

During the year we restructured our products into 3 pillars: Risk Management, Absolute Return and Private Markets. AUM and Revenue are presented in this report in those pillars and a reconciliation of the new to old presentation is provided in Additional information.

 

 

 

AUM composition and movement by product

 

 

			Equity				Equity
			& other				& other
	31 Mar		market	FX &	31 Mar		market	FX &	31 Mar
	2023	Net flows	impacts	scaling adj.	2024	Net flows	impacts	scaling adj.	2025
	$bn	$bn	$bn	$bn	$bn	$bn	$bn	$bn	$bn
Passive Hedging	54.5	7.4	3.7	0.4	66.0	(2.3)	0.1	1.3	65.1
Dynamic Hedging	14.7	0.3	1.5	0.0	16.5	(0.8)	0.3	0.0	16.0
Hedging for Asset Managers	9.3	1.3	(0.1)	(0.1)	10.4	3.6	0.2	0.1	14.3
Risk Management	78.5	9.0	5.1	0.3	92.9	0.5	0.6	1.4	95.4
FX Alpha	2.8	0.0	1.6	0.1	4.5	(1.3)	(1.0)	0.8	3.0
Custom Opportunities	5.2	(2.0)	0.1	0.4	3.7	(2.3)	0.0	0.0	1.4
Cash	0.1	0.0	0.0	0.0	0.1	0.0	0.0	0.0	0.1
Absolute Return	8.1	(2.0)	1.7	0.5	8.3	(3.6)	(1.0)	0.8	4.5
EM Local Debt	1.1	(0.1)	0.0	0.0	1.0	0.0	0.0	0.0	1.0
Private Markets	1.1	(0.1)	0.0	0.0	1.0	0.0	0.0	0.0	1.0
Total AUM	87.7	6.9	6.8	0.8	102.2	(3.1)	(0.4)	2.2	100.9

 

The composition of AUM by underlying currency is as follows:

 

Swiss franc	57%
US dollar	26%
Euro	7%
Sterling	7%
Australian dollar	2%
Other	1%

 

Risk Management

AUM in our core Risk Management products increased by 3% to $95.4 billion (FY-24: $92.9 billion).

 

Passive Hedging AUM was down slightly following rapid growth in FY-24. Net outflows reflected a client loss during the year and some lowering of hedge ratios across several clients. This was partially offset by FX gains on assets which for our Passive Hedging clients are predominantly denominated in Swiss francs.

 

AUM in Dynamic Hedging is more heavily weighted to US dollars. As the US dollar weakened we saw Dynamic Hedging clients slightly reduce their hedge ratios, although this was partly offset by increases in the value of the underlying assets.

 

Hedging for Asset Managers is a rapidly growing service and we saw strong inflows during the year. AUM inflows in Hedging for Asset Managers have two components: we expect to grow by winning new clients, but also to grow as existing clients launch new funds. In FY-25, new client wins accounted for $0.8 billion and new fund launches for existing clients were $2.8 billion.

 

Absolute Return

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 wind up of a client mandate at the end of the period reduced closing AUM in FX Alpha by $1.3 billion, while the discontinuation of a tactical interest rate portfolio in the third quarter reduced AUM in Custom Opportunities by $2.3 billion.

 

Private Markets

In EM Local Debt, AUM was unchanged at $1 billion. This is the AUM in our Emerging Markets Sustainable Finance fund launched in FY-22.

 

While not yet reported as AUM, we also have commitments of €1.1 billion to our Infrastructure Equity fund which was launched during the year.

 

Income Statement

	FY-25	FY-24	Change
	£m	£m	%
Revenue	41.6​	45.4​	(8%)​
Cost of Sales	(0.5)​	(0.1)​	476%​
Gross Profit	41.1​	45.3​	(9%)​
Operating costs	(30.8)​	(32.7)​	(6%)​
Other income	0.4​	-​	nm​
Operating profit	10.7​	12.6​	(15%)​
Net finance income	0.2​	0.3​	(9%)​
Profit before tax	10.9​	12.9​	(15%)​
Tax	(1.8)​	(3.6)​	(50%)​
Profit after tax	9.1​	9.3​	(2%)​
Total comprehensive income for the year attributable to:
Equity holders of the Group	9.7​	9.3​	5%​
NCI	(0.6)​	-​	nm​
EPS	5.03p​	4.84p​	4%​

 

Revenue

Total revenue of £41.6 million (FY-24: £45.4 million) was down 8%. Management fees of £37.2 million (FY-24: £38.7 million) were down 4% following the restructure of a large client mandate in FY-24 and the discontinuation of a tactical interest rate swap portfolio in the first half of FY-25.

 

Performance fees of £3.2 million, while once again an important component of total revenue, were down against an exceptionally strong performance in FY-24.

 

Other services income, which comprises primarily distribution fees earned in our asset management business, nearly doubled as activity increased in Record Asset Management, our German asset management subsidiary.

 

 

	Fy-25	Fy-24	Change
	£m	£m	%
Management fees
Passive Hedging	11.5	9.7	18%
Dynamic Hedging	13.7	13.7	0%
Hedging for Asset Managers	3.5	2.9	24%
Risk Management	28.7	26.3	9%
FX Alpha	1.6	1.3	30%
Custom Opportunities	1.9	6.3	(70%)
Absolute Return	3.5	7.6	(53%)
EM Local Debt	5.0	4.8	4%
Private Markets	5.0	4.8	4%
Total management fees	37.2	38.7	(4%)
Performance fees	3.2	5.8	(46%)
Other services income	1.2	0.8	42%
Total revenue	41.6	45.3	(8%)

 

Management fees increased on all products except Custom Opportunities where, as previously noted, we experienced lower AUM in the period.

 

Risk Management - management fees

Management fees from Risk Management products increased by 9% to £28.7 million (FY-24: £26.3 million).

 

Passive Hedging management fees increased by 18% to £11.5 million (FY-24: £9.7 million) reflecting primarily the restructure of a large client mandate from an active Custom Opportunities strategy to a Passive Hedging strategy at the end of last year.

 

Management fees from Dynamic Hedging were £13.7 million (FY-24: £13.7 million) flat year-on-year, while Hedging for Asset Managers made good new business wins during the year, growing management fee revenue by 24% as a result.

 

Absolute Return - management fees

Management fees from FX Alpha increased by 30% to £1.6 million (FY-24: £1.3 million). The reduction in FX Alpha AUM occurred late in the year and therefore the impact on revenue was limited. The full impact of that AUM reduction will be felt in FY-26.

 

Custom Opportunities revenue was down considerably due to a client mandate restructure into Passive Hedging and the discontinuation of a tactical interest rate swap portfolio.

 

Private Markets - management fees

EM Local Debt, which comprises our Emerging Markets Sustainable Finance funds, generates high and consistent revenue from a stable AUM base. AUM was unchanged in the period and revenue increased by £0.2 million to £5.0 million (FY-24: £4.8 million).

 

Performance fees

 

Performance fees of £3.2 million, while once again an important component of total revenue, were down against an exceptionally strong performance in FY-24. Performance fees in this year were all earned on Enhanced Passive Hedging mandates. While performance fees on FX Alpha products are somewhat dependent on market conditions, on Enhanced Passive Hedging mandates they can be earned more consistently on a systematic basis and this year increased from £2.9 million to £3.2 million.

 

 

Operating Costs

 

	FY-25	FY-24	Change
	£m	£m	%
Staff costs	15.9​	16.7​	(5%)​
Technology	4.2​	6.5​	(35%)​
Professional fees	3.1​	2.4​	32%​
Occupancy	1.3​	1.0​	36%​
Depreciation and amortisation	0.8​	0.7​	5%​
Travel and marketing	0.8​	1.0​	(8%)​
Operating costs (excl. bonus)	26.2​	28.3​	(7%)​
Bonus	4.6​	4.4​	4%​
Operating costs	30.8​	32.7​	(6%)
Headcount (average)	99	96	3%

 

Operating costs of £30.8 million (FY-24: £32.7 million) were down 6%. Excluding the impact of the one-off impairment of internally developed software recognised at the end of FY-24, total operating costs were flat. This represents good progress in restructuring our cost base and aligning investment to our strategic priorities.

 

Following a comprehensive review of technology, tech development has been brought in-house and tech development teams now work closely with operational teams to deliver technology improvements in line with operational priorities. This is already delivering better and faster outcomes at lower cost, which has enabled us to reduce staff costs by 5% to £15.9 million (FY-24: £16.7 million). This has been achieved while at the same time increasing salaries in line with inflation and adding additional headcount in key areas such as Record Asset Management.

 

Technology cost represents the cost of third party systems, consultants and market data, and included in the prior year figure is the £1.9 million IT write-off. Our new technology leadership team has made a good start on rationalising and reducing those costs, and excluding the impact of the IT write off in the prior year, these costs are down 9%.

 

We have increased spending on professional fees, which includes legal fees, primarily in relation to the set up and launch of new structured solutions that we expect to launch soon.

 

Occupancy costs are higher due to the temporary double-running of office space during the transition to our new office. Going forward, our overall occupancy costs will be lower.

 

Other income and expense arises from the change in carrying value of investments held on our balance sheet, as well as FX gains or losses. The carrying value of investments increased by £0.3 million during the year, which accounts for the majority of the income.

 

The Board retains discretion to operate a bonus pool in the range of 25%-35% of pre-bonus operating profit. For FY-25 the Board approved a bonus pool of 30.8% of pre-bonus operating profit, giving total bonus cost of £4.6 million (FY-24: £4.4 million). The increase over the prior year reflects the Board's decision in FY-24 to fund the bonus pool at the bottom end of the range.

 

Further information on bonuses can be found in the Remuneration report.

 

Operating profit and underlying profit margin

Statutory operating profit of £10.7 million (FY-24: £12.6 million) was down 15%, driven by lower performance fees On an underlying basis, excluding the impact of the impairment of internally developed software, operating profit was down 27%. Operating margin decreased from 27.8% to 25.6%.

 

Profit after tax and earnings per share

Profit after tax of £9.1 million (FY-24: £9.3 million) was down 2%.

 

The tax charge for the year was £1.8 million (FY-24: £3.7 million). The reduction in the tax charge reflects the impact of a tax credit recognised in the period in respect of cumulative tax losses in Record Asset Management GmbH ("RAM"), our German subsidiary, reflecting our confidence in the future revenues and profits of RAM.

 

On 1 April, the Group transferred a 59% shareholding in RAM to the RAM management team. As a result, a portion of profit after tax is attributable to non-controlling interests. Since RAM incurred losses during the period, the impact is to increase profit after tax attributable to Record plc shareholders to £9.7 million (FY-24: £9.3 million).

 

Earnings per share has increased by 4% to 5.03 pence (FY-24: 4.84 pence).

 

Financial stability and capital management

Maintaining a strong balance sheet is a priority for Record and we believe this is important to investors and clients alike.

 

At 31 March 2025, net assets were £29.1 million (FY-24: £29.0 million) which is £20.5 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.

 

Included within net assets is £13.3 million of assets managed as cash (FY-24: £17.5 million). The reduction in cash and cash equivalents compared to last year end is due to the fit-out costs of the new Paddington office and the impact of maintaining the prior year dividend while delivering lower profits in the current year. Nevertheless, we remain in a very strong cash position.

 

Dividends

An interim ordinary dividend of 2.15 pence per share (FY-24: 2.15 pence) was paid to shareholders on 20 December 2024, equivalent to £4.1 million.

 

As disclosed in the Chairman's statement, the Board is recommending a final ordinary dividend of 2.50 pence per share (FY-24: 2.45 pence), equivalent to approximately £4.9 million, taking the overall ordinary dividend for the financial year to 4.65 pence per share (FY-24: 4.60 pence), representing 92% of total earnings per share of 5.03 pence.

 

Outlook

We have started FY-26 with a well-positioned pipeline. Over the medium term, we expect the deployment of new funds in the Private Markets space in particular to drive revenue and EPS growth.

 

The outlook for the current year is highly dependent on the timing of closing the large and complex deals currently in the pipeline, but we are anticipating low single digit revenue growth and flat EPS year on year.

 

Recognising the importance of the dividend to investors, and the uncertainty of timing of new revenue growth, we remain committed to paying a healthy ordinary dividend while always balancing that with the aim of maintaining a strong balance sheet.

 

Richard Heading

Chief Financial Officer

 

 

Preliminary announcement statement

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 FY-24 and FY-25, which did not contain any statement under s498 of the Companies Act 2006 and are unqualified. The statutory accounts for FY-24 have been delivered to the Registrar of Companies and the statutory accounts for FY-25 will be filed with the Registrar in due course. The financial statements are presented in thousands of UK pounds, rounded to the nearest £'000.

 

Cautionary statement

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.

 

Directors' responsibility statement pursuant to DTR4

 

The Directors confirm to the best of their knowledge:

·      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

·      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.

 

 

 

Consolidated statement of comprehensive income

Year ended 31 March 2025

 

		2025	2024
	Note	£'000	£'000
Revenue	4	41,615	45,378
Cost of sales		(472)	(82)
Gross profit		41,143	45,296
Administrative expenses	5	(30,845)	(30,746)
Loss on share of joint venture		(4)	-
Other income/(expense)	5	364	(15)
Operating profit prior to impairment of intangible assets		10,658	14,535
Impairment of intangible assets	11	-	(1,937)
Operating profit		10,658	12,598
Finance income		446	394
Finance expense		(162)	(81)
Profit before tax		10,942	12,911
Taxation	7	(1,837)	(3,658)
Profit after tax		9,105	9,253
Foreign exchange gains on translation of foreign operations		55	13
Other comprehensive income that may be reclassified subsequently to profit and loss
Total comprehensive income for the year net of tax		9,160	9,266
Total comprehensive income for the year attributable to
Equity holders of the parent		9,750	9,271
Non-controlling interest	15	(590)	(5)
		9,160	9,266
Earnings per share for profit attributable to the equity holders of the parent during the year
Basic earnings per share (pence per share)	8	5.03	4.84
Diluted earnings per share (pence per share)	8	4.94	4.78

 

The notes are an integral part of these consolidated financial statements.

 

 

 

Consolidated statement of financial position

As at 31 March 2025

 

		2025	Restated1 2024
	Note	£'000	£'000
Non‑current assets
Intangible assets	11	358	11
Right‑of‑use assets	12	7,007	174
Property, plant and equipment	13	2,147	193
Investments	14	4,123	4,949
Deferred tax assets	17	1,365	168
Total non‑current assets		15,000	5,495
Current assets
Corporation tax assets	18	289	-
Trade and other receivables	18	13,729	13,022
Derivative financial assets	19	84	63
Money market instruments1	20	1,500	9,530
Cash and cash equivalents1	20	11,798	7,955
Total current assets		27,400	30,570
Total assets		42,400	36,065
Current liabilities
Trade and other payables	21	(5,739)	(4,930)
Corporation tax liabilities	21	(51)	(1,865)
Provisions	22	(186)	(122)
Lease liabilities	12	(263)	(106)
Derivative financial liabilities	19	-	(9)
Total current liabilities		(6,239)	(7,032)
Non-current liabilities
Provisions	22	(250)	-
Lease liabilities	12	(6,842)	(79)
Total non-current liabilities		(7,092)	(79)
Total net assets		29,069	28,954
Equity
Issued share capital	23	50	50
Share premium account		1,809	1,809
Capital redemption reserve		26	26
Foreign currency translation reserve		44	13
Retained earnings		27,131	27,051
Equity attributable to the equity holders of the parent		29,060	28,949
Non-controlling interests		9	5
Total equity		29,069	28,954

1.     See note 32 for details of the presentational adjustment resulting in the restatement of prior year amounts.

 

 

Approved by the Board on 19 June 2025 and signed on its behalf by:

 

David Morrison     Richard Heading

Chairman               Chief Financial Officer

 

Company registered number: 1927640

 

The notes are an integral part of these consolidated financial statements.

 

 

 

Consolidated statement of changes in equity

 

Year ended 31 March 2025

							Equity
					Foreign		attributable
		Called‑up	Share	Capital	currency		to equity	Non-
		share	premium	redemption	translation	Retained	holders of	controlling	Total
		capital	account	reserve	reserve	earnings	the parent	interest	equity
	Note	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000
As at 1 April 2024		50	1,809	26	13	27,051	28,949	5	28,954
Profit and total comprehensive income for the year		-	-	-	31	9,719	9,750	(590)	9,160
Non-controlling interest acquired in subsidiaries		-	-	-	-	571	571	(552)	19
Share of additional equity reserve contribution		-	-	-	-	(1,146)	(1,146)	1,146	-
Dividends paid	9	-	-	-	-	(10,049)	(10,049)	-	(10,049)
Own shares acquired by EBT		-	-	-	-	(760)	(760)	-	(760)
Release of shares held by EBT		-	-	-	-	1,332	1,332	-	1,332
Tax on share-based payments		-	-	-	-	(15)	(15)	-	(15)
Other share-based payment reserve movements		-	-	-	-	428	428	-	428
Transactions with shareholders		-	-	-	-	(9,639)	(9,639)	594	(9,045)
As at 31 March 2025		50	1,809	26	44	27,131	29,060	9	29,069

 

Year ended 31 March 2024

							Equity
					Foreign		attributable
		Called‑up	Share	Capital	currency		to equity	Non-
		share	premium	redemption	translation	Retained	holders of	controlling	Total
		capital	account	reserve	reserve	earnings	the parent	interest	equity
	Note	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000
As at 1 April 2023		50	1,809	26	-	26,406	28,291	-	28,291
Profit and total comprehensive income for the year		-	-	-	13	9,258	9,271	(5)	9,266
Non-controlling interest acquired in subsidiaries		-	-	-	-	-	-	10	10
Dividends paid	9	-	-	-	-	(10,113)	(10,113)	-	(10,113)
Own shares acquired by EBT		-	-	-	-	(1,266)	(1,266)	-	(1,266)
Release of shares held by EBT		-	-	-	-	2,584	2,584	-	2,584
Tax on share-based payments		-	-	-	-	(86)	(86)	-	(86)
Other share-based payment reserve movements		-	-	-	-	268	268	-	268
Transactions with shareholders		-	-	-	-	(8,613)	(8,613)	10	(8,603)
As at 31 March 2024		50	1,809	26	13	27,051	28,949	5	28,954

 

The notes are an integral part of these consolidated financial statements.

 

 

 

Consolidated statement of cash flows

As at 31 March 2025

 

		2025	Restated1 2024
	Note	£'000	£'000
Net cash inflow from operating activities	27	7,346	13,055
Cash flows from investing activities
Purchase of intangible assets	11	(365)	(789)
Purchase of property, plant and equipment	13	(2,118)	(29)
Purchase of investments	14	(60)	(1,080)
Sale of investment in subsidiary	14	4	-
Redemption of bonds	14	-	753
Redemption of other investments	14	1,120	1,144
Purchase of money market instruments1		(4,922)	(5,950)
Disposal of money market instruments1		12,952	2,396
Interest received		479	360
Net cash inflow/(outflow) from investing activities		7,090	(3,195)
Cash flows from financing activities
Lease principal payments	12	(217)	(288)
Lease interest payments	12	(15)	(33)
Proceeds from share issue to NCI		24	-
Purchase of own shares	33	(325)	-
Dividends paid to equity shareholders	9	(10,049)	(10,113)
Net cash outflow from financing activities		(10,582)	(10,434)
Net increase/(decrease) in cash and cash equivalents in the year		3,854	(574)
Exchange gains		(11)	8
Cash and cash equivalents at the beginning of the year		7,955	8,521
Cash and cash equivalents at the end of the year		11,798	7,955
Closing cash and cash equivalents consist of:
Cash		6,739	4,954
Cash equivalents		5,059	3,001
Cash and cash equivalents	20	11,798	7,955

1.     See note 32 and 33 for details of the presentational adjustment resulting in the restatement of prior year amounts.

 

The notes are an integral part of these consolidated financial statements.

 

 

 

Company statement of financial position

As at 31 March 2025

 

		2025	2024
	Note	£'000	£'000
Non‑current assets
Right‑of‑use assets	12	6,936	68
Property, plant and equipment		1,943	70
Investments	14	12,620	10,843
Total non‑current assets		21,499	10,981
Current assets
Corporation tax		201	195
Trade and other receivables	18	6,670	711
Cash and cash equivalents	20	90	214
Total current assets		6,961	1,120
Total assets		28,460	12,101
Current liabilities
Trade and other payables	21	(11,432)	(7,176)
Lease liabilities	12	(226)	(71)
Provisions	22	(61)	(122)
Total current liabilities		(11,719)	(7,369)
Non-current liabilities
Lease liabilities	12	(6,804)	-
Deferred tax liabilities		(434)	(124)
Provisions	22	(250)	-
Total non-current liabilities		(7,488)	(124)
Total net assets		9,253	4,608
Equity
Issued share capital	23	50	50
Share premium account		1,809	1,809
Capital redemption reserve		26	26
Retained earnings		7,368	2,723
Total equity		9,253	4,608

 

The Company's total comprehensive income for the year (which is principally derived from intra-group dividends) was £13,879,895 (2024: £6,809,523).

 

Approved by the Board on 19 June 2025 and signed on its behalf by:

 

David Morrison     Richard Heading

Chairman               Chief Financial Officer

 

Company registered number: 1927640

 

 

The notes are an integral part of these consolidated financial statements.

 

 

 

Company statement of changes in equity

 

Year ended 31 March 2025

 

			Share	Capital		Total
		Called‑up	premium	redemption	Retained	shareholders'
		share capital	account	reserve	earnings	equity
	Note	£'000	£'000	£'000	£'000	£'000
As at 1 April 2024		50	1,809	26	2,723	4,608
Profit and total comprehensive income for the year		-	-	-	13,880	13,880
Dividends paid	9	-	-	-	(10,049)	(10,049)
Share option reserve movement		-	-	-	814	814
Transactions with shareholders		-	-	-	(9,235)	(9,235)
As at 31 March 2025		50	1,809	26	7,368	9,253

 

Year ended 31 March 2024

			Share	Capital		Total
		Called‑up	premium	redemption	Retained	shareholders'
		share capital	account	reserve	earnings	equity
	Note	£'000	£'000	£'000	£'000	£'000
As at 1 April 2023		50	1,809	26	4,882	6,767
Profit and total comprehensive income for the year		-	-	-	6,810	6,810
Dividends paid	9	-	-	-	(10,113)	(10,113)
Share option reserve movement		-	-	-	1,144	1,144
Transactions with shareholders		-	-	-	(8,969)	(8,969)
As at 31 March 2024		50	1,809	26	2,723	4,608

 

The notes are an integral part of these consolidated financial statements.

 

 

 

Company statement of cash flows

Year ended 31 March 2025

 

		2025	2024
	Note	£'000	£'000
Net cash inflow from operating activities	27	1,711	1,555
Cash flows from investing activities
Dividends received		10,000	7,700
Purchase of property, plant and equipment		(1,246)	-
Investment in equity reserve of subsidiary		(1,422)	-
Sale of investment in subsidiary		4	-
Purchase of investments		(60)	(13)
Redemption of investments		1,120	1,144
Interest received		-	8
Net cash inflow from investing activities		8,396	8,839
Cash flows from financing activities
Lease principal payments	12	(173)	(253)
Lease interest payments	12	(11)	(27)
Purchase of own shares		-	-
Dividends paid to equity shareholders	9	(10,049)	(10,113)
Net cash outflow from financing activities		(10,233)	(10,393)
Net increase in cash and cash equivalents in the year		(126)	1
Exchange losses		2	-
Cash and cash equivalents at the beginning of the year		214	213
Cash and cash equivalents at the end of the year		90	214
Closing cash and cash equivalents consist of:
Cash		90	214
Cash equivalents		-	-
Cash and cash equivalents	20	90	214

 

The notes are an integral part of these consolidated financial statements.

 

 

 

Notes to the financial statements for the year ended 31 March 2025

 

1. Accounting policies

In order to provide more clarity to the notes to the financial statements, accounting policy descriptions appear at the beginning of the note to which they relate.

 

The material accounting policies adopted in the preparation of these consolidated financial statements are set out in the notes below. These policies have been consistently applied to all periods presented unless otherwise stated.

 

1.1 Basis of preparation

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.

 

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.

 

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".

 

1.2 Changes to international accounting standards

There have been no new or amended standards adopted in the financial year beginning 1 April 2024 which have a material impact on the Group or any company within the Group.

 

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. The Group is currently assessing the impact on the financial statements of IFRS 18 and the amendments to IFRS 9 regarding the classification and measurement of financial instruments.

 

1.3 Basis of consolidation

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 2025.

 

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.

 

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.

 

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.

 

All intra‑group transactions, balances, income, expenses and dividends are eliminated on consolidation.

 

The Company financial statements have also been prepared in accordance with UK adopted international accounting standards and have 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 Group's total comprehensive income for the year includes a profit of £13,879,895 attributable to the Company (FY-24: £6,809,523). The Company's principal activity is that of a holding company.

 

1.4 Going concern

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.

 

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.

 

1.5 Foreign currencies

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".

 

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.

 

1.6 Financial instruments

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.

 

1.7 Impairment of assets

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.

 

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.

 

1.8 Segmental reporting

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.

 

As a result of the diversification and growth of the Group's operations into asset management, the Group identified two reportable segments for the purposes of revenue reporting for FY-24 and FY-25: Currency Management and Asset Management.

 

For FY-26 onwards, the segmental information presented to the Group's CODM will transition to a more granular split by product nature: Risk Management, Absolute Return and Private Markets.

 

2. Critical accounting estimates and judgements

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.

 

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.

 

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.

 

The key areas involving estimates and judgements have been set out below, and detailed further within the respective notes:

 

Area	Note	Related estimates
Leases	12	Discount rate
Provisions	22	Consideration required to settle future obligations
Share-based payments	17, 24	Fair value of share options and related deferred tax
Fair value of investments	26	Valuation methodology and inputs

 

Area	Note	Related judgement
Basis of consolidation	14, 29	Control, interests in unconsolidated structured entities
Fair value of investments	26	Input level allocation

 

3. Segmental analysis

For FY-25, the Board and management team of the Group have continued to organise and report on the performance of the business by Currency Management and Asset Management segments. The Currency Management segment comprises bespoke solutions to clients including Passive Hedging, Dynamic Hedging, Hedging for Asset Managers, and FX Alpha products. The Asset Management segment principally comprises investment management services for products including EM Debt and Custom Opportunities.

 

For FY-26 onwards, the operating segmental information presented to the Group's CODM will transition to a more granular split by product nature: Risk Management, Absolute Return and Private Markets.

 

3.1 Operating segments

Operating profit per segment is not presented, as such information is not presented on a regular basis to the Group's CODM. Therefore, for FY-25, these are not considered to be operating segments. However, revenue per segment is reviewed by the CODM. Currency Management revenue totalled £34.1 million for the period (FY-24: £33.9 million) and Asset Management revenue totalled £7.5 million for the period (FY-24: £11.5 million). Note 4 provides further detail on this.

 

3.2 Segment assets and liabilities

Segment assets and liabilities are not presented, as such information is not presented on a regular basis to the Group's CODM.

 

4. Revenue

Revenue comprises the fair value of the consideration received or receivable for the provision of Currency Management and Asset Management services. Our revenues typically arise from charging management fees, performance fees and other currency services income and are accounted for in accordance with IFRS 15 - "Revenue from Contracts with Customers".

 

Management fees and other services income are recorded on a monthly basis as the service occurs; there are no other performance obligations (excluding 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. The percentage varies depending on the nature of services and the level of AUM. Management fees are typically invoiced to the customer quarterly with receivables recognised for unpaid invoices. Fees are recognised on a monthly basis, based on the agreed fee rate and AUM over the period.

 

The Group is entitled to earn performance fees from some clients where the performance of the clients' mandates exceeds defined benchmarks over a set time period, and are recognised when the fee amount can be estimated reliably and it is highly probable that it will not be subject to significant reversal. Performance fee revenues are not considered to be highly probable until the end of a contractual performance period and therefore are not recognised until they crystallise, at which time they are payable by the client and cannot be clawed back. There are no other performance obligations or services provided which suggest these have been earned either before or after crystallisation date.

 

4.1 Revenue by product type

 

	2025			2024
	Currency	Asset		Currency	Asset
	Management	Management	Total	Management	Management	Total
	£'000	£'000	£'000	£'000	£'000	£'000
Passive Hedging	11,485	-	11,485	9,720	-	9,720
Dynamic Hedging	13,685	-	13,685	13,719	-	13,719
Hedging for Asset Managers	3,569	-	3,569	2,886	-	2,886
FX Alpha	1,626	-	1,626	1,250	-	1,250
EM Debt	-	4,977	4,977	-	4,793	4,793
Custom Opportunities	-	1,904	1,904	-	6,327	6,327
Management fees	30,365	6,881	37,246	27,575	11,120	38,695
Passive Hedging	3,175	-	3,175	2,898	-	2,898
FX Alpha	-	-	-	2,942	-	2,942
Performance fees	3,175	-	3,175	5,840	-	5,840
Other services income	595	599	1,194	439	404	843
Total revenue	34,135	7,480	41,615	33,854	11,524	45,378

 

Management fees are recognised over time and are invoiced typically on a quarterly basis, although Record may invoice fees monthly for some of its larger clients. Performance fees are recognised when they crystallise and can be invoiced on a quarterly, six-monthly or annual basis, as agreed with our clients.

 

Other services income includes Currency Management fees from signal hedging and fiduciary execution, as well as Asset Management distribution fees.

 

4.2 Revenue by geographical analysis

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.

 

	2025	2024
Revenue by geographical region	£'000	£'000
Management and performance fee income
UK	2,331	2,593
US	15,288	15,652
Switzerland	13,893	15,281
Europe (excluding UK and Switzerland)	8,722	8,049
Other	1,381	3,803
Total revenue	41,615	45,378

 

4.3 Major clients

During the year ended 31 March 2025, three Currency Management clients individually accounted for more than 10% of the Group's revenue. The three largest clients generated revenues of £6.9 million, £5.0 million and £4.3 million in the year (FY‑24: two clients generated revenues of more than 10% totalling £6.7 million and £4.8 million in the year).

 

5. Operating profit

Operating profit for the year is stated after charging/(crediting):

 

	2025	2024
	£'000	£'000
Administrative expenses
Staff costs	19,335	19,404
Other staff-related costs	1,224	1,778
IT and technology	4,236	4,584
Auditor's remuneration
Fees payable to the Group's auditor for the audit of the Company's annual accounts	186	188
Fees payable to the Group's auditor for the audit of subsidiary undertakings	266	268
Audit-related assurance services required by law or regulation	10	9
Other non-audit services	18	16
Other professional fees	2,638	1,888
Occupancy	1,343	989
Travel and marketing	831	899
Impairment of intangible assets	-	1,937
Loss on share of joint venture	4	-
Other income or expense
Gain on forward FX contracts held to hedge cash flow	(179)	(252)
Other exchange losses	120	360
Investment gains	(305)	(93)

Of the above auditor's remuneration, audit-related services for the year totalled £452,500 (FY-24: £455,500).

 

6. Staff costs

The average number of employees, including Directors, employed by the Group during the year was:

	2025	2024
Corporate	7	6
Client relationships	11	13
Investment research	20	20
Operations	40	34
Risk management	6	6
Support	15	17
Annual average	99	96

 

The aggregate costs of the above employees, including Directors, were as follows:

	2025	2024
	£'000	£'000
Wages and salaries	14,653	14,792
Social security costs	1,923	2,007
Pension costs	873	817
Other employment benefit costs	1,886	1,788
Aggregate staff costs	19,335	19,404

Other employment benefit costs include share‑based payments, share option costs, and costs relating to the Record plc Share Incentive Plan.

 

There are no Company staff costs.

 

7. Taxation - Group

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.

 

	2025	2024
	£'000	£'000
UK current year charge	3,238	3,723
Overseas taxes	(78)	66
Prior year adjustments	(67)	48
Current tax charge	3,093	3,837
Origination and reversal of temporary differences	(1,054)	(151)
Prior year adjustment	(202)	(28)
Total deferred tax	(1,256)	(179)
Tax on profit on ordinary activities	1,837	3,658

 

The total charge for the year can be reconciled to the accounting profit as follows:

 

	2025	2024
	£'000	£'000
Profit before taxation	10,942	12,911
Taxation at the standard rate of tax in the UK of 25% (FY-24: 25%)	2,736	3,228
Tax effects of:
Other disallowable expenses and non‑taxable income	236	106
Deferred tax asset not recognised on start-up entities	(734)	199
Different tax rates on subsidiary undertakings	(131)	104
Prior year adjustment	(270)	21
Total tax expense	1,837	3,658
The tax expense comprises:
Current tax expense	3,094	3,837
Deferred tax credit	(1,257)	(179)
Total tax expense	1,837	3,658

The standard rate of UK corporation tax for the year is 25% (FY-24: 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.

 

The tax charge for the year ended 31 March 2025 was 17% of profit before tax (FY-24: 28%). The decrease is primarily as a result of the temporary differences for the year ended 31 March 2025 which include the impact of net deferred tax credit of £1,416k (FY-24: net credit of £179k).

 

8. Earnings per share

Basic earnings per share is calculated by dividing the profit after tax for the financial year attributable to equity holders of the parent 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.

 

There is no difference between the profit for the financial year attributable to equity holders of the parent used in the basic and diluted earnings per share calculations.

 

	2025	2024
Weighted average number of shares used in calculation of basic earnings per share	193,200,901	191,509,539
Effect of potential dilutive ordinary shares - share options	3,410,882	2,174,866
Weighted average number of shares used in calculation of diluted earnings per share	196,611,783	193,684,405

 

	pence	pence
Basic earnings per share	5.03	4.84
Diluted earnings per share	4.94	4.78

 

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). There were share options, JSOP and LTIP awards in place at the beginning of the year over 15,832,891 shares. During the year 1,043,750 share options were exercised, 570,625 JSOP awards vested and a further 1,723,740 share options, JSOP awards and LTIP awards lapsed or were forfeited. The Group granted 1,640,000 share options during the year. Of the 14,134,776 share options, JSOP and LTIP awards in place at the end of the period, 11,732,199 have a dilutive impact at the year end.

 

9. Dividends

Ordinary, special and interim dividends are recognised in the financial statements when approved by shareholders.

 

The dividends paid by the Group during the year ended 31 March 2025 totalled £10,049,183 (5.20 pence per share), which comprised a final dividend in respect of the year ended 31 March 2024 of £4,723,850 (2.45 pence per share), a special dividend in respect of the year ended 31 March 2024 of £1,156,861 (0.60 pence per share) and an interim dividend for the year ended 31 March 2025 of £4,168,472 (2.15 pence per share).

 

The dividends paid by the Group during the year ended 31 March 2024 totalled £10,113,174 (5.28 pence per share), which comprised a final dividend in respect of the year ended 31 March 2023 of £4,678,947 (2.45 pence per share), a special dividend in respect of the year ended 31 March 2023 of £1,298,647 (0.68 pence per share) and an interim dividend for the year ended 31 March 2024 of £4,135,580 (2.15 pence per share).

 

For the year ended 31 March 2025, a final ordinary dividend of 2.50 pence per share has been proposed, totalling approximately £4.9 million.

 

10. Retirement benefit obligations

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.

 

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.

 

The pension cost charge disclosed in note 6 to the accounts represents contributions payable by the Group to the funds.

 

11. Intangible assets

The Group's intangible assets comprise both purchased software and the capitalised costs of software development. Internal software development costs, which represent attributable employee costs, are capitalised if they meet the IAS 38.57 criteria. The amount recognised for an internally generated intangible asset is the sum of qualifying expenditure incurred from the date when the asset first meets the recognition criteria.

 

Intangible assets are shown at historical cost less accumulated amortisation and impairment losses. Amortisation is charged from the date an intangible asset is available for use, on a straight‑line basis, over the estimated useful life of the intangible asset. Amortisation is included within administration expenses in the statement of comprehensive income. Useful lives are as follows:

 

·     Software: 2 - 5 years.

 

Amortisation periods and methods are reviewed annually and adjusted if appropriate.

 

The carrying amounts of intangible assets can be analysed as follows:

 

	2025		2024
	Software	Total	Software	Total
	£'000	£'000	£'000	£'000
Cost
At 1 April	1,021	1,021	2,320	2,320
Additions	365	365	789	789
Impairment	-	-	(2,088)	(2,088)
At 31 March	1,386	1,386	1,021	1,021
Amortisation
At 1 April	1,010	1,010	930	930
Charge for the year	18	18	232	232
Impairment	-	-	(152)	(152)
At 31 March	1,028	1,028	1,010	1,010
Net book value
At 31 March	358	358	11	11
At 1 April	11	11	1,390	1,390

The annual contractual commitment for the maintenance and support of the above software is £229,197 (FY-24: £231,068). All amortisation charges are included within administrative expenses.

 

12. Leases

The Group's lease arrangements consist of business premises property leases. Rental contracts 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. The lease agreements do not impose any covenants, but leased assets cannot be used as security for borrowing purposes.

 

At the commencement date of a lease, a lease liability and a corresponding right-of-use ("ROU") asset are recognised.

 

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.

 

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.

 

The right-of-use asset is initially measured at the amount of the initial lease liability, adjusted for any lease incentives received, any lease payments made at or before the commencement date, 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.

 

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.

 

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.

 

The leases relevant to the twelve months ended 31 March 2025, and the comparative period, are as described below:

 

On 2 October 2024, the Group signed a ten-year lease for our new Head Office in London and, following a 12-month rent-free period, the rent payment commitment will be £977,574 per annum. The lease has been capitalised and discounted at a rate of 5%. This lease has a 5-year break clause. Total lease payments of £4,887,870 are potentially avoidable were the Group to exercise this break clause at the earliest opportunity.

 

On 11 February 2022, the Group signed a lease on premises at Second Floor, Morgan House, Madeira Walk, Windsor, at an annual commitment of £267,900, expiring on 1 September 2026. On 19 February 2024, the Group enacted the right to early termination of this lease which resulted in a modification of lease term, which expired on 2 September 2024. On 28 August 2024, Record plc signed the new lease agreement with a non-cancellable 15-month period for Morgan House, a commencement date of 3 September 2024 and at an annual commitment of £160,000. The new lease has been capitalised and discounted at a rate of 5%. At 31 March 2025, it was considered reasonably certain that the Group will exercise the break clause, therefore the carrying amount of lease liabilities for this lease has been reduced by the amounts of payments that will be avoided by exercising the break clause.

 

On 1 June 2017, the Group signed a five-year lease on premises in Zürich, at an annual commitment of CHF 49,680. On 12 August 2021, the Group extended the lease to 1 June 2027, at an annual commitment of CHF 49,680.

 

Net book value of right‑of‑use assets

	2025		2024
	Group	Company	Group	Company
	£'000	£'000	£'000	£'000
Net book value at 1 April	174	68	1,011	871
Additions	7,383	7,383	-	-
Valuation adjustment on lease modification	(19)	(19)	(559)	(559)
Depreciation	(531)	(496)	(278)	(244)
Net book value at 31 March	7,007	6,936	174	68

 

Lease liabilities

	2025		2024
	Group	Company	Group	Company
	£'000	£'000	£'000	£'000
Current	263	226	106	71
Non-current	6,842	6,804	79	-
Total lease liabilities	7,105	7,030	185	71

 

 

	2025		2024
	Group	Company	Group	Company
	£'000	£'000	£'000	£'000
At 1 April	185	71	979	834
Additions	6,963	6,963	-	-
Interest expense	184	180	33	27
Lease payments - principal	(217)	(173)	(288)	(253)
Lease payments - interest	(15)	(11)	(33)	(27)
Valuation adjustment on lease modification	-	-	(510)	(510)
Foreign exchange movements	5	-	4	-
At 31 March	7,105	7,030	185	71

 

 

Lease payments

At 31 March, the undiscounted operating lease payments on an annual basis are as follows:

 

Maturity of lease liability at 31 March:

 

	2025		2024
	Group	Company	Group	Company
	£'000	£'000	£'000	£'000
Within 1 year	608	569	111	72
1-3 years	1,995	1,955	78	-
After 3 years	6,354	6,354	-	-
Total lease liability before discounting	8,957	8,878	189	72

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.

 

13. Property, plant and equipment - Group

All property, plant and equipment assets are stated 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:

 

·     Leasehold improvements: period from lease commencement to the earlier of the lease termination date and the next rent review date;

·     Computer equipment: 2 - 5 years; and

·     Fixtures and fittings: 4 - 6 years.

 

Residual values, remaining useful economic lives and depreciation methods are reviewed annually and adjusted if appropriate. Gains or losses on disposal are included in profit or loss.

 

The Group's property, plant and equipment comprise leasehold improvements, computer equipment and fixtures and fittings. The carrying amount can be analysed as follows:

 

	2025				2024
	Leasehold	Computer	Fixtures		Leasehold	Computer	Fixtures
	improvements	equipment	and fittings	Total	improvements	equipment	and fittings	Total
	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000
Cost
At 1 April	776	1,050	233	2,059	776	1,023	231	2,030
Additions	1,364	448	352	2,164	-	27	2	29
Disposals	-	-	-	-	-	-	-	-
At 31 March	2,140	1,498	585	4,223	776	1,050	233	2,059
Depreciation
At 1 April	706	931	229	1,866	677	752	224	1,653
Charge for the year	81	117	12	210	29	179	5	213
Disposals	-	-	-	-	-	-	-	-
At 31 March	787	1,048	241	2,076	706	931	229	1,866
Net book value
At 31 March	1,353	450	344	2,147	70	119	4	193
At 1 April	70	119	4	193	99	271	7	377

 

The Company's property, plant and equipment comprise leasehold improvements, computer equipment and fixtures and fittings. The carrying amount can be analysed as follows:

 

	2025				2024
	Leasehold	Computer	Fixtures		Leasehold	Computer	Fixtures
	improvements	equipment	and fittings	Total	improvements	equipment	and fittings	Total
	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000
Cost
At 1 April	116	-	-	116	116	-	-	116
Additions	1,364	256	345	1,965	-	-	-	-
Disposals	-	-	-	-	-	-	-	-
At 31 March	1,480	256	345	2,081	116	-	-	116
Depreciation						-	-
At 1 April	46	-	-	46	17	-	-	17
Charge for the year	80	6	6	92	29	-	-	29
Disposals	-	-	-	-	-	-	-	-
At 31 March	126	6	6	138	46	-	-	46
Net book value						-	-
At 31 March	1,354	250	339	1,943	70	-	-	70
At 1 April	70	-	-	70	99	-	-	99

The Group's and Company's tangible non-current assets are located predominantly in the UK.

 

14. Investments

	2025		2024
	Group	Company	Group	Company
	£'000	£'000	£'000	£'000
Investment in subsidiaries at cost	-	54	-	59
Capitalised investment in respect of share-based payments	-	4,918	-	4,078
Investment in equity reserve of subsidiary	-	3,535	-	1,625
Investment in funds	2,586	2,576	3,412	3,544
Other investments	1,537	1,537	1,537	1,537
Total direct investments	4,123	12,620	4,949	10,843

Other than investment in subsidiaries and capitalised investment in respect of share-based payments, the Company also holds an investment in the equity reserve of Record Asset Management GmbH, as well as direct investments in private funds and share capital of start-up companies in the digital sector.

 

Details on the fair value measurement of investments can be found in note 26.

 

Company

Investments in subsidiaries

Investments in subsidiaries are shown at cost less impairment losses. The capitalised investment in respect of share‑based payments offered by subsidiaries is equal to the cumulative fair value of the amounts payable to employees recognised as an expense by the subsidiary.

 

	2025	2024
	£'000	£'000
Investment in subsidiaries (at cost)
Record Currency Management Limited	10	10
Record Group Services Limited	10	10
Record Currency Management (US) Inc.	-	-
Record Currency Management (Switzerland) GmbH	16	16
Record Asset Management GmbH	18	23
Total investment in subsidiaries (at cost)	54	59
Capitalised investment in respect of share‑based payments
Record Group Services Limited	4,327	3,495
Record Currency Management (US) Inc.	88	88
Record Currency Management (Switzerland) GmbH	503	495
Total capitalised investment in respect of share‑based payments	4,918	4,078
Total investment in subsidiaries	4,972	4,137

 

Particulars of subsidiary undertakings

Information about the subsidiaries held by the Group at 31 March is shown below. The companies are unlisted.

 

		2025	2024
		Effective	Effective
		Group	Group
		ownership	ownership
		(%)	(%)
Name of entity	Nature of business
Record Currency Management Limited	Currency management services (FCA, SEC and CFTC registered)	100	100
Record Group Services Limited	Management services to other Group undertakings	100	100
Record Currency Management (US) Inc.	US advisory and service company (SEC and CFTC registered)	100	100
Record Currency Management (Switzerland) GmbH	Swiss advisory and service company	100	100
Record Asset Management GmbH	German advisory and service company	41	100
RAM Strategies GmbH	German consultant and distribution agent	41	100
RAMS Swiss AG	Swiss advisory company	41	-

 

During the period, a resolution for a change in the ownership structure of Record Asset Management GmbH ("RAM") took effect from 1 April 2024. Through a combination of issuing new ordinary shares in RAM to the RAM management team and the sale by Record plc of 10% of its shareholding to Jan Witte, Record plc CEO, Record plc reduced its shareholding in RAM from 100% to 41%. However, Record plc has retained the voting rights of the 10% sold to Jan Witte, and as a result retains control with 51% of the voting rights. RAM therefore continues to be consolidated as a subsidiary, and has a 59% non-controlling interest, the effects of which have been disclosed accordingly in the statement of comprehensive income and statement of financial position. This is a change in ownership transaction that has not resulted in a loss of control.

 

The Group's interest in the equity capital of subsidiaries is through the holding of ordinary share capital in all cases. All investments in subsidiaries are directly held, with the exception of RAM Strategies GmbH and RAM Swiss AG, which are held indirectly through the Company's 41% holding in Record Asset Management GmbH.

 

Record Currency Management (US) Inc. is incorporated in Delaware (registered office: Corporation Service Company, 251 Little Falls Drive, Wilmington, DE 19808), Record Currency Management (Switzerland) GmbH is incorporated in Zürich (registered office: Münsterhof 14, 8001 Zürich) Record Asset Management GmbH and RAM Strategies GmbH are incorporated in Germany (registered office: Bockenheimer Anlage 46, 60322 Frankfurt am Main), and RAMS Swiss AG is incorporated in Switzerland (registered office: Baarerstrasse 52, 6300 Zug). All other subsidiaries are incorporated in the UK and have the registered office at Morgan House, Madeira Walk, Windsor, Berkshire SL4 1EP.

 

Capitalised investment in respect of share-based payments

The accounting treatment of capitalised investment in respect of share-based payments can be found in note 24.

 

Group

Entities are consolidated on a line-by-line basis where the Group has determined that a controlling interest exists through an investment holding in the entity, in accordance with IFRS 10 - "Consolidated Financial Statements". Otherwise, investments in entities are measured at fair value through profit or loss.

 

15. Non-controlling interests

The Group initially recognises any non-controlling interest ("NCI") in the acquiree as the NCI's proportionate share of the acquiree's net assets.

 

The total comprehensive income of non-wholly owned subsidiaries is attributed to equity owners of the parent and to the non‑controlling interests in proportion to their relative ownership interests.

 

The Record Asset Management GmbH group is a 41% owned group of subsidiaries of the Company that has material non‑controlling interests. Summarised financial information in relation to the Record Asset Management GmbH group is presented below, together with amounts attributable to NCI:

 

	2025
Year ended 31 March	£'000
Revenue	473
Cost of sales	(88)
Gross profit	385
Administrative expenses	(1,811)
Loss on share of joint venture	(2)
Other expense	(21)
Operating loss	(1,449)
Finance income	9
Loss before tax	(1,440)
Taxation	826
Loss after tax allocated to NCI	(614)
Other comprehensive income allocated to NCI	24
Total comprehensive expense allocated to NCI	(590)
Cash flows from operating activities	70
Cash flows used in investing activities	(42)
Cash flows from financing activities	1,166
Net cash inflows	1,194

 

	2025
	£'000
As at 31 March
Assets	1,111
Liabilities	(1,102)
Accumulated non-controlling interests	9

 

16. Interests in joint ventures

The financial and operating activities of the Group's joint ventures are jointly controlled by the participating shareholders. The participating shareholders have rights to the net assets of the joint ventures through their equity shareholdings. Unless otherwise stated, the Company's principal joint ventures all have share capital consisting solely of ordinary shares. The country of incorporation of all joint ventures is also their principal place of operation.

 

Particulars of joint venture undertakings

Information about the joint ventures held by the Group at 31 March is shown below.

 

		2025	2024
		Effective	Effective
		Group	Group
		ownership	ownership
Name of entity	Nature of business	(%)	(%)
Dair Management UK Limited (previously Dair Record Limited)	UK advisory and service company	5	50.1
OWI-RAMS GmbH	German advisory company	20.5	51

In April 2024, Record plc entered into an agreement to reduce the Group's shareholding held in Dair Management UK Limited from 50.1% to 5%. This transaction completed in June 2024. As a result, from 1 July 2024, this investment is no longer recognised as a joint venture.

 

There was also a change in the OWI-RAMS GmbH shareholding agreement effective 1 August 2024, such that the previously 51% owned subsidiary is now a 50% jointly owned joint venture. OWI-RAMS GmbH is held indirectly through the Company's 41% subsidiary holding in Record Asset Management GmbH.

 

OWI-RAMS GmbH is incorporated in Germany (registered office: Bockenheimer Anlage 46, 60322 Frankfurt am Main).

 

As at 31 March 2025, the Group holds no material joint ventures; therefore, additional summarised financial information for the above joint ventures has not been presented.

 

17. Deferred taxation - Group

Deferred tax is the future tax consequences of temporary differences between the carrying amounts and tax bases of assets and liabilities shown on the statement of financial position. The amount of deferred tax provided is based on the expected manner of recovery or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the statement of financial position date.

 

A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. The carrying amounts of the deferred tax assets are reviewed at each statement of financial position date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the asset to be recovered.

 

A deferred tax liability is generally recognised for all taxable temporary differences. Deferred tax arising on the initial recognition of an asset or liability, other than a business combination, that at the time of the transaction affects neither the accounting profit or loss nor the taxable profit or loss, is not recognised.

 

	2025	2024
	£'000	£'000
Opening balance deferred tax asset	168	134
Current year movement	1,053	151
Prior year adjustment	203	28
Deferred tax in equity	(59)	(145)
Closing balance deferred tax asset	1,365	168

 

The deferred tax asset consists of the tax effect of temporary differences in respect of:

 

	2025	2024
	£'000	£'000
Deferred tax allowance on unvested share options and LTIP awards	285	145
Deferred tax allowance on losses carried forward	1,400	-
Excess of taxation allowances over depreciation on fixed assets	(293)	23
Deferred tax on unrealised gains/losses on investments	(27)	-
Total	1,365	168

At the year end, there were share options and LTIP awards not exercised with an intrinsic value for tax purposes of £1,008,346 (FY-24: £629,489). On exercise, the Group will be entitled to a corporation tax deduction in respect of the difference between the exercise price and the strike price. The Group has losses in relation to overseas entities totalling £4,482k (FY-24: £2,436k) which are available to carry forward against future profits. German tax losses can be carried forward indefinitely. Based on forecasts for the RAM Group, the tax loss will be fully utilised by 2028. A deferred tax asset has been recognised in respect of these losses for the first time in the current year, as there is now certainty as to when these losses will start to be reversed. Deferred tax has been calculated based on the future tax rate of 25% for UK Group entities and 31% for German Group entities differences from 1 April 2024. It is subject to change if tax rates change in future years.

 

18. Trade and other receivables

Trade and other receivables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method, less loss allowances. The amortised cost of trade and other receivables is stated at original invoice value, as the interest that would be recognised from discounting future cash receipts over the short credit period is not considered to be material.

 

	2025		2024
	Group	Company	Group	Company
Trade and other receivables	£'000	£'000	£'000	£'000
Trade receivables	8,885	-	9,149	610
Accrued income	1,738	908	1,505	-
Other receivables	2,094	5,653	1,125	41
Prepayments	1,012	109	1,243	60
Total	13,729	6,670	13,022	711

All amounts are short term. The Directors consider that the carrying amount of trade and other receivables approximates to their fair value. The Group has not renegotiated the terms of any receivables in the year ended 31 March 2025. The Group's trade receivables are generally short term and do not contain significant financing components.

 

The Group applies the IFRS 9 simplified approach to measuring expected credit losses ("ECLs") for trade receivables at an amount equal to lifetime ECLs. The ECLs on trade receivables are calculated based on actual historic credit loss experience over the preceding 25 years on the total balance of non-credit impaired trade receivables, adjusted to incorporate any relevant forward-looking information. The Group has therefore concluded that the ECLs for trade receivables are reasonable. The Group does not expect to incur any credit losses and has not recognised any ECLs in the current year (FY-24: £nil).

 

Accrued income relates to accrued management and performance fees earned but not yet invoiced. Other receivables for the Company includes a £5,300,000 subsidiary dividend declared and approved, due to be paid to the Company in July 2025.

 

	2025		2024
	Group	Company	Group	Company
Current tax	£'000	£'000	£'000	£'000
Corporation tax asset	289	201	-	195

 

19. Derivative financial assets and liabilities

Derivative financial instruments are initially recognised at cost on the date on which the contract is first entered into, unless the fair value at acquisition is different to cost, in which case fair value is recognised. Subsequently they are measured at fair value with gains and losses recognised in profit or loss. Transaction costs are immediately recognised in profit or loss. The fair values of derivative financial instruments are determined by reference to active market transactions.

 

The Group uses forward foreign exchange contracts to reduce the risk associated with assets denominated in foreign currencies. The instruments are recognised at fair value. The fair value of the contracts is calculated using the market rates prevailing at the period end date. The net gain or loss on instruments is included within other income or expense.

 

	2025	2024
Derivative financial assets	£'000	£'000
Forward foreign exchange contracts held to hedge non-sterling-based assets	26	19
Forward foreign exchange contracts held for trading	58	44
Total	84	63

 

	2025	2024
Derivative financial liabilities	£'000	£'000
Forward foreign exchange contracts held to hedge non-sterling-based assets	-	(9)
Total	-	(9)

 

Derivative financial instruments held to hedge non-sterling-based assets

At 31 March 2025, there were outstanding contracts with a principal value of £6,779,569 (31 March 2024: £7,243,998) for the sale of foreign currencies in the normal course of business. The fair value of the contracts is calculated using the market forward contract rates prevailing at 31 March 2025. The Group does not apply hedge accounting.

 

The net gain or loss on forward foreign exchange contracts held to hedge non-sterling-based assets is as follows:

 

	2025	2024
Derivative financial instruments held to hedge non-sterling-based assets	£'000	£'000
Net gain on forward foreign exchange contracts at fair value through profit or loss	(199)	(252)

 

20. Cash management

The Group's cash management strategy employs a variety of treasury management instruments including cash, money market deposits and treasury bills. Whilst the Group manages and considers all of these instruments as cash, which are subject to its own internal cash management process, not all of these instruments are classified as cash or cash equivalents under IFRS.

 

IFRS defines cash and cash equivalents as cash in hand, on demand and collateral deposits held with banks, and other short‑term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. Moreover, instruments can only generally be classified as cash and cash equivalents where they are held for the purpose of meeting short‑term cash commitments rather than for investment or other purposes.

 

In the Group's judgement, bank deposits and treasury bills that mature in excess of 3 months after origination date do not meet the definition of short‑term or highly liquid and are held for purposes other than meeting short‑term commitments. In accordance with IFRS, these instruments are not categorised as cash or cash equivalents and are disclosed as money market instruments.

 

	2025		2024
	Group	Company	Restated1 Group	Company
Assets managed as cash	£'000	£'000	£'000	£'000
Money market instruments	1,500	-	9,530	-
Cash	6,739	90	4,954	214
Cash equivalents	5,059	-	3,001	-
Cash and cash equivalents	11,798	90	7,955	214
Total assets managed as cash	13,298	90	17,485	214

 

	2025		2024
	Group	Company	Group	Company
Cash and cash equivalents	£'000	£'000	£'000	£'000
Cash and cash equivalents - sterling	10,490	45	6,621	196
Cash and cash equivalents - USD	410	23	277	17
Cash and cash equivalents - CHF	270	-	316	-
Cash and cash equivalents - other currencies	628	22	741	1
Total cash and cash equivalents	11,798	90	7,955	214

1.     See note 32 for details of the presentational adjustment resulting in the restatement of prior year amounts.

 

Details of how the Group manages credit risk are provided in note 25.

 

21. Current liabilities

Trade and other payables are stated at their original invoice value, as the interest that would be recognised from discounting future cash payments over the short payment period is not considered to be material.

 

	2025		2024
	Group	Company	Group	Company
Trade and other payables	£'000	£'000	£'000	£'000
Trade payables	717	121	212	-
Amounts owed to Group undertakings	-	11,311	-	7,176
Other payables	-	-	43	-
Other taxes and social security	612	-	678	-
Accruals	4,410	-	3,997	-
Total	5,739	11,432	4,930	7,176

Accruals include £2,712,224 for the Group Bonus Scheme (FY-24: £2,385,865). The Directors consider that the carrying amount of trade and other payables approximates to their fair value.

 

	2025		2024
	Group	Company	Group	Company
Current tax	£'000	£'000	£'000	£'000
Corporation tax liability	51	-	1,865	-

 

22. Provisions

Provisions are liabilities where there is uncertainty over the timing or amount of settlement and therefore require the use of estimates. Provisions are recognised when there is a present obligation as a result of a past event, and it is probable that the Group will be required to settle that obligation. The amount recognised as a provision is the best estimate of the consideration required to settle that obligation at the reporting date.

 

The Group has provisions reflecting its contractual obligations connected to reaching the end of its contractual lease terms.

 

	2025		2024
	Group	Company	Group	Company
	£'000	£'000	£'000	£'000
Provisions	436	311	122	122

The provision relates to obligations to pay for dilapidations in connection with the Group's office leases, profit share arrangements and other future payments with uncertainty. The main uncertainty relates to estimating the cost that will be incurred at a known future point in time.

Movements in provisions during the period:

 

	2025		2024
	Group	Company	Group	Company
	£'000	£'000	£'000	£'000
At start of period	122	122	122	122
Additions	314	189	-	-
At end of period	436	311	122	122

All provisions are reviewed at each reporting date and adjusted to reflect the current best estimate. In those cases where the possible outflow of economic resources as a result of present obligations is considered improbable or remote, no liability is recognised.

 

23. Equity

Share capital represents the nominal (par) value of shares that have been issued. Share premium includes any premium received on issue of share capital. From time to time, the Group has bought ordinary shares for cancellation. The cost of the buy-ins was taken directly to retained earnings. The nominal value of the shares was taken to a capital redemption reserve. Retained earnings includes all current and prior period retained profits and share-based employee remuneration. All transactions with owners of the parent are recorded separately within equity.

 

Issued share capital

The share capital of Record plc consists only of fully paid ordinary shares with a par value of 0.025p each. All shares are equally eligible to receive dividends and the repayment of capital and represent one vote at the shareholders' meeting.

 

	2025		2024
	£'000	Number	£'000	Number
Authorised
Ordinary shares of 0.025p each	100	400,000,000	100	400,000,000
Called‑up, allotted and fully paid
Ordinary shares of 0.025p each	50	199,054,325	50	199,054,325

 

Movement in Record plc shares held by the Record plc Employee Benefit Trust ("EBT")

The EBT was formed to hold shares acquired under the Record plc share‑based compensation plans. Under IFRS the EBT is considered to be under de facto control of the Group and has therefore been consolidated into the Group financial statements.

 

Neither the purchase nor sale of own shares leads to a gain or loss being recognised in the Group statement of comprehensive income.

 

	Number
Record plc shares held by EBT as at 31 March 2023	8,735,002
Adjustment for net purchases by EBT	(2,034,535)
Record plc shares held by EBT as at 31 March 2024	6,700,467
Adjustment for net purchases by EBT	(1,528,583)
Record plc shares held by EBT as at 31 March 2025	5,171,884

 

The holding of the EBT comprises own shares that have not vested unconditionally to employees of the Group. Own shares are recorded at cost and are deducted from retained earnings.

 

During FY-25, the EBT acquired 500,000 shares directly from the market at a monetary value of £325,408 (FY-24: the EBT did not acquire any shares directly from the market).

 

Further information regarding the Record plc share‑based compensation plans and relevant transactions made during the year is included in note 24.

 

24. Share-based payments

During the year ended 31 March 2025, the Group has managed the following share‑based compensation plans:

 

a.     the Record plc Bonus Scheme: share awards issued under the Record plc Bonus Scheme ("Bonus Scheme") are classified as share‑based payments with cash alternatives under IFRS 2;

b.     the Record plc Share Scheme: share options issued under the Record plc Share Scheme ("Share Scheme") are classified as equity‑settled share‑based payments under IFRS 2;

c.     the Record plc Share Incentive Plan: the Group operates the Record plc Share Incentive Plan ("SIP") to encourage more widespread ownership of Record plc shares by employees. The SIP is a tax‑approved scheme offering attractive tax savings for employees retaining their shares in the scheme over the medium to long term, and is expensed when issued;

d.     the Record plc Jointly Owned Share Plan: participants' interests awarded under the Jointly Owned Share Plan ("JSOP") are classified as equity-settled share-based payments under IFRS 2; and

e.     the Record plc Long-Term Incentive Plan: participants' interests awarded under the Long-Term Incentive Plan ("LTIP") are classified as equity-settled share-based payments under IFRS 2.

 

All obligations arising from the five schemes have been fulfilled through purchasing shares in the market.

 

a. The Record plc Bonus Scheme ("Bonus Scheme")

Share-based payments with cash alternatives

These transactions are compound financial instruments, which include a debt element and an equity element. The fair value of the debt component of the amounts payable to the employee is calculated as the cash amount alternative offered to the employee at grant date and the fair value of the equity component of the amount payable to the employee is calculated as the market value of the share award at grant date less the cash forfeited in order to receive the share award. The debt component is charged to profit or loss over the period in which the award is earned and remeasured at fair value at each reporting date. The equity component is charged to profit or loss over the period in which the award is earned.

 

Directors and senior employees receive one-third of their Bonus in cash, one-third in shares ("Earned Shares") and may elect to receive the final third as cash only or to allocate some, or all, of the amount for the purchase of Additional Shares. The charge to profit or loss in respect of Earned Shares in the period was £1,003,850 (FY‑24: £1,081,804). Other employees receive two-thirds of their profit share in cash and may elect to receive the final third as cash only or to allocate some, or all, of the amount for the purchase of Additional Shares.

 

All shares which are the subject of share awards vest immediately and are transferred to a nominee, allowing the employee, as beneficial owner, to retain full rights in respect of the shares purchased. Shares awarded under the Bonus Scheme are subject to restrictions over subsequent sale and transfer and these restrictions are automatically lifted over one-third on each anniversary of the Bonus payment date for the next two years. In the meantime, these shares cannot be sold, transferred or otherwise disposed of without the consent of the Remuneration Committee.

 

The Bonus Scheme rules contain clawback provisions allowing for the repayment of Bonus payments under certain circumstances, including a material breach of contract, an error in performance of duties or a restatement of accounts which leads to a change in any prior award under the scheme.

 

b. The Record plc Share Scheme ("Share Scheme")

Equity‑settled share‑based payments

The fair value of the amounts payable to employees under these awards is recognised as an expense over the vesting period of the award, with a corresponding increase in equity. All such awards made by the Group involve the parent company granting rights to its equity instruments to employees of its subsidiary. Consequently, the subsidiary measures the services received from its employees in accordance with the above classification under IFRS 2 and recognises a corresponding increase in equity as a contribution from the parent. The parent has the obligation to settle the transaction with the subsidiary's employees and therefore recognises an increase in its investment in the subsidiary and a corresponding increase in equity.

 

The fair value of options granted is measured at grant date using the Black-Scholes model, taking into account the terms and conditions upon which the instruments were granted including any market or performance conditions, and using quoted share prices.

 

The Share Scheme allows deferred share awards to be granted to employees and Directors in the Record Group. Part 1 of the scheme allows the grant of tax-unapproved ("Unapproved") options to employees and Directors and Part 2 allows the grant of HMRC tax-approved ("Approved") options to employees and Directors. Each participant may be granted Approved options over shares with a total market value of up to £60,000 on the date of grant. There is no such limit on the value of grant for Unapproved options. All Approved and Unapproved options granted in the year were granted with an exercise price per share equal to the share price prevailing at the time of grant.

 

Share Scheme options granted during the period

The following table summarises the Share Scheme options that were granted during the period:

 

	Grant	Option life	Earliest	Latest	Number	Exercise
Option type	date	(years)	vesting date	vesting date1	of shares	price
Approved	3 Jul 24	4	3 Jul 28	3 Jul 28	420,000	0.630996
Unapproved	3 Jul 24	4	3 Jul 25	3 Jul 28	1,120,000	0.630996
Unapproved	3 Feb 25	4	3 Feb 26	3 Feb 29	100,000	0.5652
Total Approved shares granted					420,000
Total Unapproved shared granted					1,220,000
Total shares granted during the period					1,640,000

1.     Under the terms of the deeds of grants, options are exercisable for twelve months following the vesting date.

 

All options granted are subject to the employee being in employment with the Group at the relevant vesting date and to the extent performance conditions have been satisfied.

 

The fair value of the services provided by employees has been calculated indirectly by reference to the fair value of the equity instruments granted. Fair value amounts for the options granted in the year ended 31 March 2025, and for which a charge to profit or loss was made in the year, were determined using a Black-Scholes option-pricing method and the following assumptions:

 

	Weighted
Model input	average value
Share price	62.70p
Dividend yield	11.69%
Exercise price	62.70p
Expected volatility	37.69%
Option life	4 years
Risk-free interest rate (%)	4.78%

Expected volatility is based on historical volatility.

 

The Group share‑based payment expense in respect of the Share Scheme was £486,779 for the year ended 31 March 2025 (FY‑24: £655,090).

 

Outstanding Share Scheme options

At 31 March 2025, the total number of ordinary shares of 0.025p outstanding under Record plc share compensation schemes was 10,578,000 (FY-24: 11,398,039). These deferred share awards and options are over issued shares, a proportion of which are hedged by shares held in an EBT.

 

The following table summarises the outstanding options for the Share Scheme as at 31 March 2025:

 

	2025		2024
		Weighted		Weighted
		average		average
		exercise price		exercise price
	Number	£	Number	£
Outstanding at 1 April	11,398,039	0.65	10,560,207	0.58
Granted	1,640,000	0.63	3,335,000	0.84
Exercised	(1,043,750)	0.36	(1,915,336)	0.44
Forfeited/lapsed	(1,416,289)	0.59	(581,832)	0.48
Outstanding at 31 March	10,578,000	0.68	11,398,039	0.65
Exercisable at 31 March	3,787,125	0.60	2,774,707	0.51
Weighted average share price on date of exercise		0.36		0.78
Weighted average contractual life		3 years		3 years

 

Performance measures

Performance conditions attached to all options granted to Board Directors differ to those granted for all other staff. All Executive Director option awards are subject to a performance condition and vest on each of the third, fourth and fifth anniversaries of the date of grant subject to an earnings per share ("EPS") hurdle linked to the annualised EPS growth for the respective three, four and five-year periods from grant. Vesting is on a stepped basis, as shown in the table below.

 

	Percentage of
	shares subject
	to the award
Record's average EPS growth	which vest
>RPI growth + 13%	100%
>RPI growth + 10%, =<RPI growth + 13%	75%
>RPI growth + 7%, =<RPI growth + 10%	50%
>RPI growth + 4%, =<RPI growth + 7%	25%
=<RPI growth + 4%	0%

Approved and Unapproved options issued to all other staff are not subject to a Group performance measure.

 

Approved options issued to all other staff vest in full on the fourth anniversary of the date of grant, subject to the employee being employed with the Group at the relevant vesting date and to the extent personal performance conditions have been satisfied.

 

Unapproved options issued to all other staff vest in four equal tranches on the first, second, third and fourth anniversaries of the date of grant, subject to the employee being employed with the Group at the relevant vesting date and to the extent personal performance conditions have been satisfied.

 

Clawback provisions

In addition to the performance measures above, both Approved and Unapproved options granted to Executive Directors under the Share Scheme are subject to clawback provisions. These provisions allow the Remuneration Committee to adjust the number of shares that may be, or were, acquired to be decreased if the Committee considers that either a material breach of contract has arisen or in respect of retrospective amendments required to calculations of the Group's performance upon which vesting calculations were originally based. The clawback provisions allow the Group to take various steps until the clawback obligation is satisfied, including reduction of future share option awards, transfer of shares back to the Group for nil consideration, reduction of future payments under the Bonus Scheme or payment of sales proceeds back to the Group.

 

c. The Record plc Share Incentive Plan ("SIP")

The Group operates the SIP to encourage more widespread ownership of Record plc shares by employees. The SIP is a tax‑approved scheme offering attractive tax savings for employees retaining their shares in the scheme over the medium to long term.

 

As an incentive to employees, the Group matches every two shares bought by employees with a free matching share. During the year, the Group awarded 59,452 matching shares (FY-24: 41,519 matching shares) to employees. The expense charged in respect of the SIP was £34,600 in the year ended 31 March 2025 (FY-24: £31,025).

 

There are no restrictions over shares issued under the Record plc Share Incentive Plan.

 

d. The Record plc Jointly Owned Share Plan ("JSOP")

Equity-settled share-based payments

At inception, the employee is required to pay the Employee Benefit Trust ("EBT") for the market value of the participation interest, and the employing subsidiary has agreed to bear the expense of 50% of the amount due. The participation interest paid over at inception is non-refundable, regardless of whether the hurdle is reached. Therefore, the amount paid by the employing subsidiary is expensed at inception.

 

The fair value of the amounts payable to employees under JSOP awards is recognised as an expense over the vesting period of the award, with a corresponding increase in equity. All such awards made by the Group involve the parent company granting rights to its equity instruments to employees of its subsidiary. Consequently, the subsidiary measures the services received from its employees in accordance with the above classification under IFRS 2 and recognises a corresponding increase in equity as a contribution from the parent. The parent has the obligation to settle the transaction with the subsidiary's employees and therefore recognises an increase in its investment in the subsidiary and a corresponding increase in equity.

 

The JSOP scheme allows a set number of ordinary shares to be held jointly by the participant and the EBT. Under the terms of the JSOP agreement, the participant holds the beneficial interest in the future growth of the shares above the hurdle, whilst the trustee is entitled to the value up to the hurdle; the hurdle being the market price upon grant date. Upon vesting, the participant is entitled to receive the growth in value of the shares above the hurdle, which is settled in shares priced at market value on the vesting date.

 

The fair value of the JSOP award is measured at grant date using an appropriate valuation model, taking into account the terms and conditions upon which the instruments were granted including any performance conditions, and using quoted share prices.

 

No JSOP agreements were entered into during the year.

 

The Group share‑based payment expense in respect of the JSOP scheme was £2,298 for the year ended 31 March 2025 (FY‑24: £30,075).

 

Outstanding JSOP options

At 31 March 2025, the total number of ordinary shares outstanding under the Record plc JSOP was 8,125 (FY-24: 641,250). These shares are jointly owned and are ring-fenced within the EBT. The JSOP award vests immediately on the vesting date, and the participant is entitled to any value over the hurdle; the trustee is then entitled to the value up to the hurdle.

 

The following table summarises the outstanding options for the JSOP awards as at 31 March 2025:

 

	2025		2024
		Weighted		Weighted
		average		average
		exercise price		exercise price
	Number	£	Number	£
Outstanding at 1 April	641,250	0.40	1,274,375	0.40
Granted	-	-	-	-
Vested	(570,625)	0.38	(633,125)	0.39
Forfeited	(62,500)	0.51	-	-
Outstanding at 31 March	8,125	0.86	641,250	0.40

There are no Directors' interests in the JSOP scheme. No performance measures are attached to the JSOP.

 

During the year, 570,625 shares over which a JSOP agreement had been granted vested. The weighted average share price at the vesting date was £0.57.

 

The JSOP scheme rules contain clawback provisions allowing re-transfer of the participant's interest and/or any vested shares for nil consideration under certain circumstances including a material breach of contract or an error in performance of duties.

 

e. The Record plc Long-Term Incentive Plan ("LTIP")

Equity-settled share-based payments

The fair value of the amounts payable to employees under these awards is recognised as an expense over the vesting period of the award, with a corresponding increase in equity. All such awards made by the Group involve the parent company granting rights to its equity instruments to employees of its subsidiary. Consequently, the subsidiary measures the services received from its employees in accordance with the above classification under IFRS 2 and recognises a corresponding increase in equity as a contribution from the parent. The parent has the obligation to settle the transaction with the subsidiary's employees and therefore recognises an increase in its investment in the subsidiary and a corresponding increase in equity.

 

The fair value of LTIP awards granted is measured at grant date using an appropriate valuation model, taking into account the terms and conditions upon which the instruments were granted including any market or performance conditions, and using quoted share prices.

 

The Record plc LTIP scheme started in April 2022, and allows nil-cost options to be granted to employees and Directors in the Record Group.

 

No new awards were granted under the LTIP scheme during the year (FY-24: 1,641,000). Vesting of awards is subject to the employee being in employment with the Group at the relevant vesting date and to the extent performance conditions have been satisfied. Early vesting for good leavers is subject to approval by the Remuneration Committee.

 

The Group share‑based payment expense in respect of the LTIP scheme was £145,570 for the year ended 31 March 2025 (FY‑24: £460,628).

 

Outstanding LTIP awards

At 31 March 2025, the total number of LTIP awards outstanding under Record plc share compensation schemes was 3,548,651 (FY-24: 3,793,602). These LTIP awards are over issued shares, a proportion of which are hedged by shares held in an EBT. Details of outstanding LTIP awards to employees are set out below:

 

The following table summarises the outstanding options for the LTIP as at 31 March 2025:

 

	2025		2024
		Weighted		Weighted
		average		average
		exercise price		exercise price
	Number	£	Number	£
Outstanding at 1 April	3,793,602	0.68	2,890,000	0.69
Granted	-	-	1,641,000	0.67
Vested	-	-	-	-
Forfeited	(244,951)	0.68	(737,398)	0.68
Outstanding at 31 March	3,548,651	0.69	3,793,602	0.68

 

Performance measures

Performance conditions attached to all LTIP awards granted to Board Directors are the same as to those granted for all other staff. LTIP awards granted to Executive Directors and all other staff vest after two years and vesting is subject to Record's average annualised EPS growth and Total Shareholder Return ("TSR") over the relevant period since grant as follows:

 

Two-thirds of the vesting for LTIP awards is subject to a three-year cumulative EPS threshold target of 15 pence, resulting in the EPS portion vesting at 25%, rising on a straight-line basis to 100% vesting for a three-year cumulative EPS of 18 pence at the end of the performance period.

 

One-third of the vesting for LTIP awards is subject to a relative TSR using a benchmark of the FTSE Small Cap index. The threshold target for the TSR portion is a TSR outcome in the 25th percentile of the index at which 25% of the TSR portion will vest, rising on a straight-line basis to 100% of the TSR portion at a TSR outcome in the 75% percentile of the index.

 

A principal strategic objective of the business is to create shareholder value for our investors over the long term. The Board considers this to be delivered by consistent growth in earnings of the business, and the chosen performance conditions and the EPS and TSR outcome which determine the number of LTIP awards that ultimately vest under the scheme rules reflect this.

 

Clawback provisions

In addition to the performance measures above, LTIP awards granted to Executive Directors under the Share Scheme are subject to clawback provisions. These provisions allow the Remuneration Committee to adjust the number of shares that may be, or were, acquired to be decreased if the Committee considers that either a material breach of contract has arisen or in respect of retrospective amendments required to calculations of the Group's performance upon which vesting calculations were originally based. The clawback provisions allow the Group to take various steps until the clawback obligation is satisfied, including reduction of future share option awards, transfer of shares back to the Group for nil consideration, reduction of future payments under the Bonus Scheme or payment of sales proceeds back to the Group.

 

The Directors' interests in the combined share schemes are as follows:

 

	31 March	31 March
	2025	2024
	Number	Number
	of shares	of shares
Record plc Group Bonus Scheme (interest in restricted share awards)
Jan Witte (appointed 1 January 2024)	408,661	652,451
Richard Heading (appointed 1 July 2024)	-	-
Kevin Ayles (appointed 1 July 2024)	340,907	-
Steve Cullen (as CFO, retired 1 July 2024)	-	46,072
Record plc Share Scheme (interest in unvested share options)
Jan Witte (appointed 1 January 2024)	1,530,000	1,530,000
Richard Heading (appointed 1 July 2024)	-	-
Kevin Ayles (appointed 1 July 2024)	380,000	-
Steve Cullen (as CFO, retired 1 July 2024)	-	86,666
Record plc LTIP Scheme (interest in unvested LTIP awards)
Jan Witte (appointed 1 January 2024)	1,363,000	1,363,000
Richard Heading (appointed 1 July 2024)	-	-
Kevin Ayles (appointed 1 July 2024)	383,112	-
Steve Cullen (as CFO, retired 1 July 2024)	-	510,000

 

25. Financial risk management

The Group's current activities result in the following financial risks and management responses to those risks in order to minimise any resulting adverse effects on the Group's financial performance.

 

Objectives, policies and processes for managing risk and the methods used to measure the risk

Financial assets principally comprise investments, trade receivables, accrued income, other receivables, money market instruments, cash and cash equivalents and derivative financial assets. Financial liabilities comprise trade and other payables, lease liabilities and derivative financial liabilities. The main risks arising from financial instruments are credit risk, liquidity risk, foreign currency risk, interest rate risk and concentration risk, each of which is discussed in further detail below.

 

The Group monitors and mitigates financial risk on a consolidated basis. The Group has implemented a framework to manage the risks of its business and to ensure that the Directors have in place risk management practices appropriate to a listed company. The management of risk is directed by the Board and controlled and reviewed by the Chief Risk Officer.

 

The Company's material financial instruments are investments, trade and other receivables, cash and cash equivalents, and balances due to/from Group undertakings. Intercompany balances are measured at amortised cost and are repayable on demand. No interest is charged on these balances. The Group has sufficient cash resources and hence management does not believe that the Company has a material exposure to credit risk. The Company's financial risk is managed as part of the Group financial risk management process and therefore separate disclosures for the Company have not been provided. Market risk is not considered to have a material impact on financial instruments, neither is it one of the Group's principal risks; however, the second order effects of market movements are discussed below.

 

Credit risk

The Group has established a cash management team to manage Group cash in accordance with an approved cash management policy. The policy stipulates exposure limits by instruments, counterparty, tenor and duration. Counterparty exposures are measured against ratings published by credit‑rating agencies and are monitored daily. The maximum single exposure to any counterparty under the policy is 20% of total assets managed as cash.

 

The primary objective of the cash management team is to diversify and manage counterparty risk within the risk appetite of the Group and the limits set by the policy. The secondary objective is to maintain yield given the constraints under the policy whilst ensuring sufficient liquidity to meet future cash flow commitments as instructed by the Finance team.

 

The Chief Financial Officer is responsible for reviewing the Group's credit exposure and ensuring that any credit concerns are raised to the Risk Management Committee and that action is taken to mitigate these risks.

 

The Company considers a financial asset to be in default when the debtor is unlikely to pay its credit obligations in full. The gross carrying amount of a financial asset is written off only when the Company has no reasonable expectation of recovering a financial asset in its entirety or a portion thereof. The quality of our clients and banking counterparties is reflected in the business having not suffered from any credit default for over 20 years through various market crises and cycles, and we do not anticipate this changing under the current circumstances. It is therefore management's opinion that there is no requirement to provide for any expected credit losses.

 

The Group's maximum exposure to credit risk is as follows:

 

	2025	2024
Financial assets at 31 March	£'000	£'000
Trade receivables	8,885	9,149
Accrued income	1,738	1,505
Other receivables	1,707	935
Derivative financial assets	84	63
Money market instruments1	1,500	9,530
Cash and cash equivalents1	11,798	7,955
Investments2	4,123	4,949
Total financial assets	29,835	34,086

1.     See note 32 for details of the presentational adjustment resulting in the restatement of prior year amounts.

2.     Investments have been added to the credit risk disclosure note in accordance with IFRS 7 disclosure requirements.

 

The debtors' age analysis is also evaluated on a regular basis for expected credit losses. It is management's opinion that there is no requirement to provide for any expected credit losses. The table below is an analysis of trade receivables and accrued income by due date:

 

	2025				2024
		Neither		More than		Neither		More than
	Carrying	impaired nor	0-3 months	3 months	Carrying	impaired nor	0-3 months	3 months
	amount	past due	past due	past due	amount	past due	past due	past due
	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000
Trade receivables	8,885	8,783	34	68	9,149	8,717	419	13
Accrued income	1,738	1,738	-	-	1,505	1,505	-	-
Total	10,623	10,521	34	68	10,654	10,222	419	13
		99%	-%	1%		96%	4%	-%

 

The Group offers standard credit terms of 30 days from invoice date. It is the Group's policy to assess debtors for expected loss on an individual basis and to make a provision where it is considered necessary. In assessing recoverability, the Group takes into account any indicators of impairment up to the reporting date, adjusting to incorporate any relevant forward-looking information. The application of this policy generally results in debts that are past due not being provided for unless individual circumstances indicate that a debt is impaired.

 

Trade receivables are made up of 151 debtors' balances (FY-24: 125). The largest individual debtor corresponds to 21% of the total balance (FY-24: 19%). Debtor days, based on the generally accepted calculation of debtor days, is 78 days (FY-24: 74 days). This reflects the quarterly billing cycle used by the Group for the vast majority of its fees. As at 31 March 2025, 1% of debt was overdue (FY-24: 4%). No debtors' balances have been renegotiated during the year or in the prior year.

 

Liquidity risk

The Group is exposed to liquidity risk, namely that it may be unable to meet its payment obligations as they fall due. The Group maintains sufficient cash and marketable securities to be able to meet all such obligations. Management review cash flow forecasts on a regular basis to determine whether the Group has sufficient cash reserves to meet the future working capital requirements and to take advantage of business opportunities. The average creditor payment period is 10 days (FY-24: 11 days).

 

Contractual maturity analysis for financial liabilities

	2025				2024
		Due or	Due	Due		Due or	Due	Due
		due in	between	between		due in	between	between
	Carrying	less than	1 and	3 months	Carrying	less than	1 and	3 months
	amount	1 month	3 months	and 1 year	amount	1 month	3 months	and 1 year
	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000
Trade payables	717	717	-	-	212	154	-	58
Accruals	4,410	1,169	1,712	1,529	3,997	1,440	1,244	1,313
Derivative financial liabilities	-	-	-	-	9	-	9	-
Total	5,127	1,886	1,712	1,529	4,218	1,594	1,253	1,371

Lease liabilities are not included within the table above; please see note 12 for further details.

 

Price risk

The Group has considered price risk for investments in unquoted companies and unquoted funds, as by their nature, they usually involve a higher degree of risk than investments in companies quoted on a recognised stock exchange. Details on the Group's investment portfolio can be found in note 26.

 

Of the Group's total investment portfolio, 38% (FY-24: 50%) comprises investments in unquoted funds held at fair value. This equates to 5% (FY-24: 8%) of net assets. In addition to this, 37% (FY-24: 31%) of total investments comprises investments values using a combination of Price of Recent Investment ("PORI"), NAV and revenue multiples. This equates to 5% (FY-24: 5%) of net assets.

 

Price sensitivity for these investments has been analysed below:

 

	Impact on investments as at 31 March		Impact on net assets as at 31 March
	2025	2024	2025	2024
	%	%	%	%
5% increase in valuation of investments in unquoted funds	2	2	-	-
5% decrease in valuation of investments in unquoted funds	(2)	(2)	-	-
5% increase in valuation of investments in unquoted companies	2	2	-	-
5% decrease in valuation of investments in unquoted companies	(2)	(2)	-	-

The 5% sensitivity used provides the most meaningful impact of average multiple changes across the portfolio.

 

Interest rate risk

Interest rate risk is the risk that the value of a financial instrument or cash flows associated with the instrument will fluctuate due to changes in market interest rates. Interest rate risk arises from interest-bearing financial assets and liabilities held by the Group. Interest-bearing assets comprise money market instruments and cash and cash equivalents which are considered to be short‑term liquid assets. It is the Group's policy to settle trade payables within the credit terms allowed and the Group does not therefore incur interest on overdue balances.

 

A sensitivity analysis has not been disclosed for the impact of interest rate changes as any reasonable range of change in interest rate would not directly have a material impact on profit or equity.

 

Interest rate profiles

	2025			2024
		No			No
	Fixed rate	interest rate	Total	Fixed rate	interest rate	Total
At 31 March	£'000	£'000	£'000	£'000	£'000	£'000
Financial assets
Trade receivables	-	8,885	8,885	-	9,149	9,149
Accrued income	-	1,738	1,738	-	1,505	1,505
Other receivables	-	2,094	2,094	-	935	935
Derivative financial assets at fair value through profit or loss	-	84	84	-	63	63
Money market instruments1	1,500	-	1,500	9,530	-	9,530
Cash and cash equivalents1	11,798	-	11,798	7,955	-	7,955
Investments2	-	4,123	4,123	-	4,949	4,949
Total financial assets	13,298	16,924	30,222	17,485	16,601	34,086
Financial liabilities
Trade payables	-	(717)	(717)	-	(212)	(212)
Accruals	-	(4,410)	(4,410)	-	(3,997)	(3,997)
Lease liability	-	(7,105)	(7,105)	-	(185)	(185)
Derivative financial liabilities at fair value through profit or loss	-	-	-	-	(9)	(9)
Total financial liabilities	-	(12,232)	(12,232)	-	(4,403)	(4,403)

1.     See note 32 for details of the presentational adjustment resulting in the restatement of prior year amounts.

2.     Investments have been added to the interest rate risk disclosure note in accordance with IFRS 7 disclosure requirements.

 

Foreign currency risk

Foreign currency risk refers to the risk that the value of a financial commitment or recognised asset or liability will fluctuate due to changes in foreign currency rates. The Group makes use of forward foreign exchange contracts to manage the risk relating to future transactions in accordance with the Group's risk management policy.

 

The Group is exposed to foreign currency risk on revenue invoices and cash holdings that are denominated in a currency other than sterling. The principal currencies giving rise to this risk are the US dollar, the Swiss franc, the euro and the Australian dollar.

 

During the year ended 31 March 2025, the Group invoiced the following amounts in currencies other than sterling:

 

	2025		2024
	Local	Value in	Local	Value in
	currency	reporting	currency	reporting
	value	currency	value	currency
	'000	£'000	'000	£'000
US dollar (USD)	29,736	23,140	28,787	22,841
Swiss franc (CHF)	13,566	11,976	16,152	13,321
Euro (EUR)	3,136	2,622	2,934	2,645
Australian dollar (AUD)	1,878	950	6,734	3,592
Canadian dollar (CAD)	121	67	296	177
Japanese yen (JPY)	14,086	72	12,329	89

 

The value of revenues for the year ended 31 March 2025 that were denominated in currencies other than sterling was £38.8 million (FY-24: £42.7 million).

 

Record's policy is to reduce the risk associated with the Group's revenues denominated in foreign currencies by using forward fixed rate currency sales contracts, taking into account any forecast foreign currency cash flows.

 

The settlement of these forward foreign exchange contracts is expected to occur within the following two months. Changes in the fair values of forward foreign exchange contracts are recognised directly in profit or loss.

 

The cash denominated in currencies other than sterling (refer to note 20) is covered by the Group's hedging process; therefore, the Directors consider that the foreign currency risk on cash balances is not material.

 

Foreign currency risk - sensitivity analysis

The Group has considered the sensitivity to exchange rate movements by considering the impact on those revenues, costs, assets and liabilities denominated in foreign currencies as experienced in the given period.

 

	Impact on profit after tax for the year ended 31 March		Impact on total equity as at 31 March
	2025	2024	2025	2024
	£'000	£'000	£'000	£'000
Sterling weakening by 10% against the dollar	1,281	1,072	1,281	1,072
Sterling strengthening by 10% against the dollar	(1,281)	(1,072)	(1,281)	(1,072)
Sterling weakening by 10% against the Swiss franc	910	992	910	992
Sterling strengthening by 10% against the Swiss franc	(910)	(992)	(910)	(992)

 

Sterling/US dollar exchange rate

The impact of a change of 10% has been selected as this is considered reasonable given the current level of exchange rates and the volatility observed on a historical basis and market expectations for future movement. When applied to the average sterling/USD exchange rate of £1 = $1.29, this would result in sterling weakening to £1 = $1.17 and sterling strengthening to £1 = $1.43.

 

Sterling/Swiss franc exchange rate

The impact of a change of 10% has been selected as this is considered reasonable given the current level of exchange rates and the volatility observed on a historical basis and market expectations for future movement. When applied to the average sterling/CHF exchange rate of £1 = CHF 1.13, this would result in sterling weakening to £1 = CHF 1.03 and sterling strengthening to £1 = CHF 1.26.

 

Sensitivity analyses have not been disclosed for other currencies as any reasonable range of change in exchange rate would not have a material impact on profit or equity.

 

Concentration risk

The Group is exposed to concentration risk in respect of product, client type and geographical location, which could lead to over-reliance on any one category of revenue. Note 4 provides detail on clients contributing greater than 10% of revenue. Mitigating activities are detailed in the Risk management section.

 

Concentration risk - sensitivity analysis

The Group has considered the impact of losing the Group's largest client, assuming that only variable remuneration costs can be reduced in the short term.

 

	Impact on profit after tax for the year ended 31 March		Impact on total equity as at 31 March
	2025	2024	2025	2024
	£'000	£'000	£'000	£'000
Loss of largest client	6,913	5,057	6,913	5,057

 

26. Fair value measurement

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.

 

The following table presents financial assets and liabilities measured at fair value in the consolidated statement of financial position in accordance with the fair value hierarchy. This hierarchy groups financial assets and liabilities into two levels based on the significance of inputs used in measuring the fair value of the financial assets and liabilities. The fair value hierarchy has the following levels:

 

·     level 1: quoted prices (unadjusted) in active markets for identical financial assets or liabilities;

·     level 2: inputs other than quoted prices included within level 1 that are observable for the financial asset or liability, indirectly (i.e. derived from prices); and

·     level 3: inputs for the financial asset or liability that are not based on observable market data (unobservable inputs).

 

The level within which the financial asset or liability is classified is determined based on the lowest level of input to the fair value measurement. The financial assets and liabilities measured at fair value in the statement of financial position are grouped into the fair value hierarchy as follows:

 

	2025	Level 1	Level 2	Level 3
	£'000	£'000	£'000	£'000
Financial assets at fair value through profit or loss
Investment in funds	2,586	1,023	-	1,563
Other investments	1,537	-	-	1,537
Forward foreign exchange contracts held to hedge non-sterling assets	84	-	84	-
Financial liabilities at fair value through profit or loss
Forward foreign exchange contracts held to hedge non-sterling assets	-	-	-	-
Total	4,207	1,023	84	3,100

 

	2024	Level 1	Level 2	Level 3
	£'000	£'000	£'000	£'000
Financial assets at fair value through profit or loss
Investment in funds	3,412	961	-	2,451
Other investments	1,537	-	-	1,537
Forward foreign exchange contracts held to hedge non-sterling assets	63	-	63	-
Financial liabilities at fair value through profit or loss
Forward foreign exchange contracts held to hedge non-sterling assets	(9)	-	(9)	-
Total	5,003	961	54	3,988

There have been no transfers between levels in the reporting period (FY-24: none).

 

Basis for classification of financial instruments classified as level 1 within the fair value hierarchy

Impact bonds, listed funds and other listed investments are classified as level 1. These investments are valued using market prices and coupon rates as applicable.

 

Basis for classification of financial instruments classified as level 2 within the fair value hierarchy

Forward foreign exchange contracts and options are both classified as level 2. Both of these instruments are traded on an active market. Options are valued using an industry standard model with inputs based on observable market data whilst the fair value of forward foreign exchange contracts may be established using interpolation of observable market data rather than from a quoted price.

 

Basis for classification of financial instruments classified as level 3 within the fair value hierarchy

Direct investments in private funds and share capital of start-up companies in the digital sector have been classified as level 3. There is no observable market for these investments; therefore, fair value measurements have been derived from valuation techniques that include inputs that are not based on observable market data. The private funds are valued at net asset value in accordance with independent professional valuation reports or International Private Equity and Venture Capital Valuation Guidelines where relevant. The direct investments in share capital of start-up companies are valued using a combination of Price of Recent Investment, net asset value and industry benchmarks.

 

Movements in assets and liabilities classified as level 3 during the period:

	2025	2024
	£'000	£'000
At start of period	3,988	2,053
Additions	72	1,883
Disposals	(1,024)	(356)
Net gain or loss	64	408
At end of period	3,100	3,988

 

Classes and fair value of financial instruments

It is the Directors' opinion that the carrying value of all financial instruments approximates to their fair value.

 

Categories of financial instrument

 

			Financial	Assets at	Liabilities at
		Assets at	liabilities	fair value	fair value
		amortised	measured at	through	through profit
		cost	amortised cost	profit or loss	or loss
At 31 March 2025	Note	£'000	£'000	£'000	£'000
Investment in funds	14	-	-	2,586	-
Other investments	14	-	-	1,537	-
Trade and other receivables (excludes prepayments)	18	12,717	-	-	-
Money market instruments	20	1,500	-	-	-
Cash and cash equivalents	20	11,798	-	-	-
Derivative financial assets at fair value through profit or loss	19	-	-	84	-
Trade payables	21	-	(717)	-	-
Accruals	21	-	(4,410)	-	-
Derivative financial liabilities at fair value through profit or loss	19	-	-	-	-
Total		26,015	(5,127)	4,207	-

 

			Financial	Assets at	Liabilities at
		Assets at	liabilities	fair value	fair value
		amortised	measured at	through	through
		cost	amortised cost	profit or loss	profit or loss
At 31 March 2024	Note	£'000	£'000	£'000	£'000
Investment in funds	14	-	-	3,412	-
Other investments	14	-	-	1,537	-
Trade and other receivables (excludes prepayments)	18	11,779	-	-	-
Money market instruments1	20	9,530	-	-	-
Cash and cash equivalents1	20	7,955	-	-	-
Derivative financial assets at fair value through profit or loss	19	-	-	63	-
Trade payables	21	-	(212)	-	-
Accruals	21	-	(3,997)	-	-
Derivative financial liabilities at fair value through profit or loss	19	-	-	-	(9)
Total		29,264	(4,209)	5,012	(9)

1.     See note 32 for details of the presentational adjustment resulting in the restatement of prior year amounts.

 

27. Cash flows from operating activities

 

This note should be read with the statement of cash flows. It provides a reconciliation to show how profit after tax, which is based on accounting rules, translates to cash flows.

 

		2025		2024
		Group	Company	Group	Company
	Note	£'000	£'000	£'000	£'000
Profit after tax		9,105	13,880	9,253	6,810
Adjustments for:
Depreciation of right‑of‑use assets	12	531	496	278	244
Depreciation of property, plant and equipment	13	210	92	213	29
Amortisation of intangible assets	11	18	-	232	-
Impairment of intangibles		-	-	1,937	-
Share-based payments expense for the period		840	-	1,146	-
Non-cash movements in derivatives		(29)	-	(247)	-
Non-cash movements in investments		(1,035)	(1,042)	(865)	885
FX movements on cash		17	13	287	13
Leasehold modification		19	19	48	48
Loss from sale of subsidiary		-	-	-	210
Loss on interest in joint venture		4	-
Intercompany loan write-off		-	-	188	343
Other non-cash share-based payments movements		1,112	-	302	-
Finance income		(446)	(1)	(394)	(9)
Finance expense		162	118	33	27
Tax expense/(credit)	7	1,837	380	3,658	(185)
Dividend income from subsidiaries		-	(15,300)	-	(9,876)
Changes in working capital
(Increase)/decrease in receivables		(910)	(617)	1,316	1,717
Increase/(decrease) in payables		750	3,442	(1,081)	1,193
Increase in provisions		314	189	-	-
Cash generated from operations		12,499	1,669	16,304	1,449
Corporation tax (paid)/refunded		(5,153)	42	(3,249)	106
Net cash inflow from operating activities		7,346	1,711	13,055	1,555

 

28. Related parties transactions

Company

Details of transactions between the Company and other Group undertakings, which are related parties of the Company, are shown below:

 

Transactions with subsidiaries

The Company's subsidiary undertakings are listed in note 14, which includes a description of the nature of their business.

 

	2025	2024
	£'000	£'000
Amounts due to subsidiaries	10,486	(5,879)
Dividends received from subsidiaries	15,300	9,876

 

Amounts due to subsidiaries consist of funds lent by the subsidiaries to the Company to facilitate the Company's investing activities. Amounts due to subsidiaries are disclosed as a net amount, and also consist of amounts owed to Group undertakings in note 21 and trade receivables in note 18. All amounts owed to and by related parties will be settled in cash. No guarantees have been given or received. No provisions for expected credit losses have been raised against amounts outstanding (FY‑24: £nil). No expense has been recognised during the year in respect of expected credit losses due from related parties.

 

Group

Transactions or balances between Group entities have been eliminated on consolidation, and in accordance with IAS 24, are not disclosed in this note.

 

Key management personnel compensation

	2025	2024
	£'000	£'000
Short‑term employee benefits	9,699	9,532
Post‑employment benefits	431	399
Share‑based payments	1,212	1,581
Total	11,342	11,512

 

Key management personnel dividends

Key management personnel consist of Executive Directors. The dividends paid to key management personnel in the year ended 31 March 2025 totalled £607,027 (2024: £4,518,926).

 

Directors' remuneration

	2025	2024
	£'000	£'000
Emoluments (excluding pension contribution)	2,997	1,829
Pension contribution (including payments made in lieu of pension contributions)	95	107
Total	3,092	1,936

 

During the year, three Directors of the Company (FY-24: two) participated in the Group Personal Pension Plan, a defined contribution scheme. Further detail on Directors' remuneration is provided in the Remuneration report.

 

29. Interests in unconsolidated structured entities

A structured entity is defined as an entity that has been designed so that voting or similar rights are not the dominant factor in deciding who controls the entity, such as when any voting rights relate to administrative tasks only, or when the relevant activities are directed by means of contractual arrangements.

 

The Group has concluded that the investment funds managed by Group entities in their capacity as investment managers, through contractual agreements, are structured entities. The investment funds are not consolidated into the Group's financial statements as the Group is judged to act as an agent rather than having control under IFRS 10.

 

The purpose of the investment funds is to invest capital received from investors in a portfolio of instruments in order to generate a return in the form of capital appreciation, income from the assets, or both.

 

The Group has interests in these funds through the receipt of management and other fees and, in certain funds, through ownership of shares. The Group's investments in these funds are subject to the terms and conditions of the respective fund's offering documentation and are susceptible to market price risk. The investments are included in financial assets at fair value through profit and loss in the statement of financial position.

 

Where the Group has no equity holding in a fund it manages, the investment risk is borne by the external investors and therefore the Group's maximum exposure to loss relates to future management fees and any uncollected fees at the period end date. Where the Group does have an equity holding, the maximum exposure to loss constitutes the future and uncollected management fees plus the fair value of the Group's investment in that fund.

 

The Group does not sponsor any of the structured entities and there are no guarantees or commitments. The funds do not have any debt or borrowings and are financed through the issue of shares to investors.

 

The following table shows the details of unconsolidated structured entities in which the Group has an interest at the reporting date:

 

					Management
			Fair value	Management	charge
		Net AUM	of	charge in	receivable
	Number	of funds	investment	the year	at year end
	of funds	$bn	£m	£m	£m
As at 31 March 2025	4	1.28	0.89	5.12	0.13
As at 31 March 2024	3	1.32	0.83	4.86	0.81

The management charge in the year comprises both management and performance fees and is included within revenue in the consolidated statement of comprehensive income.

 

The fair value of investment is included within investments in the consolidated statement of financial position. The management charge receivable comprises both management and performance fees receivable and is included within trade and other receivables in the consolidated statement of financial position.

 

30. Contingent liabilities and commitments

The Group has committed to subscriptions to equity capital of $1,791,870 (FY-24: $1,791,870), of which $1,664,570 (FY‑24: $1,571,820) has been called.

 

31. Ultimate controlling party

As at 31 March 2025, the Company had no ultimate controlling party, nor at 31 March 2024.

 

32. Prior period reclassification of money market instruments

During the current period, the Company revised its classification criteria for cash and cash equivalents to align with the requirements of IAS 7. Previously, instruments were classified based on their maturity relative to 30 days from the reporting date. Under the revised approach, only instruments with original maturities of three months or less from date of origination are classified as cash equivalents. As a result of this reclassification, the FY-24 comparative figures for money market instruments and cash equivalents have been restated. There has been no impact on total assets managed as cash, profit or equity as a result of this reclassification.

 

The consolidated statement of financial position previously showed FY-24 cash and cash equivalents of £9,221k and money market instruments of £8,264k. As a result of this reclassification, an amount of £1,266k previously recognised as cash equivalents has been reclassified to money market instruments. The FY-24 comparative figures for cash and cash equivalents have therefore been restated to £7,955k and money market instruments to £9,530k.

 

Accordingly, the related amounts in the statement of cash flows have also been restated to reflect this. This includes a restatement of the FY-24 opening balances of cash and cash equivalents and money market instruments which were previously stated as £9,948k and £4,549k respectively. This has been restated by £1,427k, and now shows the corrected FY-24 opening balances for cash and cash equivalents and money market instruments of £8,521k and £5,976k respectively.

 

As a result of the net impact of the above, the FY-24 purchase of money market instruments was restated by £161k from £3,715k to £3,554k.

 

33. Prior period restatement of disclosure of movements in money market instruments

During the year, the Group also made a change in disclosure of purchases and disposals of money market instruments in the consolidated cash flow statement. In the previous year, this was disclosed on a net basis. To align with the requirements of IAS 7, these movements have been restated to be on a gross basis. Taking into account the restatement mentioned in note 32, this movement would have previously been stated as a net purchase of £3,554k. The restated gross amounts are made up of purchases totalling £5,950k and disposals totalling £2,396k (taking into account both restatements). There has been no effect on the balance of money market instruments or net cash outflows from investing activities as a result of this change in disclosure.

 

34. Post-reporting date events

No adjusting or significant non-adjusting events have occurred between the reporting date and the date of authorisation.

 

 

 

Additional information

 

Management fees by product reconciliation

 

	Old presentation			New presentation
	Currency Management	Asset Management	Total	Risk Management	Absolute Return	Private Markets	Total
FY25
Passive Hedging	11.5	-	11.5	11.5                  -		-	11.5
Hedging for Asset Managers	3.5	-	3.5	3.5                   -		-	3.5
Dynamic Hedging	13.7	-	13.7	13.7                  -		-	13.7
FX Alpha	1.6	-	1.6	-	1.6	-	1.6
EM Local Debt	-	5.0	5.0	-	-	5.0	5.0
Custom Opportunities	-	1.9	1.9	-	1.9	-	1.9
Management fees	30.3	6.9	37.2	28.7	3.5	5.0	37.2
FY24
Passive Hedging	9.7	-	9.7	9.7                   -		-	9.7
Hedging for Asset Managers	2.9	-	2.9	2.9                   -		-	2.9
Dynamic Hedging	13.7	-	13.7	13.7                  -		-	13.7
FX Alpha	1.3	-	1.3	-	1.3	-	1.3
EM Local Debt	-	4.8	4.8	-	-	4.8	4.8
Custom Opportunities	-	6.3	6.3	-	6.3	-	6.3
Management fees	27.6	11.1	38.7	26.3	7.6	4.8	38.7

 

 

 

 

 

 

 

AUM by product reconciliation

 

	Old presentation			New presentation
	Currency Management	Asset Management	Total	Risk Management	Absolute Return	Private Markets	Total
FY25
Passive Hedging	65.1	-	65.1	65.1                   -		-	65.1
Hedging for Asset Managers	14.3	-	14.3	14.3                   -		-	14.3
Dynamic Hedging	16.0	-	16.0	16.0	-	-	16.0
FX Alpha	3.0	-	3.0	-	3.0	-	3.0
EM Local Debt	-	1.0	1.0	-	-	1.0	1.0
Custom Opportunities	-	1.4	1.4	-	1.4	-	1.4
Cash	0.1	-	0.1	0.1                    -		-	0.1
AUM	98.5	2.4	100.9	95.5	4.4	1.0	100.9
FY24
Passive Hedging	66.0	-	66.0	66.0                   -		-	66.0
Hedging for Asset Managers	10.4	-	10.4	10.4                   -		-	10.4
Dynamic Hedging	16.5	-	16.5	16.5                   -		-	16.5
FX Alpha	4.5	-	4.5	-	4.5	-	4.5
EM Local Debt	-	1.0	1.0	-	-	1.0	1.0
Custom Opportunities	-	3.7	3.7	-	3.7	-	3.7
Cash	0.1	-	0.1	0.1                    -		-	0.1
AUM	97.5	4.7	102.2	93.0	8.2	1.0	102.2

 

 

 

 

 

Notes to Editors

This announcement includes information with respect to Record's financial condition, its results of operations and business, strategy, plans and objectives. All statements in this document, other than statements of historical fact, including words such as "anticipates", "expects", "intends", "plans", "believes", "seeks", "estimates", "may", "will", "continue", "project" and similar expressions, are forward- looking statements.

 

These forward-looking statements are not guarantees of the Company's future performance and are subject to risks, uncertainties and assumptions that could cause the actual future results, performance or achievements of the Company to differ materially from those expressed in or implied by such forward-looking statements.

 

The forward-looking statements contained in this document are based on numerous assumptions regarding Record's present and future business and strategy and speak only as at the date of this announcement.

 

The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this announcement whether as a result of new information, future events or otherwise.

 

The information contained within this announcement is deemed by the Group to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). Upon the publication of this announcement via Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.