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(Sharecast News) - Record reported lower annual profits on Friday despite a sharp rise in assets under management, as reduced performance fees, mandate changes and a higher tax charge weighed on earnings.
The specialist asset manager said assets under management increased 14% to $114.6bn in the year ended 31 March, driven by new business wins, favourable foreign exchange movements and market gains.
However, revenue fell 4% to 40.1m as lower performance fees and mandate recompositions offset growth in newer business lines, while profit after tax declined 23% to 7.0m.
Basic earnings per share fell 22% to 3.92p.
Record proposed a final dividend of 1.45p per share, taking the full-year payout to 3.60p, down from 4.65p a year earlier but maintaining its 92% payout ratio.
Looking ahead, the company said FY27 had started with strong momentum, with mandates nearing completion expected to contribute about 4m of revenue, while chief executive Jan Witte highlighted private markets as a key growth area offering the potential for higher-margin, longer-term and more scalable earnings.
At 1040 BST, shares in Record were down 8.69% at 49.49p.
Reporting by Josh White for Sharecast.com.
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