- Annual earnings beat expectations
- Strong momentum in AUM growth
- Record AUM of $102.2bn buoyed by inflows
- Successful launch of two Luxembourg funds
- High level of performance fees
- Strong liquidity maintained
Dr Jan Witte, the internally appointed new chief executive of Record (REC:65p) following the retirement of Leslie Hills, announced an earnings beat in his maiden results.
Adjusted pre-tax profit of £14.9mn came in £1.1mn above house broker Panmure Liberum’s forecast and slightly higher than the 2022-23 result after a lower than anticipated bonus accrual. As previously announced, a £1.9mn impairment charge for IT infrastructure costs dented the reported figures.