Record
Website:
Record
Index:
FTSE Small Cap
EPIC: REC
Supersector:
Financial Services
Sector:
Financial Services
Subsector:
Asset Managers
Market Cap:
£106.3M
Payout Frequency: Semi-Annual
Record Dividend Analysis and Summary
Key dividend details
- Interim dividend: 2.15 pence per share (maintained year-on-year)
- Ex-dividend date: 20/11/2025
- Record date: 21/11/2025
- Payment date: 19/12/2025
- Total cash outlay: c. £4.2m
- Policy/commentary: Board reiterates a balance between dividends and maintaining a strong balance sheet to fund growth; company has no external debt and held £11.4m cash and equivalents at period end.
- Reference point: FY25 ordinary dividend was 4.65p vs FY25 basic EPS 5.03p (c. 92% payout).
Coverage and financial context
- H1 FY26 basic EPS: 1.93p; interim dividend of 2.15p implies an H1 payout above earnings (c. 111%)—consistent with Record’s tendency to judge distributions on a full-year basis.
- Profitability: Revenue down 9% (management fees -8%, performance fees lower), operating margin 23.4% (26.8% prior). Profit after tax attributable to shareholders £3.7m.
- Balance sheet/cash: Net assets £27.8m; cash and equivalents £11.4m vs announced interim distribution c. £4.2m; no debt.
- AUM: Record high $110.3bn, with growth in higher-margin areas (Solutions for Asset Managers; early deployments in Infrastructure) to support recurring-fee mix.
Sustainability and growth trajectory
- Near term: Interim dividend is covered by the balance sheet but not by H1 earnings. Management’s confidence stems from cash strength and expected H2 fee contributions (infrastructure fund deployment, ongoing growth in Solutions).
- Medium term: Strategy tilt to higher-margin, longer-duration revenues (Private Markets, EM Debt, infrastructure) should improve dividend resilience and lower reliance on volatile performance fees.
- Historical stance: High ordinary payout (FY25 c. 92%) suggests the Board prioritises distributions, but trajectory depends on execution of new projects and rebuilding management-fee momentum after client losses.
Structural or strategic items that could affect dividends
- Business now organised in three pillars (Risk Management, Absolute Return, Private Markets) with clear emphasis on Private Markets growth and infrastructure fund deployment (first $120m deployed; second investment signed).
- Appointment of Dr Othman Boukrami to drive EM and frontier currency capabilities; potential to expand EM Local Debt products.
- Progress toward launching a Sharia-compliant Deep Tier Supply Chain Finance fund (target $1bn)—would add long-dated, recurring fee streams if closed.
- Operational changes (new London office lease; Windsor lease terminating) support ongoing cost discipline but are unlikely to materially change dividend policy in the near term.
Risks and flags to dividend stability
- Coverage risk: Interim dividend exceeds H1 earnings; sustained distributions hinge on H2 delivery and full-year earnings recovery.
- Revenue pressure: Management fees fell after prior client mandate terminations; performance fees are variable and were lower year-on-year.
- Execution/timing risk: Management notes FY26 outcome depends on timing of closing projects in Private Markets; slippage could weaken coverage.
- Concentration/competition: Highlighted as principal risks; further client losses would pressure fees and margins.
- Market/FX: AUM uplift partly from CHF strength; limited direct GBP revenue impact, but market moves can affect flows and fee base.
Read more
Record Annual Dividend Yield - 8.64%
Dividends Used in Calculation:
| Ex-Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 03/07/2025 |
25/07/2025 |
Final |
2.50p |
GBX |
| 20/11/2025 |
19/12/2025 |
Interim |
2.1500p |
GBX |
Total (Annual Dividends Per Share):
4.65p
Dividend Yield =
Annual Dividends Per Share (4.65p)
÷ Share Price (53.8p)
= 8.64%
Record Dividend History
| Ex Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 20/11/2025 |
19/12/2025 |
Interim |
2.1500p |
GBX |
| 03/07/2025 |
25/07/2025 |
Final |
2.50p |
GBX |
| 28/11/2024 |
20/12/2024 |
Interim |
2.15p |
GBX |
| 11/07/2024 |
02/08/2024 |
Special |
0.60p |
GBX |
| 11/07/2024 |
02/08/2024 |
Final |
2.45p |
GBX |
| 30/11/2023 |
22/12/2023 |
Interim |
2.15p |
GBX |
| 13/07/2023 |
09/08/2023 |
Special |
0.68p |
GBX |
| 13/07/2023 |
09/08/2023 |
Final |
2.45p |
GBX |
| 08/12/2022 |
30/12/2022 |
Interim |
2.05p |
GBX |
| 30/06/2022 |
09/08/2022 |
Special |
0.92p |
GBX |
| 30/06/2022 |
09/08/2022 |
Final |
1.80p |
GBX |
| 02/12/2021 |
30/12/2021 |
Interim |
1.80p |
GBX |
| 01/07/2021 |
10/08/2021 |
Special |
0.45p |
GBX |
| 01/07/2021 |
10/08/2021 |
Final |
1.15p |
GBX |
| 03/12/2020 |
31/12/2020 |
Interim |
1.15p |
GBX |
| 02/07/2020 |
11/08/2020 |
Special |
0.41p |
GBX |
| 02/07/2020 |
11/08/2020 |
Final |
1.15p |
GBX |
| 05/12/2019 |
27/12/2019 |
Interim |
1.15p |
GBX |
| 27/06/2019 |
31/07/2019 |
Special |
0.69p |
GBX |
| 27/06/2019 |
31/07/2019 |
Final |
1.15p |
GBX |
| 06/12/2018 |
28/12/2018 |
Interim |
1.15p |
GBX |
| 28/06/2018 |
01/08/2018 |
Special |
0.50p |
GBX |
| 28/06/2018 |
01/08/2018 |
Final |
1.15p |
GBX |
| 30/11/2017 |
22/12/2017 |
Interim |
1.15p |
GBX |
| 29/06/2017 |
02/08/2017 |
Special |
0.91p |
GBX |
| 29/06/2017 |
02/08/2017 |
Final |
1.17p |
GBX |
| 01/12/2016 |
23/12/2016 |
Interim |
0.82p |
GBX |
| 30/06/2016 |
03/08/2016 |
Final |
0.82p |
GBX |
| 03/12/2015 |
23/12/2015 |
Interim |
0.82p |
GBX |
| 25/06/2015 |
29/07/2015 |
Final |
0.90p |
GBX |
| 27/11/2014 |
19/12/2014 |
Interim |
0.75p |
GBX |
| 25/06/2014 |
30/07/2014 |
Final |
0.75p |
GBX |
| 27/11/2013 |
20/12/2013 |
Interim |
0.75p |
GBX |
| Year |
Interim |
Final |
Special |
Currency |
Total |
Change |
| 2024 |
2.150 |
2.450 |
0.600 |
GBX |
5.200 |
-1.510 |
| 2023 |
2.150 |
2.450 |
0.680 |
GBX |
5.280 |
10.690 |
| 2022 |
2.050 |
1.800 |
0.920 |
GBX |
4.770 |
40.290 |
| 2021 |
1.800 |
1.150 |
0.450 |
GBX |
3.400 |
25.460 |
| 2020 |
1.150 |
1.150 |
0.410 |
GBX |
2.710 |
-9.360 |
| 2019 |
1.150 |
1.150 |
0.690 |
GBX |
2.990 |
6.780 |
| 2018 |
1.150 |
1.150 |
0.500 |
GBX |
2.800 |
-13.310 |
| 2017 |
1.150 |
1.170 |
0.910 |
GBX |
3.230 |
96.950 |
| 2016 |
0.820 |
0.820 |
|
GBX |
1.640 |
-4.650 |
| 2015 |
0.820 |
0.900 |
|
GBX |
1.720 |
14.660 |
| 2014 |
0.750 |
0.750 |
|
GBX |
1.500 |
100.000 |
| 2013 |
0.750 |
|
|
GBX |
0.750 |
|
Record Dividend Calculator
Record Dividend Growth
| Dividend Growth (1Y) |
-10.58%
|
| Dividend CAGR (5Y) |
11.4%
|
| Years of Growth |
–
|
| Payout Ratio |
119.59%
|
| Buyback Yield |
-1.71%
|
| Shareholder Yield |
6.91%
|
| P/E Ratio (TTM) | 12.49 |
|---|
| Forward P/E | 13.48 |
|---|
| P/FCF | 16.27 |
|---|
| Earnings Yield | 8.24% |
|---|
| FCF Yield | 6.15% |
|---|
| ROE | 29.47% |
|---|
| ROCE | 27.41% |
|---|
| Profit Margin | 21.49% |
|---|
| Operating Margin | 23.85% |
|---|
| Gross Margin | 99.1% |
|---|