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Record Financial Group Interim / Quarterly Report 2026
5199_rns_2025-11-19_f2c25afe-239b-49d1-85ae-224f9af3c379.pdf
Interim / Quarterly Report
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Docusign Envelope ID: F9781382-A100-4D82-8D57-6F882CD05376
Record plc
Unaudited Interim Financial Statements
For the six months from 1 April 2025 to 30 September 2025
Registered in England & Wales Company Registration No: 1927640
Docusign Envelope ID: F9781382-A100-4D82-8D57-6F882CD05376
Record plc
Unaudited Interim Financial Statements
Six month period ended 30 September 2025
CONTENTS
- Statement of comprehensive income 2
- Statement of financial position 3
- Statement of changes in equity 4
- Notes to the financial statements 5-8
Docusign Envelope ID: F9781382-A100-4D82-8D57-6F882CD05376
Record plc
Unaudited Interim Financial Statements
Six month period ended 30 September 2025
Statement of comprehensive income
| | Note | Six months ended 30 September 2025 Unaudited | | --- | --- | --- | | | | £'000 | | Operating loss | 2 | (482) | | Finance costs | 3 | (173) | | Profit before tax | | (655) | | Taxation credit | | 176 | | Loss after tax | | (479) | | Income from investment in subsidiaries | 4 | 4,200 | | Total comprehensive income for the period | | 3,721 |
The notes on pages 5 to 8 are an integral part of these financial statements
Docusign Envelope ID: F9781382-A100-4D82-8D57-6F882CD05376
Record plc
Unaudited Interim Financial Statements
Six month period ended 30 September 2025
Statement of financial position
| | Note | 30 September 2025 Unaudited £'000 | | --- | --- | --- | | Non-current assets | | | | Investments | 5 | 14,068 | | Right-of-use-assets | 6 | 6,495 | | Property, plant and equipment | | 1,860 | | Deferred tax | | - | | Total non-current assets | | 22,423 | | Current assets | | | | Corporation tax | | 239 | | Trade and other receivables | 4 | 4,200 | | Cash and cash equivalents | 7 | 241 | | Total current assets | | 4,680 | | Total assets | | 27,103 | | Current liabilities | | | | Trade and other payables | 8 | (10,549) | | Lease liabilities | 6 | (647) | | Provisions | | (61) | | Total current liabilities | | (11,257) | | Non-current liabilities | | | | Lease liabilities | 6 | (6,487) | | Deferred tax | | (337) | | Provisions | | (250) | | Total non-current liabilities | | (7,074) | | Total net assets | | 8,772 | | Equity | | | | Issued share capital | 9 | 50 | | Share premium | | 1,809 | | Capital redemption reserve | | 26 | | Retained earnings | | 6,887 | | Total equity | | 8,772 |
The notes on pages 5 to 8 are an integral part of these financial statements
These financial statements were approved and signed on behalf of the Board of Directors on 6 November 2025 by:
Richard Heading
Chief Financial Officer
Company registration no: 1927640
Jan Witte
Chief Executive Officer
Docusign Envelope ID: F9781382-A100-4D82-8D57-6F882CD05376
Record plc
Unaudited Interim Financial Statements
Six month period ended 30 September 2025
Statement of changes in equity
| Unaudited | Note | Called up share capital £'000 | Share premium account £'000 | Capital redemption reserve £'000 | Retained earnings £'000 | Total shareholders' equity £'000 |
|---|---|---|---|---|---|---|
| As at 1 April 2025 | 50 | 1,809 | 26 | 7,368 | 9,253 | |
| Total comprehensive income for the period | - | - | - | 3,721 | 3,721 | |
| Dividends | 10 | - | - | - | (4,880) | (4,880) |
| Share option reserve movement | - | - | - | 678 | 678 | |
| As at 30 September 2025 | 50 | 1,809 | 26 | 6,887 | 8,772 |
The notes on pages 5 to 8 are an integral part of these financial statements
Docusign Envelope ID: F9781382-A100-4D82-8D57-6F882CD05376
Record plc
Unaudited Interim Financial Statements
Six month period ended 30 September 2025
Notes to the financial statements
1. Accounting policies
Basis of preparation of interim financial information
These financial statements are for the six month period ended 30 September 2025. They have been prepared using the same accounting policies and estimation techniques as set out in the group accounts for the year ended 31 March 2025. They do not include all of the information required for full annual financial statements, and should be read in conjunction with the consolidated financial statements for the year ended 31 March 2025 which have been filed with the Registrar of Companies. The auditor's report on those financial statements was unqualified and did not contain a statement under section 498 (2) or (3) of the Companies Act 2006.
These financial statements have been produced to satisfy the requirements of the Companies Act 2006 Sections 836 to 838.
2. Operating loss
The operating loss includes gains on investments, translation of US dollar denominated assets into sterling and general administrative expenses.
3. Interest expense
In accordance with IFRS 16 and in relation to lease liabilities, the discounted amount over the 6-month period to 30 September 2025 is considered to be an interest expense. See note 6 for further information on lease liabilities.
4. Income from investments in subsidiaries
Income from investments in subsidiaries comprises dividends received from Record Currency Management Limited ("RCML").
On 30 September 2025 RCML declared a dividend of £420 per share (total: £4,200,000). The cash transfer is due to take place in December 2025, and has therefore been reflected as an amount receivable as at 30 September 2025.
5
Docusign Envelope ID: F9781382-A100-4D82-8D57-6F882CD05376
Record plc
Unaudited Interim Financial Statements
Six month period ended 30 September 2025
5. Investments
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. Investment in funds are recognised at fair value through profit or loss.
| Company | 30 September 2025 £'000 | | --- | --- | | Investment in subsidiaries (at cost) | | | Record Currency Management Limited | 10 | | Record Group Services Limited | 10 | | Record Currency Management (US) Inc | - | | Record Currency Management (Switzerland) GmbH | 16 | | Record Asset Management GmbH | 18 | | Total investment in subsidiaries (at cost) | 54 | | Investment in equity reserve of subsidiary | 4,358 | | Total capitalised investment in respect of share-based payments | 5,494 | | Total investment in subsidiaries | 9,906 | | Investment in joint ventures | - | | Investments in funds | 2,625 | | Other investments | 1,537 | | Total investments | 14,068 |
Particulars of subsidiary and joint venture undertakings
| Name | Nature of Business |
|---|---|
| Record Currency Management Limited | Currency management services |
| Record Group Services Limited | Management services to other Group undertakings |
| Record Currency Management (US) Inc. | US advisory and service company |
| Record Currency Management (Switzerland) GmbH | Swiss advisory and service company |
| Record Asset Management GmbH | German advisory and service company |
| RAM Strategies GmbH | German consultant and distribution agent |
| RAMS Swiss AG | Swiss advisory company |
| OWI-RAMS GmbH | German joint venture |
The Company's interest in the equity capital of subsidiary undertakings is 100% of the ordinary share capital in all cases except Record Asset Management GmbH which is 41%. Record Currency Management (US) Inc. is incorporated in the USA. Record Currency Management (Switzerland) GmbH and RAMS Swiss AG are incorporated in Switzerland. Record Asset Management GmbH and RAM Strategies GmbH are incorporated in Germany. All other subsidiaries are registered in England and Wales.
All investments in subsidiaries are directly held, with the exception of RAM Strategies GmbH and RAMS Swiss AG, which are held indirectly through the Company's direct holding in Record Asset Management GmbH.
OWI-RAMS GmbH is a joint venture incorporated in Germany and is held 50% indirectly through the Company's indirect holding in RAM Strategies GmbH.
Docusign Envelope ID: F9781382-A100-4D82-8D57-6F882CD05376
Record plc
Unaudited Interim Financial Statements
Six month period ended 30 September 2025
6. Leases
The Company's lease arrangements consist of business premises property leases. Rental contracts are typically made for fixed periods of three to ten years but they may have break clauses and extension 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.
The leases relevant to the six months ended 30 September 2025 are as described below:
On 2 October 2024, the Company signed a ten-year lease for a new office in London. Following a 12-month rent-free period, the rent payment commitment is £977,574 per annum. The lease has been capitalised and discounted at a rate of 5%.
On 28 August 2024, the Company signed a new lease for half of the premises at Second Floor, Morgan House, Madeira Walk, Windsor, at an annual commitment of £160,000, expiring on 2 September 2027. 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. This break clause has now been actioned.
| Right-of-use (“ROU”) assets | £'000 |
|---|---|
| Net book value at 1 April 2025 | 6,936 |
| Addition | - |
| Depreciation | (441) |
| Net book value at 30 September 2025 | 6,495 |
| Lease liabilities at 30 September 2025 | £'000 |
| --- | --- |
| Current lease liabilities | 647 |
| Non-current lease liabilities | 6,487 |
| Total lease liabilities | 7,134 |
Lease payments
At 30 September 2025, the undiscounted operating lease payments on an annual basis are as follows:
| Maturity of lease liability at 30 September 2025 | £'000 |
|---|---|
| Within 1 year | 998 |
| 1-3 years | 1,995 |
| After 3 years | 5,865 |
| Total lease liability before discounting | 8,798 |
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.
Docusign Envelope ID: F9781382-A100-4D82-8D57-6F882CD05376
Record plc
Unaudited Interim Financial Statements
Six month period ended 30 September 2025
7. Cash and cash equivalents
| | 30 September 2025 £'000 | | --- | --- | | Cash – Sterling | 241 |
8. Current liabilities
| Amounts falling due within one year | 30 September 2025 £'000 | | --- | --- | | Accruals | 8 | | Inter-company liabilities | 10,541 | | Total trade and other payables | 10,549 |
The Directors consider that the carrying amount of trade and other payables approximates to their fair value.
9. Called up 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.
| 30 September 2025 | ||
|---|---|---|
| £'000 | Number | |
| Authorised | ||
| Ordinary shares of 0.025p each | 100 | 400,000,000 |
| Called up, allotted and fully paid | ||
| Ordinary shares of 0.025p each | 50 | 199,054,325 |
10. Dividends
The Board has declared an interim dividend of 2.15 pence per share in respect of the six-month period to 30 September 2025, to be paid on 19 December 2025 to registered shareholders as at 21 November 2025. The total amount of this dividend will be approximately £4.2m.
The total dividends paid during the six months ended 30 September 2025 totalled £4.9m. The total dividends paid was 2.50 pence per share which was a final ordinary dividend in respect of the year ended 31 March 2025.