Record plc delivered a resilient FY2026 performance despite volatile currency markets and macroeconomic uncertainty, reinforcing its long-term growth strategy and evolution into a broader specialist asset manager. Assets under management (AUM) increased 14% to $114.6 billion, supported by consecutive quarters of net inflows and favourable foreign exchange movements, while the company maintained strong cost discipline with operating costs down 2%. Revenue declined 4%, primarily due to lower management fees following prior mandate changes, resulting in earnings per share of 3.92p and a total dividend of 3.6p per share, maintaining a 92% payout ratio. Strategic progress was driven by significant growth in higher-margin private markets and solutions for asset managers, where AUM rose 19% and management fees increased 39%. The infrastructure equity fund achieved its first deployment and remains on track for full deployment within three years, enhancing recurring revenue visibility through long-term capital commitments. Record continues to leverage its expertise in currency management, derivatives, liquidity solutions and institutional risk management to diversify revenue streams, improve earnings quality and expand into private credit, private equity, infrastructure and frontier market strategies. Management highlighted a strong FY2027 outlook, supported by new mandates expected to add approximately £4 million in annualised revenue, a growing pipeline of institutional opportunities, and a strategic target of achieving a more balanced revenue mix between its traditional risk management business and higher-growth absolute return and private markets segments.

Gear4music (Holdings) plc delivered a strong FY26 investor update, reporting 30% revenue growth, a significant improvement in profitability, and continued market share gains across the UK and Europe. Revenue growth, higher average order values, and improved gross margins drove an 84% increase in EBITDA to £18.4 million, while profit before tax rose to just over £10 million. The company fulfilled a record 1.2 million orders, benefited from growth in higher-margin own-brand products, and achieved strong performance across education, showroom, and European sales channels. Strategic investments in proprietary technology, AI-powered forecasting and purchasing systems, CRM upgrades, influencer marketing, and customer engagement initiatives are expected to support future growth and operational efficiency. Gear4music also announced a major UK logistics transformation, including a highly automated distribution centre capable of handling more than 2.5 times current throughput, reducing labour intensity and increasing warehouse capacity. Net debt declined for the fourth consecutive year to £5 million, strengthening the balance sheet and providing flexibility for future investment. Management highlighted opportunities in premium product categories, own-brand expansion, AI-driven productivity improvements, and the recently launched white-glove delivery service, which could unlock additional revenue from high-value products. Trading in FY27 has started positively, with double-digit revenue growth in line with board expectations despite tougher comparatives. Overall, the results demonstrate strong company performance, improving EBITDA margins, disciplined cost control, and a clear growth strategy focused on technology, operational leverage, customer acquisition, and long-term profitable expansion.

Molten Ventures plc reported a strong FY2026 investor update, highlighting a 13% increase in gross portfolio value to £1.5 billion and NAV per share growth to 760p, underpinned by robust company performance, disciplined capital allocation, and continued portfolio realisations. Following year-end, portfolio company ICEYE completed a funding round valuing the business at €10 billion, increasing Molten’s implied gross portfolio value to £1.7 billion and NAV per share to 877p. The venture capital investor delivered £120 million of realisation proceeds during the year, supporting new investments, share buybacks, and balance sheet strength, while maintaining operating costs at just 0.5% of NAV. Key portfolio contributors included ICEYE, Revolut, Ledger, Aircall, Riverlane and Isar Aerospace, reflecting exposure to high-growth sectors such as AI, fintech, cybersecurity, quantum computing, space technology and energy transition. Management highlighted accelerating growth across the core portfolio, strong EBITDA generation from select holdings, improving market conditions, and significant opportunities driven by European technology sovereignty and AI adoption. Molten also outlined plans to expand third-party assets under management, launch new growth and secondary funds, and continue its NAV-accretive capital allocation strategy. With a 26% average annual return since IPO, above its 20% target, the company remains focused on long-term value creation, portfolio growth, narrowing the discount to NAV, and capitalising on Europe’s rapidly maturing venture capital ecosystem.

Lord’s Group Trading PLC delivered a resilient FY2025 investor update, reporting record revenue growth of 8.3% to £472.8 million despite subdued UK construction and RMI market conditions. The Group achieved like-for-like revenue growth of 0.7%, supported by market share gains in merchanting, strategic branch expansion, and the acquisition of digital building materials platform CMO. Gross profit increased 9.2% to £93 million, while adjusted EBITDA remained robust at £21 million, reflecting disciplined pricing, operational efficiencies, and continued investment in growth initiatives. The plumbing and heating division improved gross margins by 60 basis points to 13.1%, driven by a higher-margin product mix and a 57% increase in renewables revenue. Lord’s also significantly strengthened its balance sheet, reducing net debt by 59% to £13.4 million and securing new £65 million financing facilities to support future growth and M&A opportunities. Management highlighted strong operating leverage across the business, with expectations that incremental revenue growth will deliver disproportionate profitability improvements as market conditions recover. The integration of CMO enhances the Group’s digital capabilities and national reach, positioning the company to benefit from the structural shift toward online purchasing in the building materials sector. Looking ahead, Lord’s remains focused on driving like-for-like sales growth, expanding margins, improving efficiency, and maintaining disciplined capital allocation amid ongoing macroeconomic uncertainty.