London · Delayed Price · Currency is GBP · Price in GBX Rathbones Group Earnings Call Transcripts
Fiscal Year 2025
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FUMA grew nearly 6% to GBP 115.6bn, with operating income up 3.1% and underlying PBT up 4.6%. Integration of IW&I exceeded synergy targets, dividend rose 6.5%, and a further GBP 20m buyback was announced. Margin is targeted at 30% by Q4 2026, with a focus on organic growth and operational efficiency.
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H1 2025 saw stable FUMA at £109bn, resilient income, and improved net flows after integration milestones. A £50m share buyback was announced, synergy targets are ahead of schedule, and margin improvement is expected in 2026, with ongoing investment in new propositions and technology.
Fiscal Year 2024
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2024 saw strong income and profit growth, driven by the full-year impact of the IW&I integration, robust synergy delivery, and improved operating margins. Despite elevated outflows, new business inflows and market gains boosted FUMA, and the group remains on track for its 30% margin target by 2026.
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Funds under management grew 3.4% to £108.9bn, with underlying operating profit up and integration of IW&I ahead of schedule. Digital transformation progressed, synergies are tracking above target, and the outlook remains positive with a mid-20s margin expected.