London · Delayed Price · Currency is GBP · Price in GBX Rathbones Group Earnings Call Transcripts
Fiscal Year 2026
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FUMA grew 10.7% year-on-year to £120.7bn, with operating income up 8.6% and underlying PBT up 14.4%. Wealth Management flows improved, but margin guidance was revised to 28.7% due to regulatory and fee changes. Strategic progress and capital strength remain robust.
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, and a 6.5% dividend increase plus share buyback extension were announced. Margin is targeted at 30% in Q4 2026, with ongoing investment in technology and talent.
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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 rose 3.4% to £108.9bn, with underlying operating profit up to £112.1m and margin at 25.1%. Integration of IW&I is ahead of schedule, digital transformation is progressing, and synergy realization is running above target.