**Summary of Rathbones Group PLCs FY2025 Preliminary Results**
**Financial Highlights**
**Profit Before Tax (PBT)** Increased by 53.5% to £152.9 million, driven by synergy delivery and reduced integration costs.
**Underlying PBT** Rose 4.6% to £238.1 million, supported by £76 million in annualized synergy benefits, exceeding the £60 million target.
**Funds Under Management and Administration (FUMA):** Grew 5.9% to £115.6 billion, despite market volatility in the first half.
**Operating Income** Increased 3.1% to £923.3 million, with net interest income rising to £86.7 million due to IW&I client migration.
**Dividend** Total dividend for the year increased 6.5% to 99.0p per share, reflecting confidence in long-term growth.
**Strategic Progress**
**Integration of Investec Wealth & Investment (IW&I):** Successfully completed, with synergy delivery ahead of schedule and integration costs reduced to £39.9 million.
**Share Buyback** Completed a £50 million buyback in February 2026, with an additional £20 million extension announced.
**Operational Efficiency** Progressed towards a 30% underlying operating margin target by Q4 2026, reaching 25.8% in 2025.
**Strategic Priorities**
1. **Client-Centric Focus** Aiming to be the first choice for clients by enhancing investment capabilities, financial planning, and service experience.
2. **Talent Development** Focused on attracting and retaining top talent through a great culture, motivating incentives, and AI-powered tools.
3. **Operational Excellence** Simplifying operations, leveraging data, and consolidating platforms to improve efficiency and scalability.
4. **Brand Reputation** Building a distinctive, trusted brand through leadership, purpose, and effective communication.
**Leadership and Governance**
**CEO Transition** Jonathan Sorrell appointed as Group CEO, bringing fresh perspective and deep experience.
**Board Succession** Planned changes include a new Senior Independent Director and the departure of Sarah Gentleman.
**Outlook**
**Market Position** Competing from a position of strength in a growing market, with significant opportunities ahead.
**Financial Targets** On track to achieve 30% underlying operating margin by Q4 2026, assuming 3% FUMA growth and stable economic conditions.
**Conclusion**
Rathbones Group PLC demonstrated strong financial performance in FY2025, driven by successful integration, synergy realization, and strategic initiatives. The company is well-positioned for future growth, with a clear vision to become the best wealth manager in the UK, supported by a refreshed leadership team and a focus on client, talent, operational, and brand excellence.