**Summary of River Global PLCs 2025 Full Year Report:**
**Financial Performance**
**Revenue Decline** Revenue for the year ended September 30, 2025, was £12.2 million, down from £14.4 million in 2024, reflecting challenging market conditions.
**Losses** The overall loss before taxation for the A share business interest was £13.4 million, including an £8.1 million impairment of goodwill due to the post-balance sheet disposal of River Global Holdings Limited and its subsidiaries. Excluding the goodwill write-down, the loss before taxation was £5.2 million.
**EBITDA Loss** Losses on an EBITDA basis for the A share business interest were -£2.9 million, compared to -£5.7 million in 2024, adjusted for discontinued operations and exceptionals.
**Cost Reductions** Achieved cost reductions of nearly £5 million over the year.
**Strategic Developments**
**Sale of Operating Business** Announced the sale of River Global Holdings Limited and its subsidiaries to Liontrust Asset Management PLC, considered a post-balance sheet event.
**Operational Consolidation** Successfully consolidated all funds into a single umbrella structure, delivering a single operating platform and harmonizing branding.
**New Mandates** Secured a substantial new UK small cap mandate for Phoenix Group and launched funds for Blevins Franks, boosting assets under management and industry profile.
**Performance** 69% of funds outperformed peers over one year, 88% over three years, and 67% over five years.
**B Shares (Parmenion)**
**Robust Performance** Parmenions assets increased by £2 billion to £13.1 billion, with revenue up to £50.2 million and profit to £17.5 million in 2024. EBITDA rose to £20.1 million.
**Continued Growth** As of December 31, 2025, assets under management or administration increased to over £16 billion.
**Challenges and Outlook**
**Market Headwinds** Continued outflows and challenging market conditions, including geopolitical tensions and economic uncertainties, impacted performance.
**Profitability Goal** Despite challenges, the company is focused on achieving profitability, with cost savings and operational efficiencies in place.
**Future Opportunities** The company sees potential in active asset management as market conditions evolve, with an uptick in performance and interest in some funds.
**Corporate Governance and Strategy**
**Share Reorganization** Completed a share reorganization in March 2025, aligning shareholders interests with the Groups main business interests.
**Acquisition** Acquired Devon Equity Management Limited in October 2025, integrating its team and assets into River Global.
**ESG Commitment** Committed to responsible business practices, including environmental, social, and governance (ESG) initiatives, and adherence to high standards of integrity and transparency.
**Key Financials (Consolidated)**
**Total Assets** £48.886 million (2024: £60.523 million).
**Total Liabilities** £6.439 million (2024: £7.404 million).
**Total Equity** £42.447 million (2024: £53.119 million).
**Loss for the Year** £11.238 million (2024: £2.452 million).
**Conclusion**
River Global PLC faced significant challenges in 2025 due to adverse market conditions, resulting in revenue decline and losses. However, strategic initiatives such as cost reductions, operational consolidation, and new mandates have positioned the company for potential recovery. The sale of the operating business and acquisition of Devon Equity Management Limited mark significant strategic shifts. Despite ongoing headwinds, the company remains focused on achieving profitability and enhancing its market position through active asset management and ESG commitments.