LEI Number:
213800CYIZKXK9PQYE87
16 April 2024
IntegraFin Holdings plc
Q2
Trading Update
IntegraFin Holdings plc ("IHP" or
"the Group"), operator of Transact, the UK's premium investment
platform for clients and UK financial advisers, is pleased to
update on performance for the three months ended 31 March
2024.
The
Group has continued to demonstrate strong momentum with continued
growth of the Transact platform.
Group highlights
·
Record quarter end funds under
direction (FUD) on the Transact platform of £61.0bn, up 13% over
the past year.
· Record
average daily FUD for the quarter of £58.6bn in Q2 FY24 (Q2 FY23:
£53.8bn).
· Total
Group revenue is expected to be c.£70m for H1 FY24 (H1 FY23:
£66.5m).
· Guidance issued at year end FY23 remains unchanged for FY24
(ending 30 September 2024).
Transact Platform
· Total
net inflows to the Transact platform for H1 FY24 of
£1.1bn.
· Resilient Q2 FY24 flows to the Transact platform, with net
inflows of £0.8bn, and gross inflows of £2.3bn.
· Ongoing growth of the Transact platform's client base with
5.4k gross new clients registered in Q2, in
addition to continued growth of the adviser base on the platform
with 255 gross new advisers registered.
· During
Q2, our recurring account closure exercise for clients who have
only small residual balances resulted in a reduction in client
numbers of c.2.5k and registered advisers of c.150. This helps
improve operational efficiency and has no material effect on our
revenues or FUD levels on the platform.
Time4Advice
· Time4Advice demonstrated continuing progress, with
total chargeable users of CURO software now at
over 3.0k, up 21% over the past year.
Transact platform reporting for Q2 FY24:
|
£m
|
Quarter ended
31 March
2024
|
Quarter
ended
31 March
2023
|
H1
ended
31 March
2024
|
H1
ended
31 March
2023
|
|
Opening FUD
|
58,010
|
52,063
|
54,959
|
50,070
|
|
Inflows
|
2,268
|
1,825
|
3,925
|
3,294
|
|
Outflows
|
-1,478
|
-900
|
-2,867
|
-1,669
|
|
Net flows
|
790
|
925
|
1,058
|
1,625
|
|
Market movements
|
2,196
|
994
|
4,982
|
2,313
|
|
Other
movements(1)
|
24
|
-9
|
21
|
-35
|
|
Closing FUD
|
61,020
|
53,973
|
61,020
|
53,973
|
|
Average daily FUD for the period
(£m)
|
58,567
|
53,842
|
57,012
|
52,643
|
|
Number of registered
advisers
|
7,849
|
7,563
|
7,849
|
7,563
|
|
Number of platform
clients
|
231,581
|
228,232
|
231,581
|
228,232
|
Notes:(1)Includes fees, taxes and investment
income.
Alex Scott, IHP Group Chief Executive Officer,
commented:
"I am pleased to see the Transact
platform continue to prove its resilience within the current market
environment with another quarter of solid net inflows. The platform
delivered net inflows of £0.8bn for the quarter and £1.1bn in H1
FY24.
I'm further pleased to see Transact
platform FUD reach a record high of £61.0bn, alongside continued
additions to the number of advisers and clients on the
platform.
Our continued focus on delivering
good client outcomes and market leading customer service will
ensure that the Transact platform continues to appeal to clients
and advisers, thereby supporting the Group's long-term
growth."
Notice of interim results
The Group will announce its results
for the six months ended 31 March 2024 on 22 May 2024.
Transact platform historical information:
|
£m
|
Q3
FY22
|
Q4
FY22
|
Q1
FY23
|
Q2
FY23
|
Q3
FY23
|
Q4
FY23
|
Q1
FY24
|
Q2
FY24
|
|
Opening FUD
|
53,500
|
50,300
|
50,070
|
52,063
|
53,973
|
54,606
|
54,959
|
58,010
|
|
Inflows
|
1,703
|
1,505
|
1,469
|
1,825
|
1,517
|
1,595
|
1,657
|
2,268
|
|
Outflows
|
-703
|
-785
|
-769
|
-900
|
-900
|
-1,184
|
-1,389
|
-1,478
|
|
Net flows
|
1,000
|
720
|
700
|
925
|
617
|
411
|
268
|
790
|
|
Market movements
|
-4,152
|
-927
|
1,319
|
994
|
21
|
-62
|
2,786
|
2,196
|
|
Other
movements(1)
|
-48
|
-23
|
-26
|
-9
|
-5
|
4
|
-3
|
24
|
|
Closing FUD
|
50,300
|
50,070
|
52,063
|
53,973
|
54,606
|
54,959
|
58,010
|
61,020
|
|
Average daily FUD for the period
(£m)
|
51,889
|
52,217
|
51,470
|
53,842
|
54,288
|
54,964
|
55,474
|
58,567
|
|
Number of registered
advisers
|
7,469
|
7,537
|
7,632
|
7,563
|
7,606
|
7,683
|
7,820
|
7,849
|
|
Number of platform
clients
|
221,992
|
224,705
|
226,996
|
228,232
|
229,659
|
230,294
|
231,413
|
231,581
|
Notes:(1)Includes fees, taxes and investment
income.
|
Enquiries
|
|
|
Investors
|
|
|
Luke Carrivick, IHP Head of Investor
Relations
|
+44 020
7608 5463
|
|
Media
|
|
|
IHP@fgsglobal.com
FGS Global: Mike Turner
FGS Global: Chris Sibbald
|
+44 7775992415
+44 7855955531
|
|
|
|