RNS Number : 7020K
IntegraFin Holdings plc
16 April 2024
 

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



 

 

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