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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:
Quarter ended Quarter ended H1 ended H1 ended
31 March 2024 31 March 2023 31 March 2024 31 March 2023
£m
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 Q4 Q1 FY23 Q2 FY23 Q3 Q4 FY23 Q1 FY24 Q2 FY24
FY22 FY22 FY23
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 +44 7775992415
FGS Global: Chris Sibbald +44 7855955531
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