REG - IntegraFin Holdings - 1st Quarter Results

Integrafin HoldingsAnnouncement

16/01/2024 07:01

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RNS Number : 7576Z  IntegraFin Holdings plc  16 January 2024

LEI Number: 213800CYIZKXK9PQYE87

 

 

16 January 2024

 

 

IHP Group quarterly update - Q1 of financial year 2024

 

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 December 2023.

 

The Group has continued to demonstrate solid momentum with continued growth of
the Transact platform despite current market conditions.

 

 

Group highlights

 

·     Record quarter end funds under direction (FUD) on the Transact
platform of £58.0bn, up 11% over the past year.

 

·      Record average daily FUD for the quarter of £55.5bn in Q1 FY24
(Q1 FY23: £51.5bn).

 

·      Record number of clients registered on the platform at 231k (Q1
FY23: 227k), in addition to continued growth of the adviser base on the
platform with 7.8k advisers registered at Q1 FY24 (Q1 FY23: 7.6k).

 

·    Resilient Q1 FY24 flows to the Transact platform, with net inflows of
£0.3bn, and gross inflows of £1.7bn.

 

·      Time4Advice demonstrating continued progress with total
chargeable users of CURO software now at over 2.8k.

 

·    Guidance issued at year end FY23 remains unchanged for FY24 (ending
30 September 2024).

 

 

Transact platform reporting for Q1 FY24:

 

                                           Quarter ended    Quarter ended

                                         31 December 2023   31 December 2022

 £m
 Opening FUD                             54,959             50,070
 Inflows                                 1,657              1,469
 Outflows                                -1,389             -769
 Net flows                               268                700
 Market movements                        2,786              1,319
 Other movements((1))                    -3                 -26
 Closing FUD                             58,010             52,063
 Average daily FUD for the period (£m)   55,474             51,470
 Number of registered advisers           7,820              7,632
 Number of platform clients              231,413            226,996

 

 

 

 

Alex Scott, IHP Group Chief Executive Officer, commented:

 

"I am pleased with the continued organic growth of our platform adviser and
client numbers, demonstrating the success of our business model. Despite
current market conditions, inflows remain resilient, and we have seen average
daily FUD over the quarter increase to £55.5bn, with this being the main
driver of Group revenues.

 

I was delighted to welcome Euan Marshall to the Group as our new Group Chief
Financial Officer at the start of January. He brings extensive experience
working as CFO of a UK listed financial services company and is a welcome
addition to our leadership team.

 

Although the macroeconomic outlook is uncertain, our position in the market
remains very strong. Transact is one of the leading adviser platforms in the
market for service and functionality, and the Group benefits from consistent
recurring revenues and economies of scale."

 

 

Transact platform historical information:

 

 £m                                      Q2              Q3                   Q4        Q1 FY23  Q2 FY23     Q3       Q4 FY23         Q1 FY24

                                         FY22     FY22                 FY22                                  FY23
 Opening FUD                             54,539   53,500               50,300           50,070   52,063      53,973   54,606          54,959
 Inflows                                 2,092    1,703                1,505            1,469    1,825       1,517    1,595           1,657
 Outflows                                -697     -703                 -785             -769     -900        -900     -1,184          -1,389
 Net flows                               1,395    1,000                720              700      925         617            411       268
 Market movements                        -2,376   -4,152               -927             1,319    994         21       -62             2,786
 Other movements((1))                    -58      -48                  -23              -26      -9          -5       4               -3
 Closing FUD                             53,500   50,300               50,070           52,063   53,973      54,606   54,959          58,010
 Average daily FUD for the period (£m)   52,551   51,889               52,217           51,470   53,842      54,288   54,964          55,474
 Number of registered advisers           7,356    7,469                7,537            7,632       7,563    7,606    7,683           7,820
 Number of platform clients              218,787  221,992              224,705          226,996  228,232     229,659  230,294         231,413

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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