REG - IntegraFin Holdings - 2nd Quarter Results

Integrafin HoldingsAnnouncement

16/04/2024 07:30

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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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