REG - IntegraFin Holdings - 3rd Quarter Results

Integrafin HoldingsAnnouncement

16/07/2024 07:00

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RNS Number : 4808W  IntegraFin Holdings plc  16 July 2024

 

LEI Number: 213800CYIZKXK9PQYE87

 

 

16 July 2024

 

 

IntegraFin Holdings plc

 

Q3 Trading Update and Board Changes

 

IntegraFin Holdings plc ("IHP", "the Group", "IntegraFin" or the "Company"),
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 30 June 2024.

 

The Group has delivered robust net inflows and organic growth

 

 

Group highlights

 

·      Record quarter end funds under direction (FUD) on the Transact
platform of £62.4bn, up 2% during the quarter and 14% over the past year.

 

·      Record average daily FUD of £61.4bn in Q3 FY24 (Q3 FY23:
£54.3bn).

 

·      Strong Q3 FY24 flows to the Transact platform, with net inflows
of £0.7bn, and gross inflows of £2.0bn.  Net inflows represent 4.3% of
opening FUD for the quarter annualised.

 

·     Record number of advisers registered on the platform growing 5% year
on year to c.8.0k (Q3 FY23: 7.6k), in addition to a further 2% growth year on
year in the client base on the platform with 234k clients registered at Q3
FY24 (Q3 FY23: 230k).

 

·     Time4Advice total chargeable users of CURO software at over 3k, in
addition to operational and software development progress with the new CURO on
Power Platform.

 

·  Guidance reiterated at interim results HY24 remains unchanged for FY24
(ending 30 September 2024).

 

Board Changes

 

·   Christopher Munro has informed the Board of his intention to retire as
a Non-executive director of the Company with immediate effect for health
reasons. This will be effective on 16 July 2024. The Board would like to thank
Chris for his contribution to the Company over the last eight years.

 

·    As a result, Victoria Cochrane has been appointed to the Remuneration
Committee as an interim member with immediate effect and Rita Dhut will chair
the committee until a new Chair is appointed. The Company is currently
undertaking an external search for a new Non-executive director and Chair of
the Remuneration Committee.

 

·     IntegraFin also announces that Jonathan Gunby has confirmed his
plans to step down from the IHP board on 30 September 2024. Jonathan will
remain CEO of IntegraFin's subsidiary, Integrated Financial Arrangement Ltd,
which operates the Transact platform.

 

There is no other information to be disclosed under Listing Rules 9.6.11 and
9.6.13.

 

Alex Scott, IHP Group Chief Executive Officer, commented:

 

"Once again, our quarterly performance has demonstrated the resilience of the
Transact platform and the consistent performance of the IntegraFin Group.
Despite challenging ongoing macroeconomic conditions, we have delivered strong
net inflows of £0.7bn and gross inflows of £2.0bn through the quarter.

 

We continue to organically grow our adviser and client numbers. In the third
quarter, the number of clients using Transact passed 234k, with total advisers
reaching c.8k. This underlines our long-term track record of organic growth on
the platform and is testament to our high-quality service and the wide range
of platform functionality.

 

By remaining focused on our business model and strategy, the Group is well
placed to continue to take advantage of a growing UK adviser platform market.

 

Chris Munro has been a source of sound advice and support to the Company and
to me personally throughout his tenure on the Board. We thank Chris for the
time and commitment he has given to the Company."

 

Richard Cranfield, Chair of the IHP board, commented:

 

"We are most grateful to Chris for his contribution to the Board and
committees since 2016 and wish him well in his retirement."

 

                                         Quarter ended 30 June 2024  Quarter ended 30 June 2023  Financial year to date 30 June 2024  Financial year to date 30 June 2023

 £m
 Opening FUD                             61,020                      53,973                      54,959                               50,070
 Inflows                                 2,017                       1,517                       5,942                                4,811
 Outflows                                -1,358                      -900                        -4,225                               -2,569
 Net flows                               659                         617                         1,717                                2,242
 Market movements                        745                         21                          5,727                                2,335
 Other movements((1))                    -4                          -5                          17                                   -41
 Closing FUD                             62,420                      54,606                      62,420                               54,606
 Average daily FUD for the period (£m)   61,435                      54,288                      58,481                               53,191
 Number of registered advisers           7,956                       7,606                       7,956                                7,606
 Number of platform clients              234,084                     229,659                     234,084                              229,659

 

 

Transact platform reporting for Q3 FY24

Notes:(1)Includes fees, taxes and investment income

 

 

Transact platform historical information:

 

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

                                         FY22                                  FY23
 Opening FUD                             50,300           50,070   52,063      53,973   54,606          54,959   58,010   61,020
 Inflows                                 1,505            1,469    1,825       1,517    1,595           1,657    2,268    2,017
 Outflows                                -785             -769     -900        -900     -1,184          -1,389   -1,478   -1,358
 Net flows                               720              700      925         617            411       268      790      659
 Market movements                        -927             1,319    994         21       -62             2,786    2,196    745
 Other movements((1))                    -23              -26      -9          -5       4               -3       24       -4
 Closing FUD                             50,070           52,063   53,973      54,606   54,959          58,010   61,020   62,420
 Average daily FUD for the period (£m)   52,217           51,470   53,842      54,288   54,964          55,474   58,567   61,435
 Number of registered advisers           7,537            7,632       7,563    7,606    7,683           7,820    7,849    7,956
 Number of platform clients              224,705          226,996  228,232     229,659  230,294         231,413  231,581  234,084

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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