REG - IntegraFin Holdings - 4th Quarter Results

Integrafin HoldingsAnnouncement

17/10/2023 07:00

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RNS Number : 2957Q  IntegraFin Holdings plc  17 October 2023

LEI Number: 213800CYIZKXK9PQYE87

 

 

17 October 2023

 

 

IHP Group quarterly update - Q4 of financial year 2023

 

 

Group headlines:

 

·      Robust Q4 FY23 flows to the Transact platform, with net inflows
of over £0.4bn, and gross inflows of over £1.5bn, highlighting the
resilience of the Group's platform business model and strong intermediary
relationships.

 

·      Net inflows for FY23 to the Transact platform of over £2.6bn,
representing over 5% of opening funds under direction ('FUD').

 

·      Record quarter end Transact platform FUD position of £54.9bn.

 

·      Total Group revenue is expected to be c. £134.9m for FY23 (FY22:
£133.6m), driven by higher average daily FUD in the period.

 

·      Our guidance, as issued at HY23 in May 2023, remains unchanged
for FY23 (ending 30 September 2023) and FY24 (ending 30 September 2024).

 

 

Transact platform:

 

·      Record number of Transact platform clients of over 230k at the
end of FY23 (FY22: 225k), a 2% increase over the year.

 

·      Growth of the Transact platform's adviser base - at the end of
FY23 there were 7.6k advisers registered on the Transact platform (an increase
of 2% from FY22).

 

·      The average (daily) FUD on the Transact platform during FY23 was
£53.6bn. This compares with an average during the prior financial year of
£52.5bn.

                                           Quarter ended                 Quarter ended       Financial year      Financial year

                                         30 September 2023               30 September 2022   ended               ended

 £m                                                                                          30 September 2023   30 September 2022
 Opening FUD                             54,606                          50,300              50,070              52,112
 Inflows                                 1,595                           1,505               6,406               7,275
 Outflows                                -1,184                          -785                -3,753              -2,873
 Net flows                                             411               720                 2,653               4,402
 Market movements                        -62                             -927                2,272               -6,248
 Other movements((1))                    4                               -23                 -36                 -196
 Closing FUD                             54,959                          50,070              54,959              50,070
 Average daily FUD for the period (£m)   54,964                          52,217              53,638              52,544
 Number of registered advisers           7,683                           7,537               7,683               7,537
 Number of platform clients              230,294                         224,705             230,294             224,705

 

 

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

 

 

 

Time4Advice:

 

 

·      Excellent growth in total chargeable users of CURO software, with
2.8k users at the end of FY23, an increase of 22% during the financial year.

 

 

 

 

Alex Scott, IHP Group Chief Executive Officer, commented:

 

"I am pleased with the resilient performance shown by the IHP Group during the
past financial year ended 30 September 2023.

 

Gross inflows of over £6.4bn and net inflows of over £2.6bn for the year
represent a solid performance in the face of economic uncertainty and ongoing
investor caution. While outflows from the Transact platform, similar to our
peers, have increased in the quarter as our clients continue to be impacted by
cost-of-living pressures and heightened interest rates, I am pleased with the
ongoing growth in our platform adviser and client numbers, with the latter now
at a record high of over 230k.

 

Our position in the market remains strong. The most recent set of data from
Fundscape shows the Transact platform has continued to grow its market share
of the advised platform market net inflows. Transact also remains one of the
highest rated platforms in the advised market for service and won two awards
at the recent Schroders UK Platform Awards 2023 - Platform of the Year and
Leading Platform for Discretionary Investment Management.

 

At Time4Advice, the number of chargeable users of the current CURO software is
growing well, with 500 new users signed up in the financial year. We continue
to refine the new version of the CURO adviser software, to enable efficient
delivery to adviser firms across the UK.

 

Notwithstanding the ongoing macro-economic uncertainty, we remain confident in
our market position, the strength of our proposition to advisers and clients
and our ability to grow client numbers and deliver robust net flows. Our
platform digitalisation programme is well underway and we have successfully
implemented our Consumer Duty programme of work. We remain well positioned to
take advantage of a growing adviser platform market and deliver attractive
growth and returns to our shareholders.

 

We look forward to providing our year end results on 14 December 2023."

 

 

 

Transact platform historical information:

 £m                                       Q1       Q2              Q3               Q4        Q1       Q2                 Q3               Q4

                                          FY22     FY22     FY22             FY22             FY23     FY23        FY23             FY23

 Opening FUD                              52,112   54,539   53,500           50,300           50,070   52,063      53,973           54,606
 Inflows                                  1,976    2,092    1,703            1,505            1,469    1,825       1,517            1,595
 Outflows                                 -688     -697     -703             -785             -769                 -900             -1,184

                                                                                                       -900

 Net flows                                1,288    1,395    1,000            720              700      925         617                    411
 Market movements                         1,207    -2,376   -4,152           -927             1,319    994         21               -62
 Other movements((1))                     -68      -58      -48              -23              -26      -9          -5               4
 Closing FUD                              54,539   53,500   50,300           50,070           52,063   53,973      54,606           54,959
                                          53,514   52,551   51,889           52,217           51,470   53,842      54,288           54,964

 Average daily FUD for the period (£m)

 Number of registered advisers            7,278    7,356    7,469            7,537            7,632       7,563    7,606            7,683
 Number of platform clients               213,178  218,787  221,992          224,705          226,996  228,232     229,659          230,294

 

 

 

 

Notes:

(1)Includes fees, taxes and investment income.

 

 

 

 

 

 Enquiries:

 Investors
 Luke Carrivick, IHP Head of Investor Relations      +44 020 7608 5463

 

 Media
 Lansons: Tony Langham            +44 (0)7979692287

 Lansons: Maddy Morgan-Williams   +44 (0)7947364578

 

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