REG - IntegraFin Holdings - Final Results
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RNS Number : 8511L IntegraFin Holdings plc 17 December 2025
LEI Number: 213800CYIZKXK9PQYE87
17 December 2025
IntegraFin Holdings plc
Announcement of full year results for the year ended 30 September 2025
Driving sustainable earnings growth
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 report its full year results.
IHP delivered strong growth in earnings, with Underlying profit before tax
(PBT) up 7% to £75.4m and Underlying earnings per share (EPS) up 7% to 17.4p.
Following completion of the Group-wide cost review, enhanced business
efficiency and productivity opportunities have been identified that will
provide savings to accelerate future earnings growth for the Group.
Financial and operational highlights
• Closing FUD grew 16% to £74.2bn (FY24: £64.1bn), with strong net inflows of
£4.4bn, up 76% from FY24 (£2.5bn).
• Revenue increased 8% to £156.8m (FY24: £144.9m), driven by higher average
daily FUD.
• Reported PBT increased 0.3% to £69.1m (FY24: £68.9m). Underlying PBT
increased by 7% to £75.4m (FY24: £70.6m).
• Reported EPS decreased 1% to 15.5p (FY24: 15.7p). Underlying EPS increased by
7% to 17.4p (FY24: 16.2p).
• Client base increased 5% to 246.2k (FY24: 235.0k) as the enduring
attractiveness of the Transact proposition continued to drive growth.
• Declared second interim dividend of 8.0 pence per ordinary share, resulting in
a 9% increase to the total dividend for the year to 11.3 pence per share
(2024: 10.4 pence per share). The dividend is payable on 30 January 2026 to
ordinary shareholders on the register on 05 January 2026. The ex-dividend date
will be 02 January 2026.
Outlook and guidance
• Transact is well positioned to continue to capture and grow a strong share of
adviser platform market net inflows in FY26 and beyond.
• We are focused on growing revenue and managing the platform revenue margin. We
expect the reduction in platform revenue margin to slow with the decrease
primarily driven by the tiered charging structure, as well as prior year
pricing changes.
• The Group-wide cost review has been completed. We are now implementing
efficiencies in support and operational functions as well as optimising the
supplier base. We expect this to drive business efficiencies and productivity
enhancements. Total underlying administrative expenses growth is expected to
slow to c.3% in each of FY26 and FY27, supporting further profit margin
expansion.
• The combination of the revenue growth fundamentals and the implementation of
the cost review positions the Group well to accelerate earnings growth in the
coming years.
• In the lead up to the UK Budget in November 2025, the Transact platform
experienced heightened inflows and outflows activity, mainly relating to
pension wrappers, similar to activity in advance of the UK Budget in 2024.
Since the Budget, flows momentum has reverted to trend, and we expect net
inflows for Q1 of FY26 to be comparable with prior year.
Financial Information
IHP Group Year ended 30 September 2025 Year ended 30 September 2024 % Movement
Total Group revenue £156.8m £144.9m +8%
Reported profit before tax £69.1m £68.9m +0%
Underlying profit before tax £75.4m £70.6m +7%
Reported EPS 15.5p 15.7p -1%
Underlying EPS 17.4p 16.2p +7%
Total dividend per share 11.3p 10.4p +9%
Transact platform Year ended 30 September 2025 Year ended 30 September 2024 % Movement
Net inflows £4.4bn £2.5bn +76%
Closing FUD £74.2bn £64.1bn +16%
Average daily FUD £67.9bn £59.6bn +14%
Transact platform clients 246,191 234,998 +5%
Commenting on the full year results, Alex Scott, IHP Group Chief Executive
Officer, said:
"FY25 has been an excellent year for IHP. The continued appeal of the Transact
platform and our commitment to high-quality client service have driven record
gross inflows and a substantial increase in net inflows.
Our focus on digitalisation and integration enhancements has further
strengthened the Transact proposition. By increasing the degree to which
Transact interfaces with third party software, we drive greater efficiency for
financial advice firms and our own business.
We have completed the Group-wide cost review announced in Q3 and are now
focused on implementing the identified cost efficiencies and productivity
enhancements. By combining increased operational efficiency with disciplined
cost management, the Group is well positioned to deliver growing operating
returns from FY26 onwards. This reflects our ongoing commitment to delivering
enhanced value to shareholders as we continue to grow the IHP business.
We remain confident in the growth opportunities of the UK adviser platform
market, which now has c.£756bn of assets. This is a dynamic, evolving and
growing market. Transact is well positioned to continue to grow in this market
as a result of its combination of excellent client service and leading
proprietary technology.
I look forward to delivering the efficiency and productivity improvements that
we have identified, whilst continuing to generate growing assets and client
numbers on the Transact platform. Overall, I'm confident in our ability to
deliver on our strategy, of growing operating returns, and delivering for
clients, advisers and shareholders."
Enquiries
Investors
Luke Carrivick, Investor Relations Director +44 020 7608 5463
Media
FGS Global: Mike Turner +44 7775992415
FGS Global: Chris Sibbald +44 7855955531
Change of Company Secretary
IntegraFin Holdings plc announces that Helen Wakeford is stepping down from
the office of Company Secretary with effect from 1 January 2026. Helen is
replaced as Company Secretary by David Johnson, who is a qualified solicitor
and is the IntegraFin Group Counsel.
2025 Full year results presentation
IHP will be hosting an audio webcast presentation at 09:30am on 17 December
2025. This will be available at: https://brrmedia.news/IHP_FY25
(https://brrmedia.news/IHP_FY25)
A recording of the presentation will be available for playback after the event
at https://www.integrafin.co.uk/. Slides accompanying the analyst presentation
will also be available this morning at
https://www.integrafin.co.uk/annual-reports/
(https://www.integrafin.co.uk/annual-reports/)
Chief Executive Officer's statement
Overview
Throughout FY25, the Group has delivered impressive results thanks to the
differentiated quality of our proposition: evolving proprietary technology
allied with personal, professional client service. We have delivered strong
performance across our KPIs, including meaningful growth in client numbers,
net inflows, revenue and underlying profit before tax (PBT).
The first half of the year began with significant uncertainty in the lead up
to the UK Autumn Budget, followed by market fluctuations in the wake of the US
election. However, during this period we set consecutive records for quarterly
gross inflows in Q1 and Q2, driven by strength in both one-off deposits and
transfers in from competitors.
The second half of the year opened with the announcement and rapid suspension
of the US's Liberation Day tariffs. Through the period of stock market
uncertainty, we continued to deliver competitive net inflows and take market
share. In the year, we took over 20% of net flows into the UK adviser platform
market. Gross outflows plateaued, with transfers to competitors falling to the
lowest level since Q3 of FY23.
Time4Advice (T4A) has made good progress in the rollout of CURO on Power
Platform (CURO PP). CURO PP is now live with a Group of advice firms, and
overall CURO user numbers continue to increase year on year.
Overall, our ability to confidently deliver growth in ever-changing economic
circumstances is down to our key sources of competitive advantage: our
proprietary technology and our industry-leading, personal customer service.
Transact platform performance
This year marked the 25th anniversary of Transact and, thanks to the hard work
of our people, the platform continues to go from strength to strength. Over
the year, we have seen strong client growth, with total clients rising by 5%
to a total of 246,191. Client retention also improved, rising to 95% for the
year. We finished the year with closing FUD of £74.2 billion. Clearing the
milestone of £70 billion of FUD on the platform is a pleasing achievement to
coincide with the anniversary.
Gross inflows were particularly strong this year at £10.1 billion, a 25%
increase over the previous year. The largest contributor to this performance
is increased one-off deposits from clients. Transfers from competitors were
also up significantly, higher than in either FY23 or FY24. This is a testament
to the strength of our proposition, with advisers moving a greater share of
client assets onto the platform.
Gross outflows remained elevated but stable compared to historical levels.
This was largely the result of one-off and regular withdrawals, driven by
elevated interest rates and a persistently high cost of living. There has been
considerable improvement in our transfers out, which have fallen from the
levels seen in FY24. While we retained a positive transfer ratio throughout
FY24 (1.7), we have seen a substantial gain in FY25 to 2.8, reflecting our
strong competitive position.
With gross inflows rising and gross outflows stable, our net inflows have
performed well, increasing from £2.5 billion to £4.4 billion, up 76% on
FY24. Market movements also provided a tailwind of £5.7 billion over the year
to our FUD levels, helping to drive higher revenue.
Financial performance
Driven by higher average daily FUD, Group revenue for the year was £156.8
million, up 8% from FY24. Transact contributed 97% of Group revenue. CURO
revenue rose 2%, through steady growth in licence users.
Underlying PBT was £75.4 million, up 7%. Reported PBT was £69.1 million,
flat from FY24 despite an impairment of T4A's goodwill and intangible assets,
and the period in which we had a period of overlap in occupancy costs for both
our former and current London office.
We continue to focus on delivering sustainable growth, as evidenced in part by
the cost review announced in our Q3 trading update. The cost review is
completed and has identified meaningful savings that we will deliver, whilst
at the same time continuing to invest in technology enhancements that are
important for the Group's future success. We believe this will improve the
productivity of the business, allowing us to continue to serve as a reliable
partner to our clients and advisers while delivering growing returns for our
shareholders.
For further information on our financial performance, please see the Financial
Review.
Technology delivery "year of integrations"
The strength in net flows and in overall financial performance is attributable
to our people and our technology. This year, our technology focus has been on
integrations. Application programming interfaces (APIs) allow Transact and
CURO to integrate with other adviser software and streamline important tasks
in the wealth management process.
We have launched four targeted APIs capable of integrating with an
ever-widening range of adviser software. With each integration, we advance our
vision of a more synchronised and efficient adviser technology ecosystem.
Supporting this goal, our progress with digitalisation of the Transact
platform continues. Digitalisation has delivered improved accuracy in data, in
turn allowing for smoother integrations through our new APIs.
These enhancements have yielded improved Transact operational performance and
efficiency, as well as granting significant benefits to scalability.
People
Although familiar to many of you already, I would like to introduce Tom
Dunbar, who took over in March 2025 as the Integrated
Financial Arrangements Ltd (IFAL) CEO, responsible for the Transact platform.
Tom joined the Group in 2021 as Chief Development Officer. His extensive
experience in the UK platform sector and deep understanding of the needs of
advisers and
clients made him the ideal person to lead the Transact platform. I look
forward to continuing to work with Tom on implementing our Group strategy.
Jonathan Gunby retired as IFAL CEO in March 2025, and I wish him well in his
retirement.
Overall staff headcount rose 5% to 698 at year end. This investment in people
has already helped us to deliver on our technology enhancements. Our
innovations in this area continue to win us recognition; in the 2025 UK
Platform Awards, we won the "Best Use of Platform Technology" award. Since
this award is given based on feedback from UK financial advisers, this is a
particularly gratifying accolade.
We have relocated to new premises, moving from our old location on Clement's
Lane to our current London office near St Paul's. With the move, we have
embraced the benefits of a more modern office and new ways of working, all the
while supporting staff through the transition.
The move supports our sustainability objectives, with the office holding an
"Excellent" BREEAM rating and the fit-out rated SKA Gold. The location
symbolises our ongoing commitment to the UK advice market and to the City of
London. We are committed to staff wellbeing, which is evidenced by the
favourable results in our latest employee engagement survey, discussed in the
Being a Responsible Employer section.
Regulatory and sustainability matters
The regulatory environment in which the Group operates continues to evolve.
Consumer Duty remains a major focus across all our operations; dedication to
positive consumer outcomes has been a cornerstone of Transact over its 25
years of operation.
In FY25, we have formalised our sustainability efforts in the form of our
Responsible Business Strategy. This brings together new and existing
initiatives in a cohesive strategy that will help embed sustainability at the
core of our business.
Outlook
The Group enters FY26 with growing momentum. Although the macroeconomic
outlook is mixed, global markets and the Group's business model have proven
resilient to the volatility throughout FY25. We believe our proposition will
continue to deliver excellent results for the Group's stakeholders.
In the lead up to the UK Budget in November 2025, the Transact platform
experienced heightened inflows and outflows activity, mainly relating to
pension wrappers, similar to activity in advance of the UK Budget in 2024.
Since the Budget, flows momentum has reverted to trend and the overall flows
environment for the Transact platform remains very favourable.
There are several upcoming developments in the UK wealth market. From April
2027, defined contribution pensions will become eligible in-scope for
inheritance tax. Additionally, the annual contribution limit for cash ISAs
will be reduced to £12k for under 65s from April 2026. The impact of these
changes is uncertain. However, we believe that there is a continued and
growing requirement for advice as the UK savings and investment environment
becomes more complex.
The Group is well positioned to take advantage of the compelling opportunities
present in the market. Development of our proprietary technology, especially
its data integrations, allows us to remain at the forefront of the industry.
Meanwhile, our people deliver best-in-class personal customer service.
In FY26, we will implement our cost review initiatives. In addition, we will
continue to invest in and deliver technology enhancements across
digitalisation and integrations, which will help to ensure the sustainable
growth of the Group and the delivery of the best possible outcomes for our
clients, advisers and shareholders.
Finally, I would like to thank all my colleagues across the Group. Together,
we continue to work towards our principal goal: to be the number one provider
of software and services for clients and UK financial advisers.
Alexander Scott
Chief Executive Officer
16 December 2025
Financial review
Platform growth driving strong financial performance
"Acceleration of net inflows onto the Group's investment platform has driven
record revenue."
Euan Marshall
Chief Financial Officer
The Group's platform business delivered another year of strong performance,
continuing to attract and retain advised assets. Funds under direction (FUD)
grew by 16% to £74.2 billion (FY24: £64.1 billion), driven by impressive
growth in net inflows and favourable market conditions.
Net inflows growth of 76% to £4.4 billion continued to demonstrate the
strength of the platform proposition as the Group continued to gain market
share. As a result of the overall FUD growth, Group revenue also continued to
increase strongly, up 8% to £156.8 million (FY24: £144.9 million).
The Group also continued to grow its market penetration with platform clients
increasing by 5% to 246,191 (FY24: 234,998)*.
Total administrative expenses rose 18% to £100.2 million (FY24: £85.0
million), with underlying expenses rising by 9% to £91.0 million (FY24:
£83.3 million). After taking into account the impact of non-underlying
expenses, the increase was primarily driven by continued investment in
staffing to support software development, IT infrastructure projects,
market-leading client service, and operational capacity as the Group expands.
During the year the Group recorded an impairment in its T4A subsidiary of
£7.5 million and moved to a new London office resulting in six months of
overlapping occupancy costs with the previous office of £1.1 million. This
contributed to a rise in non-underlying costs of £7.5 million to £9.2
million (FY24: £1.7 million).
The Group's strong liquidity profile and the continuing focus on corporate
interest optimisation offset the reduction in UK interest rates during the
year, resulting in underlying interest income increasing by 1% to £10.6
million (FY24: £10.5 million).
Statutory profit before tax (PBT) increased by £0.2 million to £69.1 million
(FY24: £68.9 million). Underlying PBT rose by 7% to £75.4 million (FY24:
£70.6 million)*.
The effective tax rate increased to 26% (FY24: 24%) due to the T4A impairment
of £7.5 million not being tax deductible. This resulted in profit after tax
declining by 2% to £51.3 million (FY24: £52.1 million).
EPS was 15.5 pence (FY24: 15.7 pence). After removing all non‑underlying
items, underlying EPS was 17.4 pence* (FY24: 16.2 pence).
* Alternative performance measures (APMs) are indicated with an
asterisk. APMs are financial measures which are not defined by IFRS. They are
used in order to provide better insight into the performance of the Group.
Further details are provided in the glossary.
Operational performance
Platform
FY25 FY24 Change
£bn £bn %
Opening FUD 64.1 55.0 +17%
Inflows 10.1 8.1 +25%
Outflows (5.7) (5.6) +2%
Net flows 4.4 2.5 +76%
Market movements 5.7 6.6 -14%
Closing FUD 74.2 64.1 +16%
Average daily FUD for the period 67.9 59.6 +14%
FY25 FY24 Change
No. No. %
Platform clients 246,191 234,998 +5%
FUD closed the year up 16% at £74.2 billion (FY24: £64.1 billion).
During FY25, client investment sentiment continued to improve, resulting in
growing client deposits. This, combined with an improvement in transfers in
from competitor platforms, resulted in gross inflows of £10.1 billion (FY24:
£8.1 billion); this was a record for the Group, in what continues to be an
extremely competitive marketplace.
Outflows increased at a slower pace, to £5.7billion (FY24: £5.6 billion),
but reduced as a percentage of opening FUD to 9% (FY24: 10%). Factors driving
outflows included clients withdrawing savings, including increasing pension
drawdowns as the nominal cost of living has increased, and supporting one-off
withdrawals to support purchase and paying off debt for themselves and
dependents, although the growth of the latter has slowed during the year as UK
interest rates have declined.
Platform net flows of £4.4 billion (FY24: £2.5 billion), were 7% of opening
FUD (FY24: 5%).
Back-office technology
At the end of FY25 the number of CURO licence users was 3,395 (FY24: 3,098).
Group financial performance
FY25 FY25 FY24 FY24 Change Change
Group Platform* Group Platform* % %
£m £m £m £m Group Platform
Revenue 156.8 151.8 144.9 140.0 +8% +8%
Cost of sales (3.4) (2.5) (3.0) (2.1) +13% +19%
Gross profit 153.4 149.3 141.9 137.9 +8% +8%
Underlying administrative expenses (91.0) (85.7) (83.3) (77.4) +9% +11%
Credit loss allowance on financial assets - - 0.1 0.1 -100% -100%
Non-underlying administrative expenses (9.2) - (1.7) 0.5 +441% -100%
Operating profit 53.2 63.6 57.0 61.1 -7% +4%
Underlying net interest income 10.6 9.4 10.5 9.6 +1% -2%
Non-underlying interest expense (0.5) - - - - -
Underlying net gain attributable to policyholder returns 2.4 2.4 1.4 1.4 +71% +71%
Non-underlying net gain attributable to policyholder returns 3.4 3.4 - - - -
PBT 69.1 78.8 68.9 72.1 - +9%
Underlying PBT 75.4 75.4 70.6 71.6 +7% +5%
Tax on ordinary activities (17.9) (18.5) (16.8) (15.7) +7% +18%
Non-underlying tax on ordinary activities 0.1 0.8 - - - -
Profit after tax 51.3 61.1 52.1 56.4 -2% +8%
Underlying PAT 57.5 56.9 53.8 55.9 +7% +2%
PBT margin 44% 52% 48% 52% -7% +1%
EPS - basic 15.5p - 15.8p - -2% -
EPS - diluted 15.5p - 15.7p - -1% -
Underlying EPS - basic 17.4p - 16.3p - +7% -
Underlying EPS - diluted 17.4p - 16.2p - +7% -
* The "Platform" columns represent the activities conducted on
Transact and excludes the activities of T4A, the Group's adviser back-office
technology provider. The T4A activities are included in the Group column.
Platform is equivalent to the investment administration services and insurance
and life assurance business segments in note 6.
Revenue
There are two streams of Group revenue: investment platform revenue and
back-office technology revenue.
FY25 FY24 Change
£m £m %
Platform revenue
Recurring annual charges 138.1 126.1 +10%
Recurring wrapper charges 12.5 12.8 -2%
Other income 1.2 1.1 +9%
Total platform revenue 151.8 140.0 +8%
Back-office technology revenue 5.0 4.9 +2%
Total revenue 156.8 144.9 +8%
Platform revenue
FY25 investment platform revenue increased by £11.8 million to £151.8
million (FY24: £140.0 million). Investment platform revenue comprises three
elements, 99% (FY24: 99%) of which is from a recurring source.
Annual charge income (an annual, ad valorem tiered fee on FUD) and wrapper fee
income (quarterly fixed wrapper fees for certain available tax wrapper types)
are recurring. Other income is composed of buy commission and dealing charges.
Buy commission was phased out during the course of FY24.
Average daily FUD for the year, arising from the performance of the assets in
client portfolios, increased by 14% in FY25 to £67.9 billion. Annual charge
income increased 10% to £138.1 million (FY24: £126.1 million). The lower
increase in annual charge income in comparison to average FUD resulted from a
reduction in the blended rate annual charge payable by clients. This naturally
occurs as the average portfolio value on the platform increases which causes a
greater proportion of individual client FUD to move into lower fee brackets.
Recurring wrapper administration fee income decreased by 2% to £12.5 million
(FY24: £12.8 million), with the impact of the introduction of a single
wrapper fee per pension type within family-linked pensions more than
offsetting the increase in wrapper numbers.
Other income increased by 9% to £1.2 million (FY24: £1.1 million).
Back-office technology revenue
FY25 CURO licence revenue was £5.0 million (FY24: £4.9 million), an increase
of 2%. This was driven by an increase in recurring revenue from additional
CURO user licences.
Administrative expenses
Administrative expenses increased by £15.2 million (18%) to £100.2 million,
with underlying administrative expenses rising by £7.7 million (9%) to £91.0
million.
FY25 FY24 Change
£m £m %
Employee costs 65.0 58.5 +11%
Occupancy 2.5 3.1 -19%
Regulatory and professional fees 7.1 10.6 -33%
Other costs 13.5 8.9 +52%
Depreciation and amortisation 2.9 2.2 +32%
Underlying administrative expenses 91.0 83.3 +9%
Non-underlying expenses 9.2 1.7 +441%
Administrative expenses 100.2 85.0 +18%
FY25
No. FY24 Change
No. %
Average headcount 678 666 +2%
Period end headcount 698 666 +5%
Employee costs
Employee costs increased by 11% due to a combination of increased headcount,
which grew by 2% from an average of 666 in FY24 to an average of 678 in FY25,
the impact of investment in broadening the senior management level, and
providing pay rises to the wider workforce in order to offer competitive
salaries to our employees.
Occupancy costs/depreciation and amortisation
Occupancy costs decreased by £0.6 million, and depreciation and amortisation
increased by £0.7 million. The decrease in occupancy costs was due to FY24
including six months of rental expense for the London head office rather than
IFRS 16 right of use depreciation, as there was a six month period with no
lease commitment. The lease was renewed in April 2024 up to September 2025,
meaning that FY25 included a full year of depreciation of the right-of-use
asset, compared to six months in FY24.
Regulatory and professional fees
Regulatory and professional fees decreased by £3.5 million in FY25, with
regulatory fees remaining consistent at £3.2 million, but professional fees
decreasing by £3.5 million due to the FY25 classification of £3.7 million of
licence and insurance costs as other costs, as they more closely align with
the other cost categorisation.
Other costs
Other costs increased by £4.6 million in FY25 mainly due to the £3.7m change
in classification noted in the regulatory and professional fees section above.
Aside from this there was an increase in irrecoverable VAT of £0.4 million,
caused by higher software expenses and other fees, as well as some other
smaller changes across a number of areas.
Non-underlying expenses
Non-underlying expenses for the year totalled £9.2 million (FY24: £1.7
million), comprising a £7.5 million (FY24: nil) impairment of goodwill and
other intangible assets relating to T4A, £1.1 million (FY24: £0.1 million)
relating to the overlapping occupancy costs during the move to the new London
office, and £0.6 million (FY24: £2.1 million) representing the final
deferred consideration payable for the acquisition of T4A.
Interest income
Interest income increased by 2% to £10.9 million (FY24: £10.7 million),
primarily driven by continued optimisation of corporate cash management.
Income from cash and cash equivalents rose to £9.6 million (FY24: £9.1
million), while interest income from gilts was £0.8 million (FY24: £1.0
million). The Group also earned £0.5 million (FY24: £0.6 million) from a
combination of interest on the Vertus loan facility and interest received from
HMRC.
Net gain attributable to policyholder returns
Underlying - Tax relief due to shareholders was £2.4 million (FY24: £1.4
million) in FY25 and relates to life insurance company tax requirements and
thus is subject to valuations at year end, which are inherently dependent on
market valuations at that date.
Non-underlying - there was a release of £3.4 million from policyholder
reserves, in relation to cumulative amounts historically recognised which are
no longer expected to be paid.
Tax
The Group has operations in three tax jurisdictions: the UK, Australia and the
Isle of Man. This results in profits being subject to tax at three different
rates. However, 95% of the Group's profit is earned in the UK.
Shareholder tax on ordinary activities for the year increased by
£1.1 million, or 7%, to £17.9 million (FY24: £16.8 million) due to the
increase in taxable profit.
Our effective rate of tax over the period was 26% (FY24: 24%). The increase
was due to the non-underlying costs relating to the T4A goodwill impairment
not being tax allowable.
Our tax strategy can be found at:
https://www.integrafin.co.uk/legal-and-regulatory-information/.
Dividends
During the year to 30 September 2025, IHP paid a second interim dividend of
£23.8 million to shareholders in respect of FY24 and a first interim dividend
of £10.9 million in respect of FY25.
In respect of the second interim dividend for FY25, the board has declared a
dividend of 8.0 pence per Ordinary Share (FY24: 7.2 pence).
FY25 total dividends paid and declared of £37.4 million compares with
full-year interim dividends of £34.4 million in respect of FY24.
Consolidated Statement of Financial Position
September September Change
2025 2024 %
£m £m
Non-current assets 40.6 32.6 +25%
Current assets 290.7 270.0 +8%
Current liabilities (43.2) (47.5) -9%
Non-current liabilities (63.2) (46.8) +35%
224.9 208.3 +8%
Policyholder assets and liabilities
Cash held for the benefit of policyholders 1,895.0 1,622.8 +17%
Investments held for the benefit of policyholders 31,849.9 27,237.8 +17%
Liabilities for linked investment contracts (33,744.9) (28,860.6) +17%
- -
Net assets 224.9 208.3 +8%
Share capital 3.3 3.3 -
Share-based payment reserve 4.7 4.1 +15%
Employee Benefit Trust (EBT) reserve (3.6) (3.3) +9%
Other reserves 5.4 5.6 -4%
Profit or loss account 215.1 198.6 +8%
Total equity 224.9 208.3 +8%
Net assets increased £16.6 million (8%) in the year to £224.9 million, and
the material movements on the Consolidated Statement of Financial Position
were as follows:
Non-current assets
Non-current assets increased by 25%, or £8.0 million, during the year
to £40.6 million. This was the net effect of the recognition of a new right
of use asset and other property, plant and equipment for the new London office
(£14.2 million), and the £7.5 million impairment of goodwill and other
intangible assets relating to T4A.
Current assets
Current assets increased by 8%, or £20.7 million, during the year to £290.7
million. This was a result of the strong cash flows generated from operating
activities, which is manifested in a £24.4 million increase in investments in
gilts (£2.5 million of which sits in non-current investments), with cash and
cash equivalents remaining constant year on year, as the Group has sought to
diversify its liquidity holdings and optimise returns on corporate assets.
Current liabilities
Current liabilities decreased by 9%, or £4.3 million, during the year to
£43.2 million. This was largely due to a fall in the current provision
relating to ILUK policyholder reserves, as a result of reductions in the
estimated amounts required to be held to cover these potential liabilities.
Non-current liabilities
Non-current liabilities increased by 35%, or £16.4 million, during the year
to £63.2 million. This was a result of a new lease liability recognised in
relation to the new London office (£11.7 million), and a £20.0 million
increase in the deferred tax liability due to ILUK policyholder deferred
income, offset by a £15.3 million decrease in non-current provisions, in
relation to an increase in UK policyholder gains.
Policyholder assets and liabilities
ILUK and ILInt write only unit-linked insurance policies. They match the
assets and liabilities of their linked policies such that, in their own
individual statements of financial position, these items always net off
exactly. These line items are required to be shown under IFRS in the
Consolidated Statement of Comprehensive Income, the Consolidated Statement of
Financial Position and the Consolidated Statement of Cash Flows but have zero
net effect.
Cash and investments held for the benefit of ILUK and ILInt policyholders have
risen to £33.7 billion (FY24: £28.9 billion). This increase of 17% is
entirely consistent with the rise in total FUD on the investment platform.
Capital resources and capital management
In order to enable the investment platform within the Group to offer a wide
range of tax wrappers, there are three regulated entities within the Group: a
UK investment firm (IFAL), a UK life insurance company (ILUK) and an Isle of
Man life insurance company (ILInt).
Each regulated entity maintains capital above the minimum level of regulatory
capital required, ensuring sufficient capital remains available to fund
ongoing trading and future growth. Cash and cash equivalents and investments
in short-dated gilts are h
ld to cover regulatory capital requirements and tax liabilities.
The regulatory capital requirements and resources in ILUK and ILInt are
calculated by reference to economic capital-based regimes, which are UK
Solvency II for ILUK and the Isle of Man Risk-Based Capital Regime for ILInt.
IFAL is subject to Investment Firms Prudential Regime (IFPR) regulatory
capital and liquidity rules. These prudential rules require the calculation of
capital requirements reflecting "K factor" requirements that cover potential
harms arising from business activities. The K factors are calculated using
formulae for assets and cash under administration and client orders handled.
IFAL's Public Disclosure document contains further details and can be found on
our website at: https://www.integrafin.co.uk/legal-ad-regulatory-information/.
Regulatory capital as at 30 September 2025
Regulatory capital Regulatory capital Regulatory
requirements resources cover
£m £m %
IFAL 70.5 90.1 128
ILUK 244.8 326.4 133
ILInt 32.5 54.6 168
Regulatory capital as at 30 September 2024
Regulatory capital Regulatory capital Regulatory
requirements resources cover
£m £m %
IFAL 60.4 74.8 124
ILUK 229.5 313.1 136
ILInt 26.4 49.0 186
Liquidity
The Group holds liquid assets in the form of cash and cash equivalents and UK
Government securities ('gilts'). More information can be found in notes 3, 4,
19 and 21 to the financial statements.
The main uses of liquid assets include:
• holdings for regulatory and operational purposes, including
risk appetite; and
• coverage of policyholder returns in the life insurance businesses.
The liquidity buffer, which allows the Group to operate without triggering
internal risk appetites, and having sufficient capacity to manage potential
future changes to regulatory capital requirements, has increased by £1.6
million during the financial year.
FY25 FY24
£m £m
Total Group consolidated cash and cash equivalents and UK gilts* 263.8 242.1
Less: Group cash and cash equivalents and UK gilts held for regulatory and (133.7) (118.3)
operational purposes
Less: foreseeable dividend (26.5) (23.9)
Less: coverage of policyholder returns in the life insurance companies (69.9) (67.8)
Surplus cash, cash equivalents and UK gilts 33.7 32.1
*Differs from the balances per the Consolidated Statement of Financial
Position due to the exclusion of cash held by ILInt for bonds awaiting
approval of £7.0 million (September 2024: £6.5 million). These balances can
be found in note 24 to the financial statements.
Euan Marshall
Chief Financial Officer
16 December 2025
Principal risks and uncertainties
The board has undertaken a review of the principal risks and uncertainties to
the Group that could undermine the successful achievement of its strategic
objectives and threaten its business model or future performance and
considered non-financial risks that could present operational disruption.
The table below presents the Group's principal risks and uncertainties
together with the related appetite, potential impacts, mitigations and the
risk trend for 2025.
Strategic pillars Change over year
1. Leading functionality ↑ Increasing
2. Leading service ↓ Reducing
3. Value for money ↔ Stable
Risk Impact Mitigation
Competition
The risk that the Group fails to remain competitive against its current peer Weaker than forecast net inflows, impacting profitability and/or the The Group continues to provide exceptionally high levels of Strategic Pillars
group and new market entrants. medium/long-term sustainability of the platform
service and can be responsive to client and financial adviser 1, 2, 3
feedback and demands through an efficient operational base.
The Group monitors the landscape of its platform competitors, Change over year
as well as the trends impacting the financial adviser market. ↑
(This includes key technologies that are used by adviser firms,
a market in which T4A competes). The Group's platform service Risk Appetite
and developments remain award winning. We make monthly The Group's business model exposes it to competitive markets. This risk is
accepted and the Group's risk appetite is aligned with qualitative and
releases to our proprietary platform technology, incorporating quantitative measures
improvements and new functionality. Across the core platform
and T4A, we continue to develop our integration capabilities and
digital strategy, expanding the ability for advisers to process
directly onto the platform or via their own systems. This is
essential to remaining relevant and competitive, improving
functionality and service efficiency and allowing the Group to
increase the value for money of our service by reducing client
charges, subject to profit and capital parameters where
appropriate. The Group continues to review its strategy and
growth potential. In this regard, it primarily considers organic
opportunities that will enhance or complement its service
offerings to the adviser market.
Market
The risk of adverse changes in bond, equity and property market values, Depressed equity and bond values have an impact on the revenue streams of the The risk is mitigated through the platform offering a wide variety of assets Strategic Pillars
currency exchange rates, credit spreads and interest rates. platform business due to a large proportion of revenue being dependent on FUD which ensures platform revenue is not wholly correlated with one market. This
also enables clients to switch assets in times of uncertainty. In particular, 3
clients are able to switch into cash assets, which remain on the platform
supported by our top quartile interest rates. In addition, wrapper fees are
not impacted by market volatility as they are based on a fixed quarterly
charge. Change over year
The Group invests its corporate assets in cash and high-quality, highly ↔
liquid, short-dated investments to mitigate exposure to bond asset value
fluctuations.
Risk Appetite
The Group's revenue model exposes it to secondary market risk and this is
accepted, with partial mitigation through limited fixed fee revenue. It has
limited appetite to market risk relating to market risk exposure through
corporate assets
Capital
The risk that the regulated entities within the Group do not maintain Inability to cover unexpected losses The Group's regulated entities are subject to various regulatory regimes Strategic Pillars
sufficient capital resources to meet their regulatory requirements, including
including the IFPR and UK Solvency II. As a result, ICARA and ORSAs are
covering unexpected losses. Increase in regulatory capital requirements by the regulator conducted. These assessments identify potential harms and sufficient resources 3
and capital is held to cover the greater of the internally assessed potential
losses or regulatory guidance (capital requirements). In addition, the risk
appetites are set in excess to the assessed capital requirement and monitored
against these appetites Change over year
↔
Risk Appetite
The Group aims to maintain capital resources which are sufficient in amount
and quality to exceed regulatory requirements across its regulated entities
Liquidity
The risk that the Group does not have sufficient available liquid financial Inability to meet obligations as they fall due The Group has controls in place which monitor and maintain Strategic Pillars
resources to enable it to meet its obligations as they fall due, or to meet
its regulatory requirements, or where the Group can secure such resources only available gilts, cash and cash equivalent balances of differing 3
at excessive cost.
maturities across its regulated and unregulated entities within
defined appetite parameters. The appetite includes the ability to withstand Change over year
liquidity stresses and ensure it can meet liabilities as they fall due.
↔
Risk Appetite
The Group aims to maintain liquid financial resources which are sufficient in
amount and quality to exceed regulatory requirements across its regulated
entities and to ensure that all payments are met as they fall due
Service standard failure
The risk that client service levels reduce resulting in reduced ability to Deterioration in adviser and client retention rates The Group manages the risk by providing its client service teams with Strategic Pillars
attract and retain business.
extensive initial and ongoing training, supported by experienced subject
matter experts and managers. Monitoring service metrics allows the Group to 2
identify areas where there is deviation from expected service levels or where
Weaker than forecast net inflows, impacting profitability and/or the processing backlogs have arisen and deliver targeted remediation plans to
medium/long-term sustainability of the platform ensure client outcomes and service standards are maintained.
Change over year
↓
Heightened regulatory scrutiny The Group also conducts satisfaction surveys to ensure
service levels are still perceived as excellent by our clients and
Risk Appetite
their advisers.
The Group has limited appetite to compromise service levels below
market-leading standard
People
The risk that the Group fails to attract, retain, motivate and develop its Employees leave due to a lack of engagement, motivation or effective The Group aims to minimise the level of retention risk through the promotion Strategic Pillars
talent, hindering its ability to meet its strategic goals. management of a culture of inclusion and empowerment, underpinned by: robust HR policies
and procedures, focused on effective people management; annual engagement 1, 2
surveys; performance-based variable remuneration; succession planning; and
talent mapping.
Increased difficulty in recruiting
Change over year
individuals with the required talent into the Group
The Group aims to minimise the level of recruitment risk through having fair ↔
and inclusive recruitment practices in place, completing an annual
remuneration review to ensure that remuneration is consistent with the market
Lack of training and development results in deterioration in client service and providing opportunities for career progression.
standards and/or limits career progression opportunities for employees
Risk Appetite
The Group seeks to minimise this risk in order to achieve its strategic
The Group aims to minimise the level of training and development risk through objectives
the implementation of ongoing competency-based training programmes, supporting
employees in obtaining external qualifications and having a robust regulatory
training programme in place.
Resilience
The risk that the Group Harm to clients, market and the Group if there is an inability to recover from Process: A variety of control approaches are in place to mitigate process Strategic Pillars
a shock or stress, particularly impacting important business services failure risk including process ownership, proactive continuous risk management
fails to absorb, anticipate,
to identify and manage critical processes, scenario-based resilience plans and 2
testing. Critical processes are designed to be fault tolerant, allowing
adapt to or recover from
elements to be replaced or changed without impacting the overall service.
Financial penalties and/or
shocks or stresses to
Change over year
regulatory censure
its operations and
Internal technology: The use of several industry standard approaches to ↔
achieve this including resilience by design, proactive monitoring,
business processes.
incident/change/problem management processes, scenario planning and testing
Reputational damage and continuous improvement.
Risk Appetite
The Group aims to maximise resilience with respect to identified critical
Supplier/third party: Third-party providers are selected through a robust RFP operational and
process that carries out diligence checks and establishes
reporting/operational practices across all appropriate risk areas. Onboarded business services
third-party providers are managed on a continuous basis within a vendor
management framework.
Information security
Risk of unauthorised access, use, disclosure, disruption, modification, or Client and/or employee harm Information security risk is mitigated via a defence in depth approach, Strategic Pillars
destruction of information assets.
incorporating technical controls, processes and educating our people, all of
leading to regulatory censure and/or fines including from the Information which is overseen by dedicated cyber security and data protection personnel. 2
Commissioner Office (ICO) Key controls related to monitoring, segregation of duties, encryption and
assurance testing are employed to reduce the probability of the risk in the
context of an evolving threat landscape.
Change over year
Harm to clients and the Group
↔
if there is an inability to A key element of our approach is the use of continuous surveillance to monitor
systems and detect potential threats in real time. This is complemented by
recover operations harnessing threat intelligence, which is designed to proactively identify
relevant external cyber criminal activity. All of these measures are employed Risk Appetite
to reduce the likelihood and impact of security incidents.
The Group accepts exposure to elements of risk as a result of providing access
Reputational damage to its platform and services over a public network
Regulatory
The risk that the Group fails to comply with regulatory requirements. Poor client outcomes The Group has an established Compliance function that analyses regulation and Strategic Pillars
advises on and monitors how our financial services regulatory standards are
met. 1, 2
Regulatory fines and/or censure
The financial services regulated entities in the Group ensure regulatory Change over year
standards are met through a framework of policies, procedures, governance,
Reputational damage training, horizon scanning, monitoring and engagement with our regulators. ↔
Cross-departmental projects are established to deliver significant regulatory Risk Appetite
changes, with Group Internal Audit undertaking reviews during the project
phases and/or postimplementation thematic reviews. The Group aims to comply with regulatory requirements across the jurisdictions
in which it operates at all times
Financial crime
The risk of failure to protect the Group and its clients from financial crime, Loss of client assets resulting in client harm The Group has a dedicated financial crime compliance team and a framework of Strategic Pillars
including internal and external fraud, money laundering, terrorist financing,
policies, processes and controls in place to reduce the likelihood of the
sanctions violations and market abuse. Group being used to further financial crime. 1, 2
Loss of corporate assets as a result of inadequate financial controls
Key controls include client and supplier due diligence, bank account Change over year
verification, segregation of duties, mandatory staff training and monitoring
Regulatory censure and/or penalties as a result of facilitating financial of activity on the platform. ↑
crime
Risk Appetite
Reputational damage
The Group aims to minimise its exposure through continuous improvement to
control and monitoring processes
Statement of directors' responsibilities
The directors are responsible for preparing the Annual Report and the
financial statements in accordance with applicable United Kingdom law and
regulations.
Company law requires the directors to prepare financial statements for each
financial year. Under that law the directors have elected to prepare the Group
and parent Company financial statements in accordance with UK-adopted
international accounting standards (IFRSs). Under Company law, the directors
must not approve the financial statements unless they are satisfied that they
give a true and fair view of the state of affairs of the Group and the Company
and of the profit or loss of the Group and the Company for that period.
In preparing these financial statements the directors are required to:
· select suitable accounting policies in accordance with IAS 8
Accounting Policies, Changes in Accounting Estimates and Errors and then apply
them consistently;
· make judgements and accounting estimates that are reasonable and
prudent;
· present information, including accounting policies, in a manner
that provides relevant, reliable, comparable and understandable information;
· provide additional disclosures when compliance with the specific
requirements in IFRSs is insufficient to enable users to understand the impact
of particular transactions, other events and conditions on the Group and
Company financial position and financial performance;
· in respect of the Group financial statements, state whether
UK-adopted international accounting standards have been followed, subject to
any material departures disclosed and explained in the financial statements;
· in respect of the parent Company financial statements, state
whether UK-adopted international accounting standards, have been followed,
subject to any material departures disclosed and explained in the financial
statements; and
· prepare the financial statements on the going concern basis
unless it is inappropriate to presume that the Company and/or the Group will
continue in business.
The Company is responsible for keeping adequate accounting records that are
sufficient to show and explain the Company's and Group's transactions and
disclose with reasonable accuracy, at any time, the financial position of the
Company and the Group and enable the directors to ensure that the Company and
the Group financial statements comply with the Companies Act 2006. They are
also responsible for safeguarding the assets of the Group and parent Company
and hence for taking reasonable steps for the prevention and detection of
fraud and other irregularities.
Under applicable law and regulations, the directors are also responsible for
preparing a Strategic Report, Directors' Report, Directors' Remuneration
Report and Corporate Governance Statement that comply with that law and those
regulations. The directors are responsible for the maintenance and integrity
of the corporate and financial information included on the Company's website.
Directors' responsibilities pursuant to DTR4
The directors confirm, to the best of their knowledge:
· that the consolidated financial statements, prepared in
accordance with UK-adopted international accounting standards give a true and
fair view of the assets, liabilities, financial position and profit of the
parent Company and undertakings included in the consolidation taken as a
whole;
· that the Annual Report, including the Strategic Report, includes
a fair review of the development and performance of the business and the
position of the Company and undertakings included in the consolidation taken
as a whole, together with a description of the principal risks and
uncertainties that they face; and
· that they consider the Annual Report, taken as a whole, is fair,
balanced and understandable and provides the information necessary for
shareholders to assess the Company's position, performance, business model and
strategy.
By order of the board,
Helen Wakeford
Company Secretary
16 December 2025
Consolidated statement of comprehensive income
For the year ended 30 September 2025
Note 2025 2024
£m £m
Revenue 5 156.8 144.9
Cost of sales (3.4) (3.0)
Gross profit 153.4 141.9
Expenses
Administrative expenses 8 (100.2) (85.0)
Expected credit losses on financial assets 22 - 0.1
Operating profit 53.2 57.0
Interest income using the effective interest method 9 10.2 10.6
Other interest and similar income 9 0.7 0.1
Interest expense 25 (0.8) (0.2)
Net policyholder returns
Net gain attributable to policyholder returns 41.5 40.2
Change in investment contract liabilities (2,753.2) (3,051.7)
Fee and commission expenses (264.4) (232.7)
Policyholder investment returns 10 3,017.6 3,284.4
Net gain attributable to policyholder returns 41.5 40.2
Profit on ordinary activities before taxation attributable to policyholders 104.8 107.7
and shareholders
Policyholder tax charge (35.7) (38.8)
Profit on ordinary activities before taxation attributable to shareholders 69.1 68.9
Total tax attributable to shareholder and policyholder returns 11 (53.5) (55.6)
Less: tax attributable to policyholder returns 11 35.7 38.8
Shareholder tax on profit on ordinary activities (17.8) (16.8)
Profit for the financial year 51.3 52.1
Other comprehensive loss
Exchange losses arising on translation of foreign operations (0.2) -
Total other comprehensive losses for the financial year (0.2) -
Total comprehensive income for the financial year 51.1 52.1
EPS
Ordinary shares - basic 7 15.5p 15.8p
Ordinary shares - diluted 7 15.5p 15.7p
All activities of the Group are classed as continuing.
Notes 1 to 35 form part of these financial statements.
Consolidated statement of financial position
As at 30 September 2025
2025 2024
Note £m £m
Non-current assets
Investments 21 2.5 -
Loans receivable 16 5.9 6.5
Intangible assets 12 13.2 20.9
Property, plant and equipment 13 5.4 1.5
Right-of-use assets 14 12.9 2.6
Deferred tax asset 26 0.7 1.1
40.6 32.6
Current assets
Investments 21 24.5 2.6
Prepayments and accrued income 22 20.2 18.8
Trade and other receivables 23 2.0 2.9
Current tax asset 0.1 1.6
Cash and cash equivalents 19 243.9 244.1
290.7 270.0
Current liabilities
Trade and other payables 24 25.5 21.7
Provisions 27 16.8 23.3
Lease liabilities 25 0.9 2.5
43.2 47.5
Non-current liabilities
Provisions 27 1.1 16.4
Lease liabilities 25 12.1 0.4
Deferred tax liabilities 26 50.0 30.0
63.2 46.8
Policyholder assets and liabilities
Cash held for the benefit of policyholders 20 1,895.0 1,622.8
Investments held for the benefit of policyholders 17 31,849.9 27,237.8
Liabilities for linked investment contracts 18 (33,744.9) (28,860.6)
- -
Net assets 224.9 208.3
Equity
Called up equity share capital 3.3 3.3
Share-based payment reserve 29 4.7 4.1
EBT reserve 30 (3.6) (3.3)
Foreign exchange reserve 31 (0.3) (0.1)
Non-distributable reserves 31 5.7 5.7
Retained earnings 215.1 198.6
Total equity 224.9 208.3
These financial statements were approved by the board of directors on 16
December 2025 and are signed on their behalf by:
Euan Marshall
Director
Company Registration Number: 08860879
Notes 1 to 35 form part of these financial statements.
Company statement of financial position
As at 30 September 2025
2025 2024
Note £m £m
Non-current assets
Investment in subsidiaries 15 42.4 46.2
Loans receivable 16 5.9 6.5
48.3 52.7
Current assets
Prepayments and accrued income 22 0.1 -
Trade and other receivables 23 0.2 0.1
Cash and cash equivalents 21.4 27.8
21.7 27.9
Current liabilities
Trade and other payables 24 1.8 3.0
Loans payable 16 1.0 1.0
2.8 4.0
Non-current liabilities
Loans payable 16 4.0 5.0
4.0 5.0
Net assets 63.2 71.6
Equity
Called up equity share capital 3.3 3.3
Share-based payment reserve 29 3.9 3.4
EBT reserve 30 (3.3) (3.0)
Profit or loss account
Brought forward retained earnings 67.9 54.6
Profit for the year 26.2 47.0
Dividends paid in the year (34.8) (33.7)
Profit or loss account 59.3 67.9
Total equity 63.2 71.6
The Company has taken advantage of the exemption in section 408 (3) of the
Companies Act 2006 and has therefore not presented its own income statement in
these financial statements.
These financial statements were approved by the board of directors on 16
December 2025 and are signed on their behalf by:
Euan Marshall
Director
IntegraFin Holdings plc
Company Registration Number: 08860879
Notes 1 to 35 form part of these financial statements.
Consolidated statement of cash flows
For the year ended 30 September 2025
2025 2024
£m £m
Cash flows from operating activities
Profit on ordinary activities before taxation attributable to policyholders 104.8 107.7
and shareholders
Adjustments for non-cash movements:
Amortisation and depreciation 3.3 2.2
Loss on disposal of PPE 0.2 -
Share-based payment charge 2.7 2.3
Interest charged on lease 0.6 0.2
Other interest 0.2 -
Decrease in provisions (21.8) (8.5)
Impairment of goodwill and intangible assets 7.5 -
Adjustments for cash effecting investing and financing activities:
Interest on cash and loans (10.9) (10.7)
Adjustments for statement of financial position movements:
Increase in trade and other receivables, and prepayments and accrued income (0.5) (0.9)
Increase in trade and other payables 3.8 2.2
Adjustments for policyholder balances:
Increase in investments held for the benefit of policyholders (4,612.1) (4,216.1)
Increase in liabilities for linked investment contracts 4,884.3 4,419.7
Decrease in policyholder tax recoverable (18.8) (11.0)
Cash generated from operations 343.3 287.1
Income tax paid (12.9) (9.7)
Interest paid on lease liabilities (0.1) (0.2)
Other interest paid (0.2) -
Net cash flows generated from operating activities 330.1 277.2
Investing activities
Acquisition of property, plant and equipment (4.6) (0.9)
Purchase of investments (26.9) (2.5)
Redemption of investments 2.5 22.8
Decrease/(increase) in loans 0.6 (0.2)
Interest on cash and loans held 10.4 10.2
Net cash (used in)/ generated from investing activities (18.0) 29.4
Financing activities
Purchase of own shares in EBT (1.0) (0.8)
Purchase of shares for share scheme awards (1.8) (1.5)
Equity dividends paid (34.7) (33.7)
Payment of principal portion of lease liabilities (2.4) (0.8)
Net cash used in financing activities (39.9) (36.8)
Net increase in cash and cash equivalents 272.2 269.8
Cash and cash equivalents at beginning of year 1,866.9 1,597.1
Exchange losses on cash and cash equivalents (0.2) -
Cash and cash equivalents at end of year 2,138.9 1,866.9
Cash and cash equivalents consist of:
Cash and cash equivalents 243.9 244.1
Cash held for the benefit of policyholders 1,895.0 1,622.8
Cash and cash equivalents 2,138.9 1,866.9
Notes 1 to 35 form part of these financial statements.
Company statement of cash flows
For the year ended 30 September 2025
2025 2024
£m £m
Cash flows from operating activities
Loss before interest and dividends attributable to shareholders (13.7) (14.1)
Adjustments for non-cash movements:
Impairment of subsidiary 6.3 6.3
Adjustment for statement of financial position movements:
Decrease in trade and other receivables, and prepayments and accrued income (0.2) -
(Decrease)/increase in trade and other payables (1.2) 0.5
Net cash flows used in operating activities (8.8) (7.3)
Investing activities
Dividends received 39.1 60.5
Acquisition of subsidiary shares - (15.0)
Interest on cash and loans 1.2 1.2
Decrease/(increase) in loans 0.6 (0.2)
Net cash generated from investing activities 40.9 46.5
Financing activities
Purchase of own shares in EBT (0.9) (0.6)
Purchase of shares for share scheme awards (1.4) (1.4)
Repayment of loans (1.0) (1.0)
Interest expense on loans (0.4) (0.7)
Equity dividends paid (34.8) (33.7)
Net cash used in financing activities (38.5) (37.4)
Net (decrease)/ increase in cash and cash equivalents (6.4) 1.8
Cash and cash equivalents at beginning of year 27.8 26.0
Cash and cash equivalents at end of year 21.4 27.8
Notes 1 to 35 form part of these financial statements.
Consolidated statement of changes in equity
For the year ended 30 September 2025
Called up Non- Share-based EBT Retained Total equity
equity share distributable payment reserve earnings
capital insurance reserve
and
foreign
exchange
reserves
£m £m £m £m £m £m
Balance at 1 October 2023 3.3 5.6 3.4 (2.6) 180.2 189.9
Comprehensive income for the year:
Profit for the year - - - - 52.1 52.1
Total comprehensive income for the year - - - - 52.1 52.1
Share-based payment expense - - 2.3 - - 2.3
Settlement of share-based payment - - (1.6) - - (1.6)
Purchase of own shares in EBT - - - (0.8) - (0.8)
Exercised share options - - - 0.1 - 0.1
Distributions to owners - dividends paid - - - - (33.7) (33.7)
Balance at 30 September 2024 3.3 5.6 4.1 (3.3) 198.6 208.3
Balance at 1 October 2024 3.3 5.6 4.1 (3.3) 198.6 208.3
Comprehensive income for the year:
Profit for the year - - - - 51.3 51.3
Movement in currency translation - (0.2) - - - (0.2)
Total comprehensive income for the year - (0.2) - - 51.3 51.1
Share-based payment expense - - 2.7 - - 2.7
Settlement of share-based payment - - (2.1) - - (2.1)
Purchase of own shares in EBT - - - (0.9) - (0.9)
Exercised share options - - - 0.6 - 0.6
Other movements - - - - (0.1) (0.1)
Distributions to owners - dividends paid - - - - (34.7) (34.7)
Balance at 30 September 2025 3.3 5.4 4.7 (3.6) 215.1 224.9
Notes 1 to 35 form part of these financial statements.
Company statement of changes in equity
For the year ended 30 September 2025
Called up Share-based EBT Retained Total equity
equity share payment reserve earnings
capital reserve
£m £m £m £m £m
Balance at 1 October 2023 3.3 2.7 (2.4) 54.6 58.2
Comprehensive income for the year:
Profit for the year - - - 47.0 47.0
Total comprehensive income for the year - - - 47.0 47.0
Share-based payment expense - 2.1 - - 2.1
Settlement of share-based payments - (1.4) - - (1.4)
Purchase of own shares in EBT - - (0.6) - (0.6)
Distributions to owners - dividends paid - - - (33.7) (33.7)
Balance at 30 September 2024 3.3 3.4 (3.0) 67.9 71.6
Balance at 1 October 2024 3.3 3.4 (3.0) 67.9 71.6
Comprehensive income for the year:
Profit for the year - - - 26.2 26.2
Total comprehensive income for the year - - - 26.2 26.2
Share-based payment expense - 2.4 - - 2.4
Settlement of share-based payments - (1.9) - - (1.9)
Purchase of own shares in EBT - - (0.3) - (0.3)
Distributions to owners - dividends paid - - - (34.8) (34.8)
Balance at 30 September 2025 3.3 3.9 (3.3) 59.3 63.2
Notes 1 to 35 form part of these financial statements.
Notes to the financial statements
For the year ended 30 September 2025
1. Basis of preparation and material accounting policies
General information
IntegraFin Holdings plc (the 'Company'), a public limited company incorporated
and domiciled in the United Kingdom (UK), along with its subsidiaries
(collectively the Group), offers a range of services which are designed to
help financial advisers and their clients to manage financial plans in a
simple, effective and tax efficient way.
The registered office address, and principal place of business, changed from
29 Clement's Lane London EC4N 7AE to 4th Floor 2 Gresham Street London EC2V
7AD on 5 September 2025.
a) Basis of preparation
The consolidated financial statements (financial statements) have been
prepared and approved by the directors in accordance with UK-adopted
international accounting standards (IFRSs).
The financial statements have been prepared on the historical cost basis,
except for the revaluation of certain financial instruments, which are stated
at their fair value have been prepared in pound sterling, which is the
presentational and functional currency of the Group and Company, and are
rounded to the nearest hundred thousand.
Climate risks have been considered where appropriate in the preparation of
these financial statements, with particular consideration given to the impact
of climate risk on the fair value calculations and impairment assessments.
This has concluded that the impact of climate risk on the financial statements
is not material.
Going concern
The financial statements have been prepared on a going concern basis,
following an assessment by the board.
Going concern is assessed over the 12-month period from when the Annual Report
is approved, and the board has concluded that the Group has adequate
resources, liquidity and capital to continue in operational existence for at
least this period. This is supported by:
• The current financial position of the Group:
- The Group maintains a conservative balance sheet and manages and
monitors solvency and liquidity on an ongoing basis, ensuring that it always
has sufficient financial resources for the foreseeable future.
- As at 30 September 2025, the Group had £243.9 million of
shareholder cash on the Consolidated Statement of Financial Position,
demonstrating that liquidity remains strong.
• Detailed cash flow and working capital projections.
• Stress testing of liquidity, profitability and regulatory capital,
taking account of principal risks and possible adverse changes in both the
economic and geopolitical climate. These scenarios provide assurance that the
Group has sufficient capital and liquidity to operate under stressed
conditions.
When making this assessment, the board has taken into consideration both the
Group's current performance and the future outlook, including the political
and geopolitical instability, and a tough macro-environment with ongoing
higher interest rates and cost of living pressures. The environment has been
challenging during the year, but our financial and operational performance has
been robust, and the Group's fundamentals remain strong.
Stress and scenario testing has been carried out, in order to understand the
potential financial impacts of severe, yet plausible, scenarios on the Group.
This assessment incorporated a number of stress tests covering a broad range
of scenarios, including a cyber attack, system and process failures, depressed
markets, and climate-related impacts.
Having conducted detailed cash flow and working capital projections and
stress-tested liquidity, profitability and regulatory capital, taking account
of the economic challenges mentioned above, the board is satisfied that the
Group is well placed to manage its business risks. The board is also satisfied
that it will be able to operate within the regulatory capital limits imposed
by the FCA, PRA, and Isle of Man Financial Services Authority (IoM FSA).
The board has concluded that the Group has adequate resources to continue its
operations, including operating in surplus of the regulatory capital and
liquidity requirements imposed by regulators, for a period of at least 12
months from the date this Annual Report is approved. For this reason, they
have adopted the going concern basis for the preparation of the financial
statements.
Basis of consolidation
The financial statements incorporate the financial statements of the Company
and its subsidiaries. Where the Company has control over an investee, it is
classified as a subsidiary. The Company controls an investee if all three of
the following elements are present: power over the investee, exposure to
variable returns from the investee, and the ability of the investor to use its
power to affect those variable returns. Control is presumed to exist where the
Group owns the majority of the voting rights of an entity. Control is
reassessed whenever facts and circumstances indicate that there may be a
change in any of these elements of control.
Subsidiaries are fully consolidated from the date on which control is obtained
by the Company and are deconsolidated from the date that control ceases.
Acquisitions are accounted for under the acquisition method. Intercompany
transactions, balances, income and expenses, and profits and losses are
eliminated on consolidation.
The financial statements of all of the wholly owned subsidiary companies are
incorporated into the financial statements. Two of these subsidiaries,
IntegraLife International Limited (ILInt) and IntegraLife UK Limited (ILUK),
issue contracts with the legal form of insurance contracts, but which do not
transfer significant insurance risk from the policyholder to the Company, and
which are therefore accounted for as investment contracts.
In accordance with IFRS 9, the contracts concerned are therefore reflected in
the Consolidated Statement of Financial Position as investments held for the
benefit of policyholders, and a corresponding liability to policyholders.
Changes to International Financial Reporting Standards
Interpretations and standards which became effective during the year.
The following amendments and interpretations became effective during the year.
Their adoption has not had any significant impact on the Group.
Amendments to Classification of Liabilities as Current or Non-Current Liabilities with The amendments to IAS 1 clarify how to classify liabilities as current or 1 January 2024
Covenants non-current when covenants are involved. They require consideration regarding
IAS 1 compliance and enhanced disclosure requirements for covenants.
Amendments to Lease Liability in a Sale and Leaseback The amendments to IFRS 16 clarify how a seller-lessee should measure lease 1 January 2024
liabilities arising from a sale and leaseback transaction. They require the
IFRS 16 lease liability to reflect payments for the right-of-use asset without
inflating the gain or loss on the sale.
Amendments to Disclosures: Supplier Finance Arrangements The amendments introduce new disclosure requirements for supplier finance 1 January 2024
arrangements to improve transparency about their impact on an entity's
IAS 7 and IFRS 7 liabilities and cash flows. Qualitative and quantitative information is
required, including terms and amounts outstanding.
Interpretations and standards in issue but not yet effective.
The following new standards and amendments are in issue but not yet effective.
The Group has not early adopted any standard, interpretation or amendment that
has been issued but is not yet effective and does not expect these to have a
material impact on the financial statements of the Group based on the
assessment performed.
While the introduction of IFRS 18 will give rise to presentational changes,
there are no changes to the underlying numbers and accounting principles. The
Group has performed an initial assessment and will continue to monitor
developments ahead of implementation.
Amendments to Lack of Exchangeability The amendments to IAS 21 clarify how to determine an exchange rate when a 1 January 2025
currency cannot be exchanged into another due to restrictions. Entities must
IAS 21 estimate a spot rate that reflects an orderly transaction under prevailing
conditions and disclose related judgments and impacts.
IFRS 18 Presentation and Disclosures in Financial Statements IFRS 18 replaces most of IAS 1 and introduces a new income statement structure 1 January 2027
with mandatory subtotals and categories (Operating, Investing, Financing). It
also requires disclosure and reconciliation of management-defined performance
measures and enhances aggregation/disaggregation principles for clearer
presentation.
IFRS 19 Subsidiaries without Public Accountability: Disclosures IFRS 19 introduces an optional reduced-disclosure framework for subsidiaries 1 January 2027
without public accountability that apply full IFRS recognition and
measurement, aiming to cut reporting costs while maintaining useful
information for users.
IFRS 9 and IFRS 7 Amendments to the Classification and Measurement of Financial Instruments The amendments refine IFRS 9 and IFRS 7 by clarifying how to classify 1 January 2026
financial assets with ESG-linked or contingent features, updating
derecognition rules for electronic settlements, and introducing new disclosure
requirements to improve consistency and transparency.
b) Material accounting policies
Revenue from contracts with customers
Revenue represents the fair value of services supplied by the Group. All fee
income is recognised as revenue on an accruals basis and in line with the
provision of the services.
Fee and commission income is recognised at an amount that reflects the
consideration to which the Group expects to be entitled in exchange for
providing the services.
The performance obligations, as well as the timing of their satisfaction, are
identified, and determined, at the inception of the contract.
When the Group provides a service to its customers, consideration is generally
due immediately upon satisfaction of a service provided at a point in time or
at the end of the contract period for a service provided over time. The Group
has generally concluded that it is the principal in its revenue arrangements
because it typically controls the services before transferring them to the
customer.
The Group has discharged all of its obligations in relation to contracts with
customers, and the amounts received or receivable from customers equal the
amount of revenue recognised on the contracts. All amounts due from customers
are therefore recognised as receivables within accrued income, and the Group
has no contract assets or liabilities.
Fee income comprises:
Recurring annual charges
The recurring annual charges are for the administration of products on the
Transact platform, and is levied monthly in arrears on the average value of
assets and cash held on the platform. The value of assets and cash held on the
platform is driven by market movements, inflows, outflows and other factors.
Recurring wrapper charges
Recurring wrapper charges are applied on the tax wrappers held by clients and
are levied quarterly in arrears based on fixed fees for each wrapper type.
Recurring annual charges and wrapper charges relate to services provided on an
ongoing basis, and revenue is therefore recognised on an ongoing basis to
reflect the nature of the performance obligations being discharged. As the
benefit to the customer of the services is transferred evenly over the service
period, these fees are recognised as revenue evenly over the period, based on
time elapsed.
Accrued income on both the recurring annual charges and wrapper charges is
recognised as prepayments and accrued income on the Consolidated Statement of
Financial Position, as the Group's right to consideration is conditional on
nothing other than the passage of time.
Adviser back-office technology - Licence income
Licence income is the rental charge for use of access to T4A's CRM software.
The rental charge is billed monthly in advance, based on the number of users.
Revenue is recognised in line with the provision of the service.
Adviser back-office technology - Consultancy income
Consultancy income relates to consultancy services provided by T4A on an
as-needs basis. Revenue is recognised when performance obligations are met (in
line with IFRS 15). Accrued consultancy income is recognised as a financial
asset on the statement of financial position. The Group's right to
consideration is conditional on provision of the consultancy service.
Other income
This comprises buy commission and dealing charges. These are charges levied on
the acquisition of assets, due upon completion of the transaction. Revenue is
recorded on the date of completion of the transaction, as this is the date the
services are provided to the customer. As the benefit to the customer of the
services is transferred at a point in time, these fees are recognised at the
point they are provided.
Buy commissions were discontinued on 1 March 2024.
Interest income
Interest income arises from shareholder cash and cash equivalents, cash and
cash equivalents held for the benefit of policyholders, loans, and coupon
payments on UK Government gilts held as shareholder investments.
Interest income on shareholder assets is recognised within interest income in
the Consolidated Statement of Comprehensive Income, and Interest income on
policyholder assets is recognised within policyholder returns.
All interest income is recognised using the effective interest method, in
accordance with IFRS 9, and reflects the accrual of contractual interest over
the relevant period. For financial assets measured at fair value, however,
distributions received are recognised as other interest and similar income in
the Statement of Comprehensive Income when the right to receive payment is
established.
Cost of sales
Cost of sales relates to costs directly attributable to the supply of services
provided to the Group and are recognised in the Consolidated Statement of
Comprehensive Income on an accruals basis.
Administrative expenses
Administration expenses relate to overhead costs and are recognised in the
Consolidated Statement of Comprehensive Income on an accruals basis.
Fee and commission expenses
Fee and commission expenses are paid by ILUK and ILInt policyholders to their
financial advisers. Expenses comprise the annual charge which is levied
monthly in arrears on the average value of assets and cash held on the
platform in the month and upfront fees charged on new premiums on the
platform.
Investments
Investment in subsidiaries are stated at cost less any provision for
impairment.
Other investments comprise UK Government gilts held as shareholder
investments. Gilts were acquired in both the current and previous financial
years, which were assessed upon purchase and deemed to meet the criteria to
classify as amortised cost under IFRS 9 Financial Instruments, namely:
• they are held within a business model whose objective is to hold
assets in order to collect contractual cash flows; and
• the contractual terms of the financial assets give rise on
specified dates to cash flows that are solely payments of principal and
interest on the principal amount outstanding.
Investment contracts - investments held for the benefit of policyholders
Investment contracts held for the benefit of policy holders are comprised of
unit-linked contracts. Investments held for the benefit of policyholders are
stated at fair value and reported on a separate line in the Consolidated
Statement of Financial Position, see accounting policy on financial
instruments for fair value determination. Investment contracts result in
financial liabilities whose fair value is dependent on the fair value of
underlying financial assets. They are designated at inception as financial
liabilities at 'fair value through profit or loss' in order to reduce an
accounting mismatch with the underlying financial assets. Gains and losses
arising from changes in fair value are presented in the Consolidated Statement
of Comprehensive Income within "policyholder investment returns".
The net gain attributable to policyholder returns arise due to releases of tax
charges reserved for policyholders to shareholder profit. These are made
throughout the year to recognise any corporate benefit on policyholder
charges, and include two elements:
1. The Annual Management Charges (AMCs) - under HMRC rules, ILUK's
corporate I-E tax is calculated net of management expenses relating to
insurance products. Policyholders, on the other hand, are charged tax on their
income and gains before expenses are deducted. This gives rise to a difference
between the amount recorded as policyholder tax and the amount paid to HMRC as
the tax payable is based on the I-E calculation. This is a permanent
difference arising as a result of the different methodologies and it is
industry practice to recognise this as shareholder profit. ILUK uses the AMC
method of calculating tax relief on policyholder expenses to determine the
release to profit. This release to profit is taxed as corporate income at the
corporate tax rate.
2. Surplus reserves - there is also an annual release of any cash held
in reserves which cannot be refunded back to policyholders, due to the
policyholder moving provider or surrendering their policy. The surplus
released to profit is taxed as corporate income at the corporate tax rate.
Investment inflows received from policyholders are invested in funds selected
by the policyholders. The resulting liabilities for linked investment
contracts are accounted for under the "fair value through profit or loss"
option, in line with the corresponding assets as permitted by IFRS 9.
As all investments held for the benefit of policyholders are matched entirely
by corresponding linked liabilities; any gain or loss on assets recognised
through the Consolidated Statement of Comprehensive Income are offset entirely
by the gains and losses on linked liabilities, which are recognised within the
"change in investment contract liabilities" line. The overall net impact of
"change in investment contract liabilities", "fee and commission expenses" and
"policyholder investment returns" on profit is therefore £nil.
Policyholder provisions released to shareholder profit are recognised in the
Consolidated Statement of Comprehensive Income within net gain attributable to
policyholders.
Investment contracts are measured at fair value using quoted mid prices that
are available at the reporting date and are traded in active markets. Where
this is not available, valuation techniques are used to establish the fair
value at each reporting date.
The Company's main valuation techniques incorporate all factors that market
participants would consider and are based on observable market data. The
financial liability is measured both initially and subsequently at fair value.
The fair value of a unit-linked financial liability is determined using the
fair value of the financial assets contained within the funds linked to the
financial liability.
Dividends
Equity dividends paid are recognised in the accounting period in which the
dividends are declared and approved.
Intangible non-current assets
Intangible non-current assets, excluding goodwill, are stated at cost less
accumulated amortisation and comprise intellectual property software rights.
The software rights were amortised over seven years on a straight line basis,
as it was estimated that the software would be rewritten every seven years,
and therefore have a finite useful life. The software rights are now fully
amortised, but due to ongoing system development and coding updates no
replacement is required.
Goodwill is held at cost and, in accordance with IFRS, is not amortised but is
subject to annual impairment reviews.
Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation
and accumulated impairment losses. Cost includes expenditures that are
directly attributable to the acquisition of the asset. Subsequent costs are
included in the asset's carrying amount or recognised as a separate asset, as
appropriate, only when it is probable that future economic benefits associated
with the item will flow to the Group and the cost can be measured reliably.
Repairs and maintenance costs are charged to the Consolidated Statement of
Comprehensive Income during the period in which they are incurred.
The major categories of property, plant, equipment are depreciated as follows:
Asset class All UK and Isle of Man entities Australian entity
Leasehold improvements Straight line over the life of the lease Straight line over 40 years
Fixtures and fittings Straight line over 10 years Straight line over 10 years
Equipment Straight line over 3 to 10 years Straight line over 3 years
Motor vehicles N/A 25% reducing balance
Residual values, methods of depreciation and useful lives of the assets are
reviewed annually and adjusted if appropriate.
Goodwill and goodwill impairment
Goodwill represents the excess of the cost of an acquisition over the fair
value of the Group's share of the identifiable net assets of the acquired
entity at the date of acquisition. Goodwill is recognised as an asset at cost
at the date when control is achieved and is subsequently measured at cost less
any accumulated impairment losses.
Goodwill is allocated to one or more CGUs expected to benefit from the
synergies of the combination, where the CGU represents the smallest
identifiable group of assets that generates cash inflows that are largely
independent of the cash inflows from other assets or group of assets. Goodwill
is reviewed for impairment at least once annually, and also whenever
circumstances or events indicate there may be uncertainty over this value. The
impairment assessment compares the carrying value of goodwill to the
recoverable amount, which is the higher of value in use and the fair value
less costs of disposal. Any impairment loss is recognised immediately in the
Consolidated Statement of Comprehensive Income and is not subsequently
reversed.
Impairment of investments in subsidiaries
Investments in subsidiaries are recognised by the Company at cost. The Company
assesses at each reporting date, whether there is an indication that an
investment in subsidiaries may be impaired. The impairment assessment compares
the carrying value of the investment to the recoverable amount, which is the
higher of value in use and the fair value less costs of disposal. Any
impairment loss is recognised immediately in the Consolidated Statement of
Comprehensive Income. When the circumstances that caused the impairment loss
are favourably resolved, the impairment loss is reversed immediately.
Intangible assets acquired as part of a business combination
Intangible assets acquired as part of a business combination are recognised
where they are separately identifiable and can be measured reliably.
Acquired intangible assets consist of contractual customer relationships,
software and brand. These items are capitalised at their fair value, which are
based on either the 'relief from royalty' valuation methodology or the
'multi-period excess earnings method', as appropriate for each asset.
Subsequent to initial recognition, acquired intangible assets are measured at
cost less accumulated amortisation and any recognised impairment losses.
Amortisation is recognised in the Consolidated Statement of Comprehensive
Income within administration expenses on a straight line basis over the
estimated useful lives of the assets, which are as follows:
Asset class Useful life
Customer relationships 15 years
Software 7 years
Brand 10 years
The method of amortisation and useful lives of the assets are reviewed
annually and adjusted if appropriate.
Impairment of non-financial assets
Property, plant and equipment, right-of-use assets and intangible assets are
tested for impairment when events or changes in circumstances indicate that
the carrying amount may not be recoverable. The recoverable amount is the
higher of an asset's fair value less costs of disposal and value in use (being
the present value of the expected future cash flows of the relevant asset).
The Group evaluates impairment losses for potential reversals when events or
circumstances warrant such consideration.
Pensions
The Group makes defined contributions to the personal pension schemes of its
employees. These are chargeable to Consolidated Statement of Comprehensive
Income in the period in which they become payable.
Foreign currencies
Transactions in foreign currencies are translated into the functional currency
at the exchange rate in effect at the date of the transaction. Foreign
currency monetary assets and liabilities are translated to sterling at the
year-end closing rate. Foreign exchange differences are presented net in the
Consolidated Statement of Comprehensive Income as foreign exchange gains or
losses, and are recorded under "Other Costs" within administrative expenses.
The assets and liabilities of foreign operations are translated to sterling
using the year-end closing exchange rate. The revenues and expenses of foreign
operations are retranslated to sterling at rates approximating the foreign
exchange rates ruling at the relevant month of the transactions. Foreign
exchange differences arising on retranslation are recognised directly in the
foreign exchange reserve.
Taxation
Current income tax
The taxation charge is based on the taxable result for the year. The taxable
result for the year is determined in accordance with enacted legislation and
taxation authority practice for calculating the amount of corporation tax
payable.
Policyholder tax comprises corporation tax payable at the policyholder rate on
the policyholder share of the taxable result for the year, together with
deferred tax at the policyholder rate on temporary differences relating to
policyholder items.
Current income tax assets and liabilities are measured at the amount expected
to be recovered from or paid to the taxation authorities. The tax rates and
tax laws used to compute the amount are those that are enacted or
substantively enacted at the reporting date in countries where the Group
operates and generates taxable income. Management periodically evaluates
positions taken in the tax returns with respect to situations in which
applicable tax regulations are subject to interpretation and establishes
provisions where appropriate.
Deferred tax
Deferred tax assets and liabilities are recognised where the carrying amount
of an asset or liability in the Consolidated Statement of Financial Position
differs from its tax base. The amount of the asset or liability is determined
using tax rates that have been enacted or substantively enacted by the
reporting date and are expected to apply when the deferred tax
assets/liabilities are recovered/settled.
With regard to capital gains tax on policyholders' future tax obligations,
management has determined that reserves should be held to cover this, based on
a reserve charge rate of 20%. The deferred capital gains upon which the
reserve charges are calculated are reflected in the closing deferred tax
balance.
The carrying amount of deferred tax assets is reviewed at each reporting date
and reduced to the extent that it is no longer probable that sufficient tax
profit will be available to allow all or part of the deferred tax asset to be
utilised. Unrecognised deferred tax assets are reassessed at each reporting
date and are recognised to the extent that it has become probable that future
taxable profits will allow the deferred tax asset to be recovered.
In assessing the recoverability of deferred tax assets, the Group relies on
the same forecast assumptions used elsewhere in the financial statements and
in other management reports, which, among other things, reflect the potential
impact of climate-related developments on the business, such as increased cost
of production as a result of measures to reduce carbon emissions.
The Group offsets deferred tax assets and deferred tax liabilities if and only
if it has a legal enforceable right to set off current tax assets and current
tax liabilities and the deferred tax assets and deferred tax liabilities
relate to income taxes levied by the same taxation authority on either the
same taxable entity or different taxable entities which intend to either
settle current tax liabilities and assets on a net basis, or to realise the
assets and settle the liabilities simultaneously, in each future period in
which significant amounts of deferred tax liabilities or assets are expected
to be settled or recovered.
Policyholder tax
HMRC requires ILUK to charge basic rate income tax on its life insurance
policies (FA 2012, s.102). ILUK collects this tax quarterly, by charging 20%
tax (2024: 20%) on gains from assets held in the policies, based on the
policyholder's acquisition costs and market value at each quarter end.
Additional charges are applied on any increases in the previously charged
gain. The charge is adjusted by the fourth financial year quarter so that the
total charge for the year is based on the gain at the end of the financial
year. When assets are sold at a loss or reduce in market value by the
financial year end, a refund of the charges may be applied. Policyholder tax
is recorded as a tax expense/(tax credit) in the Consolidated Statement of
Comprehensive Income, with a corresponding asset/(liability) recognised on the
Consolidated Statement of Financial Position (under IAS 12).
Segmental reporting
Operating segments are reported in a manner consistent with the internal
reporting provided to the chief operating decision maker. The chief operating
decision maker is responsible for allocating resources and assessing
performance of the operating segments and has been identified as the Chief
Executive Officer of the Company.
Client assets and client monies
IFAL client assets and client monies are not recognised in the Parent and
Consolidated Statements of Financial Position as they are owned by the clients
of IFAL.
Funds held for bonds pending approval
Funds held for bonds pending approval are short-term, non-interest-bearing,
and measured at amortised cost, which is not materially different from cost
and approximates fair value. These funds are maintained in a designated client
account while awaiting approval prior to issuance.
Lease assets and lease liabilities
Right-of-use assets
The Group recognises right-of-use assets on the date the leased asset is made
available for use by the Group. These assets relate to rental leases for the
office of the Group, which have varying terms clauses and renewal rights.
Right-of-use assets are measured at cost, less any accumulated depreciation
and impairment losses, and adjusted for any re-measurement of lease
liabilities. The cost of right-of-use assets includes the amount of lease
liabilities recognised, initial direct costs incurred, and lease payments made
at or before the commencement date. Depreciation is applied in accordance with
IAS 16 Property, Plant and Equipment. Right-of-use assets are depreciated over
the lease term. See notes 13 and 14.
Lease liabilities
The Group measures lease liabilities in line with IFRS 16 on the Consolidated
Statement of Financial Position as the present value of all future lease
payments, discounted using an incremental borrowing rate at the date of
commencement. After the commencement date, the amount of lease liabilities is
increased to reflect the addition of interest and reduced for the lease
payments made. The Group's incremental borrowing rate is the rate at which a
similar borrowing could be obtained from an independent creditor under
comparable terms and conditions. See note 25.
Cash and cash equivalents
Cash and cash equivalents comprise cash balances from instant access and
notice accounts, call deposits, and other short-term deposits with an original
maturity of three months or less. The carrying amount of these assets
approximates to their fair value.
Money Market Funds (MMFs) are classified as cash and cash equivalents and
measured at fair value through profit or loss. These MMFs are held primarily
to provide liquidity and generate short-term returns on cash holdings, while
maintaining a low risk of changes in value, rather than holding them to
collect contractual cash flows. Consequently, these financial assets are
recognised initially at fair value, and any subsequent changes in their fair
value are recognised directly in the statement of comprehensive income.
Cash and cash equivalents held for the benefit of the policyholders are held
to cover the liabilities for unit-linked investment contracts. These amounts
are 100% matched to corresponding liabilities.
Financial instruments
Financial assets and liabilities are recognised when the Group becomes a party
to the contractual provisions of the instrument. Financial assets are
derecognised when the rights to receive cash flows from the assets have
expired or have been transferred and the Group has transferred substantially
all risks and rewards of ownership. Financial liabilities are derecognised
when the obligation specified in the contract is discharged, cancelled or
expires.
At initial recognition, the Group classifies its financial instruments in the
following categories, based on the business model in which the assets are
managed and their cash flow characteristics:
(i) Financial assets and liabilities at fair value through profit or loss
This category includes financial assets and liabilities acquired principally
for the purpose of selling or repurchasing in the short-term, comprising of
listed shares and securities.
Financial instruments in this category are recognised on the trade date, and
subsequently measured at fair value. Purchases and sales of securities are
recognised on the trade date. Transaction costs are expensed in the
Consolidated Statement of Comprehensive Income. Gains and losses arising from
changes in fair value are presented in the Consolidated Statement of
Comprehensive Income within in the period in which they arise; for
policyholder assets this is within "policyholder investment returns".
Financial assets and liabilities at fair value through profit or loss are
classified as current except for the portion expected to be realised or paid
beyond 12 months of the Consolidated Statement of Financial Position date,
which are classified as long term.
(ii) Financial assets at amortised cost
These assets comprised of accrued income, trade and other receivables,
investments in gilts and cash and cash equivalents excluding money market
funds. These are included in current assets due to their short-term nature,
except for the loan which is included in non-current assets.
Financial assets are measured at amortised cost when they are held within the
business model whose objective is to hold assets to collect contractual cash
flows and their contractual cash flows represent solely payments of principal
and interest.
The carrying value of assets held at amortised cost are adjusted for
impairment arising from expected credit losses (ECLs).
(iii) Financial liabilities at amortised cost
Financial liabilities at amortised cost comprise trade and other payables and
loans payable. These are initially recognised at fair value. Subsequent
measurement is at amortised cost using the effective interest method. Trade
and other payables are classified as current liabilities due to their
short-term nature. The loan is split between current and non-current
liabilities, based on the repayment terms.
Impairment of financial assets
ECLs are required to be measured through a loss allowance at an amount equal
to:
• the 12-month ECLs (ECLs from possible default events within 12
months after the reporting date); or
• full lifetime ECLs (ECLs from all possible default events over the
life of the financial instrument).
A loss allowance for full lifetime ECLs is required for a financial instrument
if the credit risk of that financial instrument has increased significantly
since initial recognition, as well as to contract assets or trade receivables,
where the simplified approach is applied to assets that do not contain a
significant financing component.
For all other financial instruments, ECLs are measured at an amount equal to
the 12-month ECLs.
Impairment losses on financial assets carried at amortised cost are reversed
in subsequent periods if the ECLs decrease.
Provisions
Provisions are recognised when the Group has a present obligation (legal or
constructive) as a result of a past event, it is probable that an outflow of
resources embodying economic benefits will be required to settle the
obligation and a reliable estimate can be made of the amount of the
obligation.
If the effect of the time value of money is material, provisions are
discounted using a current pre-tax rate that reflects, when appropriate, the
risks specific to the liability. When discounting is used, the increase in the
provision due to the passage of time is recognised as a finance cost.
The ILUK policyholder reserves, which are part of the provisions balance,
arises from tax reserve charges collected from life insurance policyholders,
which are held to cover possible future tax liabilities. If no tax liability
arises the charges are refunded to policyholders, where possible. As these
liabilities are of uncertain timing or amounts, they are recognised as
provisions on the Consolidated Statement of Financial Position.
Balances due to HMRC are considered under IAS 12 Income Taxes, whereas
balances due to policyholders are considered under IAS 37 Provisions,
Contingent Liabilities and Contingent Assets.
Share-based payments
Equity-settled share-based payment awards granted to employees are measured at
fair value at the date of grant. The awards are recognised as an expense, with
a corresponding increase in equity, spread over the vesting period of the
awards, which accords with the period for which related services are provided.
The total amount expensed is determined by reference to the fair value of the
awards as follows:
(i) SIP shares
The fair value is the market price on the grant date. There are no vesting
conditions, as the employees receive the shares immediately upon grant.
(ii) Deferred bonus Share Option Plan
The fair value of share options is determined by applying a valuation
technique, usually an option pricing model, such as Black Scholes. This takes
into account factors such as the exercise price, the share price, volatility,
interest rates, and dividends.
At each reporting date, the estimate of the number of share options expected
to vest based on the non-market vesting conditions is assessed. Any change to
original estimates is recognised in the Consolidated Statement of
Comprehensive Income, with a corresponding adjustment to the share-based
payment reserve in the Consolidated Statement of Financial Position.
iii) Combined Incentive Plan (CIP)
The Group operates a CIP under which conditional awards are granted to
selected employees. Awards are structured in tiers, comprising of cash and
shares, and these share awards are expected to be equity settled, subject to
performance conditions and deferral or holding periods.
Cash awards are accounted for in accordance with IAS 19 Employee Benefits
whereas the share awards are accounted for in accordance with IFRS 2
Share-based Payment. The fair value of the equity awards is determined at the
grant date and recognised as an expense over the vesting period, with a
corresponding increase in equity.
Performance conditions are non-market based and are considered in estimating
the number of awards expected to vest.
Where awards are settled in cash, a liability is recognised and remeasured at
each reporting date until settlement.
Equity-settled awards are not remeasured after the grant date.
2. Significant accounting estimates and judgements
The preparation of the Group's consolidated financial statements requires
management to make judgements, estimates and assumptions that affect the
reported amounts of revenues, expenses, assets and liabilities, and the
accompanying disclosures, and the disclosure of contingent liabilities.
Uncertainty about these assumptions and estimates could result in outcomes
that require a material adjustment to the carrying amount of assets or
liabilities affected in future periods.
Judgements
In the process of applying the Group's accounting policies, management has
made the following judgements, which have the most significant effect on the
amounts recognised in the consolidated financial statements:
ILUK tax provision (Group)
The assessment to recognise the tax provision comes from an evaluation of the
likelihood of a constructive or legal obligation and whether that obligation
can be estimated reliably. The provision required has been calculated based on
an estimation of tax payable to HMRC and refunds payable back to
policyholders. While the estimates are not considered to be significant, as
they are based on reliable data, the decision to treat the full balance of the
reserves as a provision on the statement of financial position is considered a
significant judgement.
Estimates
The key assumptions concerning the future and other key sources of estimation
uncertainty at the reporting date, that have a significant risk of causing a
material adjustment to the carrying amounts of assets and liabilities within
the next financial year, are described below. The Group based its estimates on
parameters available when the consolidated financial statements were prepared.
Existing circumstances and assumptions about future developments, however, may
change due to market changes or circumstances arising that are beyond the
control of the Group. Such changes are reflected in the assumptions when they
occur.
Goodwill (Group) and investments in subsidiaries (IHP company)
Impairment exists when the carrying value of an asset or cash generating unit
exceeds its recoverable amount, which is the higher of its fair value less
costs of disposal and its value in use. The value in use calculation is based
on a discounted cash flow (DCF) model. The cash flows are derived from the
budget for the next five years, and extrapolated beyond that based on the
long-term growth rate. The recoverable amount is sensitive to the discount
rate and long term growth rate used in the DCF model as well as the expected
future cash inflows and outflows. The key assumptions used to determine the
recoverable amount for the different CGUs, including a sensitivity analysis,
are disclosed and further explained in notes 12 and 15.
3. Financial instruments
(i) Principal financial instruments
The principal financial instruments, from which financial instrument risk
arises, are as follows:
• Trade and other receivables
• Accrued income
• Investments - gilts
• Investments - listed shares and securities
• Trade and other payables
• Funds held for bonds pending approval
• Loans receivable
• Policyholder balances of investments and cash
• Liabilities for linked investments contracts
• Cash and cash equivalents - instant access and notice accounts
• Cash and cash equivalents - money market funds
(ii) Financial instruments measured at fair value and amortised cost
Financial assets and liabilities have been classified into categories that
determine their basis of measurement. For items measured at fair value, their
changes in fair value are recognised in the Consolidated Statement of
Comprehensive Income.
The following tables show the carrying values of assets and liabilities for
each of these categories for the Group:
Financial assets:
Fair value through profit or loss Amortised cost
2025 2024 2025 2024
£m £m £m £m
Cash and cash equivalents - instant access and notice accounts - - 196.5 244.1
Cash and cash equivalents - money market funds 47.4 - - -
Cash held for the benefit of policyholders - - 1,895.0 1,622.8
Investments - listed shares and securities 0.1 0.1 - -
Investments - gilts - current - - 24.4 2.5
Investments - gilts - non-current - - 2.5 -
Loans receivable - - 5.9 6.5
Accrued income - - 15.0 14.2
Trade and other receivables - - 2.0 2.9
Investments held for the policyholders 31,849.9 27,237.8 - -
Total financial assets 31,897.4 27,237.9 2,141.3 1,893.0
2025 2024
Assets which are not financial instruments £m £m
Prepayments 5.2 4.6
Current tax asset 0.1 1.6
5.3 6.2
Financial liabilities:
Fair value through profit or loss Amortised cost
2025 2024 2025 2024
£m £m £m £m
Trade payables - - 1.4 1.1
Lease liabilities - - 13.0 2.9
Other payables - - 1.3 0.8
Funds held for bonds pending approval - - 7.0 6.5
Liabilities for linked investments contracts 31,849.9 27,237.8 1,895.0 1,622.8
Total financial liabilities 31,849.9 27,237.8 1,917.7 1,634.1
2025 2024
Liabilities which are not financial instruments £m £m
Accruals and deferred income 11.0 8.8
PAYE and other taxation 2.9 2.1
Other payables - due to HMRC 1.9 0.9
Deferred consideration - 1.5
15.8 13.3
The following tables show the carrying values of assets and liabilities for
each of these categories for the Company:
Financial assets:
Fair value through profit or loss Amortised cost
2025 2024 2025 2024
£m £m £m £m
Cash and cash equivalents - instant access and notice accounts - - 16.4 27.8
Cash and cash equivalents - money market funds 5.0 - - -
Trade and other receivables - - 0.3 0.1
Loans receivable - - 5.9 6.5
Total financial assets 5.0 - 22.6 34.4
2025 2024
Assets which are not financial instruments £m £m
Prepayments 0.1 -
0.1 -
Financial liabilities:
Fair value through profit or loss Amortised cost
2025 2024 2025 2024
£m £m £m £m
Trade payables - - 0.2 -
Other payables - - 0.7 0.6
Loans payable - - 5.0 6.0
Due to Group undertakings - - 0.2 0.2
Total financial liabilities - - 6.1 6.8
Liabilities which are not financial instruments 2025 2024
£m £m
Accruals and deferred income 0.6 0.7
PAYE and other taxation 0.1 -
Deferred consideration - 1.5
0.7 2.2
(iii) Financial instruments not measured at fair value
Financial instruments not measured at fair value include cash and cash
equivalents (excluding money market funds), cash held for policyholders,
accrued income, investments held in gilts, loans, trade and other receivables
and trade and other payables. Due to their short-term nature and/or ECLs
recognised, the carrying value of these financial instruments approximates
their fair value.
(iv) Financial instruments measured at fair value - fair value hierarchy (FVH)
The table below classifies financial instruments that are recognised on the
Consolidated Statement of Financial Position at fair value in a hierarchy that
is based on significance of the inputs used in making the measurements.
The levels of hierarchy are disclosed below.
• Level 1: quoted prices (unadjusted) in active markets for
identical instruments;
• Level 2: instruments which are not actively traded but provide
regular observable prices; and
• Level 3: inputs that are based on Level 1 or Level 2 data, but for
which the last known price is over a year old (unobservable inputs).
The following table shows the Group's financial instruments measured at fair
value and split into the three levels:
Level 1 Level 2 Level 3 Total
2025 £m £m £m £m
Assets
Term deposits 158.7 - - 158.7
Investments and securities 1,090.8 207.2 0.4 1,298.4
Bonds and other fixed-income securities 26.4 0.1 - 26.5
Holdings in collective investment schemes 30,322.0 43.0 1.3 30,366.3
Investments held for the benefit of policyholders 31,597.9 250.3 1.7 31,849.9
Cash and cash equivalents - money market funds 47.4 - - 47.4
Investments - listed shares and securities 0.1 - - 0.1
Total 31,645.4 250.3 1.7 31,897.4
Liabilities
Liabilities for linked investments contracts 31,597.9 250.3 1.7 31,849.9
Total 31,597.9 250.3 1.7 31,849.9
Level 1 Level 2 Level 3 Total
2024 £m £m £m £m
Assets
Term deposits 221.3 - - 221.3
Investments and securities 944.3 137.5 0.4 1,082.2
Bonds and other fixed-income securities 26.1 0.3 - 26.4
Holdings in collective investment schemes 25,802.0 104.6 1.3 25,907.9
Investments held for the benefit of policyholders 26,993.7 242.4 1.7 27,237.8
Investments - listed shares and securities 0.1 - - 0.1
Total 26,993.8 242.4 1.7 27,237.9
Liabilities
Liabilities for linked investments contracts 26,993.7 242.4 1.7 27,237.8
Total 26,993.7 242.4 1.7 27,237.8
Level 1 valuation methodology
Financial instruments included in Level 1 are measured at fair value using
quoted mid prices that are available at the reporting date and are traded in
active markets. These are mainly open-ended investment companies (OEICs), unit
trusts, investment trusts and exchange traded funds.
The price is sourced from our third party provider, which sources this
directly from the stock exchange or obtains the price directly from the fund
manager.
Level 2 valuation methodology
Financial instruments included in Level 2 are measured at fair value using
observable mid prices traded in markets that have been assessed as not active
but which provide regular observable prices. These are mainly structured
products and OEICs.
The price is sourced from the structured product provider or from our third
party provider, which obtains the price directly from the fund manager.
Level 3 valuation methodology
Financial instruments included in Level 3 are measured at fair value using the
last known price and for which the price is over a year old. These are mainly
OEICs and Unit Trusts. These instruments have unobservable inputs as the
current observable market information is no longer available. Where these
instruments arise management will value them based on the last known
observable market price or other relevant information, including consideration
of the length of time elapsed since the last observable market price. These
factors may result in the last known price being adjusted by management, where
it is considered prudent to do so.
The prices are sourced as noted in Level 1 and Level 2 above.
For the purposes of identifying Level 3 instruments, unobservable inputs means
that current observable market information is no longer available. Where these
instruments arise management will value them based on the last known
observable market price or other relevant information. No other valuation
techniques are applied.
Level 3 sensitivity to changes in unobservable measurements
For financial instruments assessed as Level 3, based on its review of the
prices used, the Group believes that any change to the unobservable inputs
used to measure fair value would not result in a significantly higher or lower
fair value measurement at year end, and therefore would not have a material
impact on its reported results.
Review of prices
As part of its pricing process, the Group regularly reviews whether each
instrument can be valued using a quoted price and if it trades on an active
market, based on available market data and the specific circumstances of each
market and instrument.
The Group regularly assesses instruments to ensure they are categorised
correctly, and FVH levels adjusted accordingly. The Group monitors situations
that may impact liquidity such as suspensions and liquidations while also
actively collecting observable market prices from relevant exchanges and asset
managers. Should an instrument price become observable following the
resumption of trading the FVH level will be updated to reflect this.
Transfers between Levels
The Group's policy is to assess each financial instrument it holds at the
current financial year end, based on the last known price and market
information, and assign it to a Level.
The Group recognises transfers between Levels of the FVH at the end of the
reporting period in which the changes have occurred. Changes occur due to the
availability (or lack thereof) of quoted prices and whether a market is now
active or not.
Transfers between Levels between 1 October 2024 and 30 September 2025 are
presented in the table below at their valuation at 30 September 2025:
Transfers from Transfers to 2025 2024
£m £m
Level 1 Level 2 58.9 2.8
Level 2 Level 1 60.6 58.3
Level 3 Level 1 - 0.2
Level 3 Level 2 0.2 0.4
Level 2 Level 3 0.4 0.3
Level 1 Level 3 - -
The reconciliation between opening and closing balances of Level 3 assets and
liabilities are presented in the table below:
2025 2024
£m £m
Opening balance as at 1 October 2024/2025 1.7 2.2
Unrealised gains/(losses) in the year ended 30 September 2025 (0.1) 0.1
Transfers in to Level 3 at 30 September 2025 valuation 0.4 0.3
Transfers out of Level 3 at 30 September 2025 valuation (0.2) (0.9)
Purchases, sales, issues and settlement (0.1) -
Closing balance as at 30 September 2024/2025 1.7 1.7
Any resultant gains or losses on financial assets held for the benefit of
policyholders are offset by a reciprocal movement in the linked liability.
(v) Capital maintenance
The regulated companies in the Group are subject to capital requirements
imposed by the relevant regulators as detailed below:
Legal entity Regulatory regime
IFAL Investment Firm Prudential regime (IFPR)
ILUK UK Solvency II
ILInt Isle of Man risk-based capital regime
Group capital requirements for 2025 are driven by the regulated entities,
whose capital resources and requirements detailed below:
IFAL 30 September ILUK 30 September ILInt 30 September
2025 2024 2025 2024 2025 2024
£m £m £m £m £m £m
Capital resource 90.1 74.8 326.4 313.1 54.6 49.0
Capital requirement 70.5 60.4 244.8 229.5 32.5 26.4
Coverage ratio 128% 124% 133% 136% 168% 186%
The Group's policy for managing capital is to ensure each regulated entity
maintains capital well above the minimum regulatory requirement plus any
additional capital requirement imposed by the regulator as a result of its
supervisory review and evaluation processes. Further information is detailed
in the Financial Review.
4. Risk and risk management
Risk assessment
The board has overall responsibility for the determination of the Group's risk
management objectives and policies and, whilst retaining ultimate
responsibility for them, it has delegated the authority for designing and
operating processes that ensure the effective implementation of the objectives
and policies to the Group's risk management function.
Risk assessment is the determination of quantitative values and/or qualitative
judgements of risk related to a concrete situation and a recognised threat.
Quantitative risk assessment requires calculations of two components of risk,
the magnitude of the potential impact, and the likelihood that the risk
materialises. Qualitative aspects of risk, despite being more difficult to
express quantitatively, are also taken into account in order to fully evaluate
the impact of the risk on the organisation.
(1) Market risk
Market risk is the risk of loss arising either directly or indirectly from
fluctuations in the level and in the volatility of market prices of assets,
liabilities and other financial instruments.
(a) Price risk
Market price risk from reduced income
The Company's dividend income from its regulated subsidiaries, IFAL, ILUK and
ILInt, is exposed to market risk. The Group's main source of income is derived
from annual charges, which are linked to the value of the clients' portfolios,
which are in turn determined by the market prices of the underlying assets.
The Group's revenue is therefore affected by the value of assets on the
platform, and consequently it has exposure to equity market levels and
economic conditions.
The Group mitigates the second order market price risk by applying fixed
charges per tax wrapper in addition to income derived from the charges based
on clients' linked portfolio values. These are recorded in note 5 as recurring
wrapper charges and recurring annual charges respectively. This approach of
fixed and variable charging offers an element of diversification to its income
stream. The risk of stock market volatility, and the impact on revenue, is
also mitigated through a wide asset offering which ensures the Group is not
wholly correlated with one market, and which enables clients to switch assets,
including into cash on the platform, in times of uncertainty.
Sensitivity testing has been performed to assess the impact of market
movements on the Group's profit after tax and equity for the year. The
sensitivity is applied as an instantaneous shock at the start of the year and
shows the impact of a 10% change in values across all assets held on the
platform.
Impact on profit and equity for the year
2025 2024
£m £m
10% increase in asset values 7.2 8.7
10% decrease in asset values (7.2) (8.7)
Market risk from direct asset holdings
The Group and the Company have limited exposure to primary market risk as
capital is invested in high-quality, highly-liquid, short-dated investments.
Market risk from unit-linked assets
The Group and the Company have limited exposure to primary market risk from
the value of unit-linked assets as fluctuations are borne by the
policyholders.
(b) Interest rate risk
The Group receives interest on its cash and cash equivalents of £243.9
million (2024: 244.1 million), on its loans of £5.9 million (2024: £6.5
million) and on financial investments of £27.0 million (2024: £2.6 million).
The Group mitigates interest rate risk by diversifying its investments into UK
Government gilts, which have a fixed rate of interest.
Sensitivity testing has been performed to assess the impact of a 1% change in
interest rates. This would be expected to increase/decrease interest received
on cash and cash equivalents by £2.4 million (2024: £1.7 million) and on
loans by £0.1 million (2024: £0.1 million), which would increase/decrease
profit after tax and equity by £1.9 million (2024: £1.4 million).
(c) Currency risk
The Group is not directly exposed to significant currency risk; however, it is
exposed to currency risk which arises on the platform software maintenance and
support fees charged by IAD Pty, which are charged in Australian dollars. The
total amount of software maintenance and support fees in FY25 amounted to
£8.7 million (2024: £8.3 million).
Sensitivity testing has been performed to assess the impact of a 10% change in
the GBP to AUD exchange rate. This would be expected to cause an
increase/decrease of £0.9 million (2024: £0.8 million) on the software
maintenance and support fees.
The table below shows a breakdown of the material foreign currency exposures
for the unit-linked policies within the Group:
2025 2025 2024 2024
Currency £m % £m %
GBP 33,516.3 99.3 28,678.4 99.4
USD 189.2 0.6 147.0 0.5
EUR 21.2 0.1 21.9 0.1
Others 18.2 - 13.3 -
Total 33,744.9 100.0 28,860.6 100.0
99.3% of investments and cash held for the benefit of policyholders are
denominated in GBP, its base currency. Remaining currency holdings greater
than 0.1% of the total are shown separately in the table. However, it is
recognised that the majority of investments held for the benefit of
policyholders are in collective investment schemes and some of their
underlying assets are denominated in currencies other than GBP, which
increases the FUD currency risk exposure. A significant rise or fall in
sterling exchange rates would not have a significant first order impact on the
Group's results since any adverse or favourable movement in policyholder
assets is entirely offset by a corresponding movement in the linked liability.
(2) Credit (counterparty default) risk
Credit risk is the risk that the Group or Company is exposed to a loss if
another party fails to meet its financial obligations. For the Company, the
exposure to counterparty default risk arises primarily from loans directly
held by the Company and cash and cash equivalents, while for the Group this
risk also arises from accrued income, investments, loans receivables and trade
and other receivables.
Assets held at amortised cost
(a) Accrued income
This comprises fees owed by clients. These are held at amortised cost, less
ECLs.
Under IFRS 9, a forward-looking approach is required to assess ECLs, so that
losses are recognised before the occurrence of any credit event. The Group
estimates that pending fees three months or more past due are unlikely to be
collected and are written off. Based on management's experience, pending fees
one or two months past due are generally expected to be collected, but
consideration is also given to potential losses on these fees. Historical loss
rates have been used to estimate expected future losses, while consideration
is also given to underlying economic conditions, in order to ensure that
expected losses are recognised on a forward-looking basis. In FY25 the ECLs in
relation to this were immaterial.
Details of the ECLs recognised in relation to accrued income can be seen in
note 22.
(b) Loans
Loans subject to the 12-month ECL are £5.9 million (2024: £6.5 million).
While there remains a level of economic uncertainty in the current climate,
leading to potentially higher credit risk, there is not considered to be a
significant increase in credit risk, as all of the loans are currently
performing to schedule, and there are no significant concerns regarding the
borrowers. There is therefore no need to move from the 12-month ECL model to
the lifetime ECL model. Expected losses are recognised on a forward-looking
basis, which has led to no ECLs being recognised.
In addition to the above, the Company has committed a further £5.3 million
(2024: £5.0 million) in undrawn loans.
Details of the ECLs recognised in relation to loans can be seen in note 16. No
ECLs have been recognised on the undrawn loan commitments, as any ECLs would
not be considered to be material.
(c) Cash and cash equivalents
The Group has a low risk appetite for credit risk, which is mainly limited to
exposures to credit institutions for its bank deposits. A range of major
regulated UK high street banks is used. A rigorous annual due diligence
exercise is undertaken to assess the financial strength of these banks, with
those used having a minimum credit quality step of 3, which is a minimum Fitch
rating of BBB-, Moody's Baa3 and S&P BBB-.
The Group's investments in MMFs are considered to have very low exposure to
credit risk, as they invest exclusively in short-term, high-quality
instruments, such as government securities, treasury bills, and highly rated
commercial paper. The MMFs used by the Group are managed by reputable
institutions and are subject to strict investment guidelines that prioritise
capital preservation and liquidity. As such, the credit risk associated with
these investments is minimal.
In order to actively manage the credit and concentration risks, the board
approved risk appetite limits for the regulated entities of the amount of
corporate and client cash that can be deposited with any one bank, which is
represented by a set percentage of the respective bank's total customer
deposits. Monthly monitoring of these positions, along with movements in
credit ratings, is undertaken, with reports presented to the directors for
review.
Collectively, these measures ensure that the Group diligently manages the
exposures and provides the mitigation scope to be able to manage credit and
concentration exposures on behalf of itself and its customers.
Counterparty default risk exposure to loans
The Company has loans of £5.9 million (2024: £6.5 million). There are no
other loans held by the Group.
Counterparty default risk exposure to Group companies
As well as inconvenience and operational issues arising from the failure of
the other Group companies, there is also a risk of a loss of assets. The
Company is due £64k (2024: £109k) from other Group companies.
Counterparty default risk exposure to other receivables
The Company has no other receivables arising, due to the nature of its
business, and the structure of the Group.
Across the Group, there is exposure to counterparty default risk arising
primarily from:
• investments held directly by the Group;
• exposure to clients; and
• exposure to other receivables.
The other exposures to counterparty default risk include a credit default
event which affects assets held on behalf of clients and occurs at one or more
of the following entities:
• a bank where cash is held on behalf of clients;
• a custodian where the assets are held on behalf of clients; and
• Transact Nominees Limited, which is a Group entity and the legal
owner of the assets held on behalf of clients.
There is no first order impact on the Group from one of the events in the
preceding paragraph. This is because any credit default event in respect of
these holdings will be borne by clients, both in terms of loss of value and
loss of liquidity. Terms and conditions have been reviewed by external lawyers
to ensure that these have been drafted appropriately. However, there is a
second order impact whereby future revenues for the Group are reduced in the
event of a credit default which affects the value of FUD.
There are robust controls in place to mitigate credit risk, for example,
holding corporate and client cash across a range of banks in order to minimise
the risk of a single point of counterparty default failure. Additionally,
maximum counterparty limits and minimum credit quality steps are set for
banks.
Cash and cash equivalents and investments are classed as stage 1 on the ECL
model (meaning that they are not credit impaired on initial recognition and
have not experienced a significant increase in credit risk since initial
recognition) with no material ECL provision held. This is also the case for
the investments in gilts, reflecting the very low credit risk associated with
gilts, which are backed by the UK government.
Assets and funds held on behalf of clients
There is no significant risk exposure to any one UK clearing bank.
Counterparty default risk exposure to clients
The Group is due £15.0 million (2024: £14.2 million) from fee income owed by
clients.
Impact of credit risk on fair value
Due to the limited direct exposure that the Group and the Company have to
credit risk, credit risk does not have a material impact on the fair value
movement of financial instruments for the year under review. The fair value
movements on these instruments are predominantly due to changes in market
conditions.
(3) Liquidity risk
Liquidity risk is the risk that funds are not accessible such that the
Company, although solvent, does not have sufficient liquid financial resources
to meet obligations as they fall due, or can secure such resources only at
excessive cost.
As a holding company, the Company's main liquidity risk is related to payment
of shareholder dividends and operating expenses it may incur. Additionally, as
noted in the loans section above, the Company has made short-term commitments,
in the form of a capped facility arrangement to Vertus Capital SPV1 Limited
('Vertus') (as one of Vertus' sources of funding), to assist Vertus in
developing its business, which is to provide tailored niche debt facilities to
adviser firms to fund acquisitions, management buy outs and other similar
transactions.
Across the Group, the following key drivers of liquidity risk have been
identified as:
• failure of one or more of the banks that holds funds for the
Group;
• bank system failure which prevents access to Group funds;
• clients holding insufficient cash to settle fees when they become
due; and
• expenses rising faster than anticipated or from one-off "shocks"
such as fines or client compensation.
The Group's liquidity risk arises from a lack of readily realisable cash to
meet debts as they become due. This takes a number of forms - clients'
liabilities coming due or other liabilities (e.g. expenses) coming due.
The first of these, clients' liabilities, is primarily covered through the
terms and conditions with clients taking their own liquidity risk, if their
assets cannot be immediately surrendered for cash.
Payment of other liabilities depends on the Group having sufficient liquidity
at all times to meet obligations as they fall due. This requires access to
liquid funds, i.e. working banks and custodians of cash equivalents, and it
also requires that the Group's main source of liquidity, charges on its
clients' assets, can be converted into cash.
The payment of loan obligations is covered by the upward dividends from
subsidiary entities which were assessed against the financial plans and
capital projections of the regulated entities to ensure the level of
affordability of the future dividends.
The Group has set out two key liquidity requirements: first, to ensure that
clients maintain a percentage of liquidity in their portfolios at all times in
order to have sufficient funds to pay charges relating to their wrappers; and
second, to maintain access to corporate cash and cash equivalents through a
spread of liquidity holdings in bank accounts, MMFs and gilts to reduce the
exposure to any one counterparty.
There are robust controls in place to mitigate liquidity risk, for example,
through regular monitoring of expenditure, closely managing expenses in line
with the business plan, and, in the case of the Vertus facility, capping the
value of loans. Additionally, the Group holds corporate liquidity and client
cash across a range of banks and other counterparties in order to mitigate the
liquidity impact of a counterparty default failure.
Maturity schedule
The following tables show an analysis of the financial assets and financial
liabilities by remaining expected maturities as at 30 September 2025 and 30
September 2024. All financial liabilities are undiscounted.
In addition to the financial assets and financial liabilities shown in the
tables below, the Company committed a further £5.3 million (2024: £5.0
million) in undrawn loans. These are available to be drawn down immediately.
Financial assets:
Up to 3 months 3 to 12 months 1 to 5 years Over 5 years Total
2025 £m £m £m £m £m
Investments held for the policyholders 31,726.1 111.2 10.5 2.1 31,849.9
Investments 15.4 9.1 2.5 - 27.0
Accrued income 15.0 - - - 15.0
Trade and other receivables 2.0 - - - 2.0
Loans - - 5.9 - 5.9
Cash and cash equivalents 243.9 - - - 243.9
Cash held for the benefit of policyholders 1,895.0 - - - 1,895.0
Total 33,897.4 120.3 18.9 2.1 34,038.7
Up to 3 months 3 to 12 months 1 to 5 years Over 5 years Total
2024 £m £m £m £m £m
Investments held for the policyholders 27,237.8 - - - 27,237.8
Investments - - 2.6 - 2.6
Accrued income 14.2 - - - 14.2
Trade and other receivables 2.9 - - - 2.9
Loans - - 6.5 - 6.5
Cash and cash equivalents 244.1 - - - 244.1
Cash held for the benefit of policyholders 1,622.8 - - - 1,622.8
Total 29,121.8 - 9.1 - 29,130.9
Financial liabilities:
Up to 3 months 3 to 12 months 1 to 5 years Over 5 years Total
2025 £m £m £m £m £m
Liabilities for linked investment contracts 33,621.1 111.2 10.5 2.1 33,744.9
Trade and other payables 9.7 - - - 9.7
Lease liabilities 0.1 0.8 23.3 - 24.2
Total 33,630.9 112.0 33.8 2.1 33,778.8
Up to 3 months 3 to 12 months 1 to 5 years Over 5 years Total
2024 £m £m £m £m £m
Liabilities for linked investment contracts 28,860.6 - - - 28,860.6
Trade and other payables 8.5 - - - 8.5
Lease liabilities 1.2 1.4 0.5 - 3.1
Total 28,870.3 1.4 0.5 - 28,872.2
(4) Outflow risk
Outflows occur when funds are withdrawn from the platform for any reason.
Outflows typically occur where clients' circumstances and requirements change.
However, these outflows can also be triggered by operational failure, changes
to the competitive and industry landscape or external events such as
regulatory or economic changes.
Outflow risk is mitigated by focusing on providing exceptionally high levels
of service. Outflow rates are closely monitored and unexpected experience is
investigated. Despite the current challenging and uncertain economic and
geopolitical environment, outflow rates remain stable.
5. Disaggregation of revenue
The Group has the following categories of revenue:
• Recurring annual charges - based on a fixed percentage applied to
the value of the client's portfolio each month.
• Recurring wrapper charges - based on a fixed quarterly charge per
wrapper.
• Other income - dealing charges are charged based on a fixed fee
for each type of transaction. Buy commissions were discontinued on 1 March
2024.
• Adviser back-office technology - licence income based on a fixed
monthly charge per number of users. Consultancy income is charged based on the
services provided.
For the financial year ended 30 September
2025 2024
£m £m
Recurring annual charges 138.1 126.1
Recurring wrapper charges 12.5 12.8
Other income 1.2 1.1
Adviser back-office technology 5.0 4.9
Total revenue 156.8 144.9
6. Segmental reporting
The revenue and PBT are attributable to activities carried out in the UK and
the Isle of Man.
The Group has three classes of business, which have been organised primarily
based on the products they offer, as detailed below:
• Investment administration services - this relates to services
performed by IFAL, which is the provider of the Transact wrap service. It is
the provider of the general investment account (GIA), is a self-invested
personal pension (SIPP) operator, an ISA manager and the custodian for all
assets held on the platform (except for those held by third party custodians).
• Insurance and life assurance business - this relates to ILUK and
ILInt, insurance companies which provide the Transact Personal Pension,
Executive Pension, Section 32 Buyout Bond, and the Transact Onshore and
Offshore Bonds on the Transact platform.
• Adviser back-office technology - this relates to T4A, provider of
financial planning technology to adviser and wealth management firms via the
CURO adviser support system.
The summation of the Investment administration services and Insurance and life
assurance business constitutes the "Platform".
Other Group entities relates to the rest of the Group, and provide services to
support the Group's core operating segments.
Analysis by class of business is given below.
Consolidated Statement of Comprehensive Income - segmental information for the
year ended 30 September 2025:
Investment Insurance Adviser Other Consolidation Total
administration and life back-office Group adjustments £m
services assurance technology entities £m
£m business £m £m
£m
Revenue
Recurring annual charges 73.4 64.7 - - - 138.1
Recurring wrapper charges 3.0 9.5 - - - 12.5
Adviser back-office technology - - 5.0 - - 5.0
Other income 0.9 0.3 - 94.5 (94.5) 1.2
Total revenue 77.3 74.5 5.0 94.5 (94.5) 156.8
Cost of sales (1.5) (1.1) (0.8) - - (3.4)
Gross profit/(loss) 75.8 73.4 4.2 94.5 (94.5) 153.4
Administrative expenses (49.5) (36.2) (4.6) (103.0) 93.1 (100.2)
Operating profit/(loss) 26.3 37.2 (0.4) (8.5) (1.4) 53.2
Interest income using the effective interest method 3.5 5.4 - 1.8 (0.5) 10.2
Other interest and similar income 0.3 0.4 - - - 0.7
Interest expense - (0.1) (0.1) (1.1) 0.5 (0.8)
Net policyholder returns
Net gain attributable to policyholder returns - 41.5 - - - 41.5
Change in investment contract liabilities - (2,753.2) - - - (2,753.2)
Fee and commission expenses - (264.4) - - - (264.4)
Policyholder investment returns - 3,017.6 - - - 3,017.6
Net policyholder returns - 41.5 - - - 41.5
Profit/(loss) on ordinary activities before taxation attributable to 30.1 84.4 (0.5) (7.8) (1.4) 104.8
policyholders and shareholders
Policyholder tax charge - (35.8) - 0.1 - (35.7)
Profit/(loss) on ordinary activities before taxation attributable to 30.1 48.6 (0.5) (7.7) (1.4) 69.1
shareholders
Total tax (charge)/benefit attributable to shareholder and policyholder (7.2) (46.3) 0.1 (0.7) 0.6 (53.5)
returns
Less: tax attributable to policyholder returns - 35.8 - (0.1) - 35.7
Shareholder tax (charge)/benefit on profit on ordinary activities (7.2) (10.5) 0.1 (0.8) 0.6 (17.8)
Profit/(loss) for the period 22.9 38.1 (0.4) (8.5) (0.8) 51.3
Consolidated Statement of Comprehensive Income - segmental information for the
year ended 30 September 2024:
Investment Insurance Adviser Other Consolidation Total
administration and life back-office Group adjustments £m
services assurance technology entities £m
£m business £m £m
£m
Revenue
Recurring annual charges 67.8 58.3 - - - 126.1
Recurring wrapper charges 3.1 9.7 - - - 12.8
Adviser back-office technology - - 4.9 - - 4.9
Other income 0.8 0.3 - 84.5 (84.5) 1.1
Total revenue 71.7 68.3 4.9 84.5 (84.5) 144.9
Cost of sales (1.3) (0.9) (0.8) - - (3.0)
Gross profit/(loss) 70.4 67.4 4.1 84.5 (84.5) 141.9
Administrative expenses (44.0) (32.8) (5.1) (87.1) 84.0 (85.0)
Expected credit losses on financial assets 0.1 - - (4.9) 4.9 0.1
Operating profit/(loss) 26.5 34.6 (1.0) (7.5) (4.4) 57.0
Interest expense - - - (0.8) 0.6 (0.2)
Interest income 2.8 6.7 - 1.8 (0.6) 10.7
Net policyholder returns
Net gain attributable to policyholder returns - 40.2 - - - 40.2
Change in investment contract liabilities - (3,051.7) - - - (3,051.7)
Fee and commission expenses - (232.7) - - - (232.7)
Policyholder investment returns - 3,284.4 - - - 3,284.4
Net policyholder returns - 40.2 - - - 40.2
Profit/(loss) on ordinary activities before taxation attributable to 29.3 81.5 (1.0) (6.5) 4.4 107.7
policyholders and shareholders
Policyholder tax charge - (38.8) - - - (38.8)
Profit/(loss) on ordinary activities before taxation attributable to 29.3 42.7 (1.0) (6.5) 4.4 68.9
shareholders
Total tax (charge)/benefit attributable to shareholder and policyholder (6.1) (48.5) 0.2 (1.4) 0.2 (55.6)
returns
Less: tax attributable to policyholder returns - 38.8 - - - 38.8
Shareholder tax (charge)/benefit on profit on ordinary activities (6.1) (9.7) 0.2 (1.4) 0.2 (16.8)
Profit/(loss) for the period 23.2 33.0 (0.8) (7.9) 4.6 52.1
Consolidated Statement of Financial Position - segmental information for the
year ended 30 September 2025:
Investment Insurance and Adviser Total
administration life assurance back-office £m
services business technology
£m £m £m
Assets
Non-current assets 14.8 24.5 1.3 40.6
Current assets 124.5 164.0 2.2 290.7
Total assets 139.3 188.5 3.5 331.3
Liabilities
Current liabilities 13.4 28.7 1.1 43.2
Non-current liabilities 5.6 56.0 1.6 63.2
Total liabilities 19.0 84.7 2.7 106.4
Policyholder assets and liabilities
Cash held for the benefit of policyholder - 1,895.0 - 1,895.0
Investments held for the benefit of policyholders - 31,849.9 - 31,849.9
Liabilities for linked investment contracts - (33,744.9) - (33,744.9)
Total policyholder assets and liabilities - - - -
Net assets 120.3 103.8 0.8 224.9
Non-current asset additions 2.3 2.2 - 4.5
Consolidated Statement of Financial Position - segmental information for the
year ended 30 September 2024:
Investment Insurance and Adviser Total
administration life assurance back-office £m
services business technology
£m £m £m
Assets
Non-current assets 11.7 19.7 1.2 32.6
Current assets 108.6 159.1 2.3 270.0
Total assets 120.3 178.8 3.5 302.6
Liabilities
Current liabilities 10.8 35.7 1.0 47.5*
Non-current liabilities 0.3 45.7 0.8 46.8*
Total liabilities 11.1 81.4 1.8 94.3
Policyholder assets and liabilities
Cash held for the benefit of policyholder - 1,622.8 - -
Investments held for the benefit of policyholders - 27,237.8 - -
Liabilities for linked investment contracts - (28,860.6) - -
Total policyholder assets and liabilities - - - -
Net assets 109.2 97.4 1.7 208.3
Non-current asset additions 0.5 0.5 - 1.0
*Prior period comparatives have been adjusted to correct for a casting
difference.
Segmental information: Split by geographical location
2025 2024
£m £m
Revenue
United Kingdom 149.6 138.8
Isle of Man 7.2 6.1
Total 156.8 144.9
2025 2024
£m £m
Non-current assets
United Kingdom 31.4 24.9
Isle of Man 0.1 0.1
Total 31.5 25.0
Non-current assets for this purpose consist of intangible assets, property,
plant and equipment, and right-of-use assets.
7. Earnings per share
2025 2024
Profit
Profit for the year and earnings used in basic and diluted EPS £51.3m £52.1m
Weighted average number of shares
Weighted average number of Ordinary Shares 331.3m 331.3m
Weighted average numbers of Ordinary Shares held by EBT (0.9m) (0.7m)
Weighted average number of Ordinary Shares for the purposes of basic EPS 330.4m 330.6m
Adjustment for dilutive share option awards 0.9m 0.7m
Weighted average number of Ordinary Shares for the purposes of diluted EPS 331.3m 331.3m
EPS
Basic 15.5p 15.8p
Diluted 15.5p 15.7p
EPS is calculated based on the share capital of IntegraFin Holdings plc and
the earnings of the consolidated Group.
Basic EPS is calculated by dividing profit after tax attributable to ordinary
equity shareholders of the Company by the weighted average number of Ordinary
Shares outstanding during the year. The weighted average number of shares
excludes shares held within the EBT to satisfy the Group's obligations under
employee share awards.
Diluted EPS is calculated by adjusting the weighted average number of Ordinary
Shares outstanding to assume conversion of all potentially dilutive Ordinary
Shares.
8. Expenses by nature
The following expenses are included within administrative expenses:
Group
2025 2024
£m £m
Depreciation 2.7 1.8
Amortisation 0.2 0.4
Wages and employee benefits expense 63.8 57.8
Auditor's remuneration 1.3 1.2
Professional fees 2.6 6.2
Regulatory fees 3.2 3.2
Irrecoverable VAT 4.9 4.5
Other costs 12.3 8.2
Non-underlying expenses:
- Non-underlying expenses - other costs 1.3 1.7
- Non-underlying expenses - office move - overlapping office depreciation 0.4 -
- Non-underlying expenses - impairment of intangible assets and goodwill 7.5 -
Total administrative expenses 100.2 85.0
In FY25, £3.7 million of licence and insurance costs were reclassified as
other costs (where such expenses were classified as professional fees in the
previous year) as it more closely aligned with the other cost categorisation.
Auditors' remuneration
The following fees are paid to the Group's auditors:
Group
2025 2024
£m £m
Auditor's remuneration:
Auditing of the financial statements of the Company pursuant to the 0.2 0.2
legislation
Auditing of the financial statements of subsidiaries 0.6 0.6
Other assurance services 0.5 0.4
Total auditors' remuneration 1.3 1.2
Wages and employee benefits expense
The average number of staff (including executive directors) employed by the
Group during the financial year amounted to:
2025 2024
No. No.
IT and Change Delivery 195 187
Client Operations 248 246
Operations 89 83
Sales and Marketing 32 38
Group Services 114 112
678 666
The Company has no employees (2024: nil).
Wages and employee (including executive directors) benefits expenses during
the year, included within administrative expenses, were as follows:
2025 2024
£m £m
Wages and salaries 50.3 46.1
Social security costs 6.2 5.1
Other pension costs 4.6 4.3
Share-based payment costs 2.7 2.3
63.8 57.8
Compensation of key management personnel
Key management personnel are defined as those persons having authority and
responsibility for planning, directing, and controlling the activities of the
entity and, as such, only directors are considered to meet this definition.
2025 2024
£m £m
Short-term employee benefits 2.2 2.3
Post-employment benefits 0.1 0.1
Share-based payment 0.7 0.3
Social security costs 0.4 0.4
3.4 3.1
Highest paid director:
Short-term employee benefits 0.8 0.6
Share-based payment 0.4 -
Other benefits - 0.1
1.2 0.7
2025 2024
No. No.
Number of directors for whom pension contributions are paid 2 3
Short-term employee benefits comprise salary and cash bonus.
9. Interest income
Group Company Group Company
2025 2025 2024 2024
£m £m £m £m
Interest calculated using effective interest method:
Interest income on cash and cash equivalents (excluding MMFs) 9.0 0.8 9.1 0.7
Interest income on loans 0.4 0.4 0.5 0.5
Interest income on financial investments 0.8 - 1.0 -
Total interest calculated using effective interest method 10.2 1.2 10.6 1.2
Other interest and similar income:
Interest income on MMFs 0.6 - - -
Interest income on tax repayments 0.1 - 0.1 -
Total other interest and similar income 0.7 - 0.1 -
Total interest income 10.9 1.2 10.7 1.2
10. Policyholder investment returns
2025 2024
£m £m
Change in fair value of underlying assets 2,719.4 3,005.2
Investment income 298.2 279.2
Total policyholder investment returns 3,017.6 3,284.4
11. Tax on profit on ordinary activities
The UK estimated weighted average effective tax rate was 26% for the 12-month
period ended 30 September 2025 (30 September 2024: 25%), representing the tax
rate enacted at the reporting date. For the entities within the Group
operating outside of the UK, tax is charged at the relevant rate in each
jurisdiction.
The policyholder tax rate is calculated at the basic rate of income tax of 20%
(2024: 20%). The draft Finance (No. 2) Bill 2024-26 proposes that the
prevailing policyholder tax rate be aligned with the savings income tax rate
which is scheduled to rise to 22% from 6 April 2027. The Bill is due for its
Second Reading on 16 December, and the timing of its Third Reading, at which
point the measure would become substantively enacted for IAS purposes, has not
yet been confirmed.
Management will continue to monitor developments and assess the implications
of any change as further information becomes available. Any adjustments to the
rates used in calculating current and deferred tax for policyholders will be
reflected in future financial statements. For the purposes of IAS 12 and IAS
37, both current and deferred tax calculations and policyholder reserve
charges will continue to apply at 20% until the Bill is substantively enacted.
Group
a) Analysis of charge in year
The income tax expense comprises:
2025 2024
£m £m
Corporation tax
Current year - corporation tax 17.9 17.0
Adjustment in respect of prior years - 0.2
Total corporation tax 17.9 17.2
Deferred tax
Current year (0.1) (0.4)
Total shareholder tax charge for the year 17.8 16.8
Policyholder taxation
UK policyholder tax at 20% (2024: 20%) 14.8 15.7
Deferred tax at 25% (2024: 25%) 20.6 22.8
Tax deducted on overseas dividends 0.3 0.3
Total policyholder taxation 35.7 38.8
Total tax attributable to shareholder and policyholder returns 53.5 55.6
b) Factors affecting tax charge for the year
The tax on the Group's PBT differs from the amount that would arise using the
weighted average tax rate applicable to profits of the consolidated entities
as follows:
2025 2024
£m £m
Profit on ordinary activities before taxation attributable to shareholders 69.1 68.9
Profit on ordinary activities multiplied by the UK rate of corporation tax, 17.3 17.2
25% (2024: 25%)
Effects of:
Non-taxable dividends (0.4) (0.1)
Income/(expenses) not taxable/(deductible) for tax purposes multiplied by the 1.5 0.2
UK rate of corporation tax
Adjustments in respect of prior years 0.1 0.3
Effect of lower tax rate jurisdiction (0.7) (0.8)
17.8 16.8
Add policyholder tax 35.7 38.8
53.5 55.6
Company
a) Analysis of charge in year
2025 2024
£m £m
Deferred tax charge/(credit) (see note 26) - -
b) Factors affecting tax charge for the year
2025 2024
£m £m
Profit on ordinary activities before tax 26.2 48.4
Profit on ordinary activities multiplied by the UK rate of corporation tax, 6.6 12.1
25% (2024: 25%)
Effects of:
Non-taxable dividends (9.8) (15.1)
Income/(expenses) not taxable /(deductible) for tax purposes multiplied by the 1.7 1.7
UK rate of corporation tax
Group loss relief to ISL 1.5 1.3
- -
12. Intangible assets - Group
Software Goodwill Customer Software Brand Total
and IP £m relationships £m £m £m
rights £m
£m
Cost
At 1 October 2024 12.5 18.3 2.1 2.0 0.3 35.2
Impairment - (5.3) (1.4) (0.7) (0.1) (7.5)
At 30 September 2025 12.5 13.0 0.7 1.3 0.2 27.7
Amortisation
At 1 October 2024 12.5 - 0.5 1.1 0.1 14.2
Charge for the year - - 0.1 0.2 - 0.3
At 30 September 2025 12.5 - 0.6 1.3 0.1 14.5
Net Book Value
At 30 September 2024 - 18.3 1.6 0.9 0.2 20.9
At 30 September 2025 - 13.0 0.1 - 0.1 13.2
Software Goodwill Customer Software Brand Total
and IP £m relationships £m £m £m
rights £m
£m
Cost
At 1 October 2023 12.5 18.3 2.1 2.0 0.3 35.2
At 30 September 2024 12.5 18.3 2.1 2.0 0.3 35.2
Amortisation
At 1 October 2023 12.5 - 0.4 0.8 0.1 13.8
Charge for the year - - 0.1 0.3 - 0.4
At 30 September 2024 12.5 - 0.5 1.1 0.1 14.2
Net Book Value
At 30 September 2023 - 18.3 1.7 1.2 0.2 21.4
At 30 September 2024 - 18.3 1.6 0.9 0.2 20.9
All intangible assets are externally generated. Amortisation of intangible
assets is recognised within administrative expenses in the Consolidated
Statement of Comprehensive Income.
Goodwill impairment assessment
In accordance with IFRS, goodwill is not amortised but is tested for
impairment annually, or more frequently if there are indications that it may
be impaired. The impairment assessment compares the carrying value of goodwill
to the recoverable amount, which is the higher of value in use and the fair
value less costs of disposal. The recoverable amount is determined based on
value in use calculations using cash flow projections from financial budgets
approved by senior management covering a five-year period.
The Group's goodwill relates to the acquisition of IAD Pty in July 2016 and
T4A in January 2021.
12.1 IAD Pty
The carrying amount of the IAD Pty goodwill is allocated to the two cash
generating units ("CGUs") that relate to the Transact platform, as these
benefit from the IAD Pty acquisition.
IAD Pty
30 September 2025 30 September 2024
£m £m
Investment administration services 7.2 7.2
Insurance and life assurance business 5.8 5.7
Total 13.0 12.9
Key assumptions used in the value in use calculations are as follows:
IAD Pty 30 September
2025 30 September 2024
Discount rate 16.4% 13.0%
Forecast period 5 years 5 years
Long-term growth rate 3.0% 2.0%
Key assumptions used in the underlying cash flow projections are as follows:
IAD Pty
· Equity market levels - this is the key driver of FUD levels and
therefore annual charges
The annual impairment review concluded that no impairment is required.
Sensitivity to changes in assumptions
A sensitivity analysis was performed by applying adverse changes to key
assumptions to reflect potential underperformance. The analysis indicates that
any of the following changes would need to occur for future cash flows to
result in a material impairment of goodwill:
- Equity markets - Recurring annual charges are directly linked to
the value of FUD, so movements in equity markets directly affect valuations. A
decline of approximately 65% would result in an impairment.
- Discount rate - Discount rates represent the current market
assessment of the risks specific to each CGU, taking into consideration the
time value of money and individual risks of the underlying assets that have
not been incorporated in the cash flow estimates. A discount rate of
approximately 55% would result in an impairment.
- Long-term growth rate - After the five-year business plan
period, the terminal value of the cash-generating units is calculated using a
long-term growth rate. No foreseeable change in the long-term growth rate
would result in an impairment.
12.2 T4A
The carrying amount of goodwill related to T4A has been allocated to the
cash-generating unit (CGU) associated with the CURO software, as this
represents the primary source of revenue for T4A. Indicators of impairment
were identified at 31(st) March 2025 and as a result, an impairment of £7.5
million was recognised and disclosed in the half year results. An assessment
was also performed at 30 September 2025 year end and showed no material
changes that would result in a potential reversal.
The below table shows the carrying amount of the T4A CGU:
T4A CGU
30 September 2025 31 March 2025 30 September 2024
£m £m £m
T4A net assets 0.4 0.2 0.3
Intangible assets (customer relationships, software and brand) 0.2 0.2 2.7
Goodwill - - 5.3
Total 0.6 0.4 8.3
The recoverable amount of the T4A CGU was determined using a value-in-use
approach, based on cash flow projections derived from management-approved
budgets covering the five-year period from 1 April 2025 to 31 March 2030 for
the 31 March 2025 assessment, and 1 October 2025 to 30 September 2030 for the
30 September 2025 assessment. Beyond this planning horizon, terminal value was
estimated using the long-term growth rates outlined below. The discount rate
applied in the valuation reflects the Group's weighted average cost of capital
(WACC), adjusted to take into account risks specific to the CGU.
Key assumptions used in the value in use calculations are as follows:
T4A 30 September 2025 31 March
2025 30 September 2024
Discount rate 19.0% 19.0% 14.4%
Forecast period 5 years 5 years 5 years
Long-term growth rate 3.0% 3.0% 3.0%
Licence user annual growth rate 11.7% 9.3% 10.1%
Annual expense growth 5.5% 4.1% 3.5%
Key assumptions used in the underlying cash flow projections are as follows:
T4A
· Licence user growth - T4A is continuing to develop its CURO
offering and build up its client base to support future profitability, and
growth in CURO users is key to this.
· Expense growth - as the T4A business grows, so will the cost
base, which is being managed to help support the projections of future
profitability.
The impairment tests relating to the T4A acquisition indicated that an
impairment was required, as the recoverable amount was lower than the carrying
value of the CGU. The result of the 31 March 2025 assessment indicated an
impairment of £7.5 million for T4A's CGU, leading to a full impairment of the
£5.3m goodwill balance relating to the T4A acquisition, and an additional
£2.2m impairment of the remaining intangible assets recognised as part of the
T4A acquisition, with the residual carrying amount being equal to the
recoverable amount.
The £5.3 million goodwill impairment is not able to be reversed under IAS 36.
Regarding the intangibles, the result of the 30 September 2025 year end
assessment showed no material changes that would result in a potential
reversal.
Sensitivity to changes in assumptions
The 31 March 2025 assessment resulted in an impairment of the full goodwill
balance and part of the remaining carrying value of the CGU, with only an
immaterial balance remaining of £0.2 million and therefore any further
adverse change would not result in a material movement.
The 31 March 2025 assumptions within the current calculations which were
sensitive to change are explained below:
- Discount rate - Discount rates represent the current market
assessment of the risks specific to each CGU, taking into consideration the
time value of money and individual risks of the underlying assets that have
not been incorporated in the cash flow estimates. Any rise in the pre-tax
discount rate from the current level of 19.0% would result in a further
impairment.
- Long-term growth rate - After the five-year business plan
period, the terminal value of the cash-generating units is calculated using a
long-term growth rate. Any reduction in the long-term growth rate from the
current rate would result in a further impairment.
- Licence user growth - T4A is continuing to build its client
base, and future profitability is heavily dependent on increasing the number
of licenced users. Any reduction in the projected compound annual growth rate
of CURO licence users from the current rate 9.3% would result in a further
impairment.
- Annual expense growth - As the T4A business grows, it is likely
that the cost base will also do so. T4A is managing its cost base carefully,
to support future profitability. Any rise in the projected expense rates would
result in a further impairment.
Further adjustments may be required in the future to account for evolving
risks and broader macroeconomic uncertainty.
13. Property, plant and equipment - Group
Leasehold Equipment Fixtures Motor Total
improvements £m and fittings vehicles £m
£m £m £m
Cost
At 1 October 2024 1.9 4.1 0.4 0.1 6.5
Additions 2.9 0.9 0.7 0.1 4.6
Disposals (1.0) (2.2) (0.1) - (3.3)
At 30 September 2025 3.8 2.8 1.0 0.2 7.8
Depreciation
At 1 October 2024 1.5 3.2 0.3 - 5.0
Charge in the year - 0.5 - - 0.5
Disposals (1.0) (2.0) (0.1) - (3.1)
At 30 September 2025 0.5 1.7 0.2 0.0 2.4
Net Book Value
At 30 September 2024 0.4 0.9 0.1 0.1 1.5
At 30 September 2025 3.3 1.1 0.8 0.2 5.4
Cost
At 1 October 2023 1.8 3.4 0.5 0.1 5.8
Additions 0.1 0.9 - - 1.0
Disposals - (0.2) (0.1) - (0.3)
At 30 September 2024 1.9 4.1 0.4 0.1 6.5
Depreciation
At 1 October 2023 1.5 2.9 0.3 - 4.7
Charge in the year - 0.5 - - 0.5
Disposals - (0.2) - - (0.2)
At 30 September 2024 1.5 3.2 0.3 - 5.0
Net Book Value
At 30 September 2023 0.3 0.5 0.2 0.1 1.1
At 30 September 2024 0.4 0.9 0.1 0.1 1.5
The Company holds no property, plant and equipment.
14. Right-of-use assets - property - Group
£m
Cost
At 1 October 2024 4.4
Additions 12.9
Disposals (2.7)
At 30 September 2025 14.6
Depreciation
At 1 October 2024 1.8
Charge in the year 2.4
Disposals (2.5)
At 30 September 2025 1.7
Net Book Value
At 30 September 2024 2.6
At 30 September 2025 12.9
Cost
At 1 October 2023 1.7
Additions 2.7
At 30 September 2024 4.4
Depreciation
At 1 October 2023 0.7
Charge in the year 1.1
At 30 September 2024 1.8
Net Book Value
At 30 September 2023 1.0
At 30 September 2024 2.6
Depreciation is calculated on a straight line basis over the term of the
lease.
15. Investment in subsidiaries
2025 2024
£m £m
Carrying value at 1 October 46.2 35.3
Investment in subsidiary shares - Integrated Financial Arrangements Ltd - 15.0
Impairment of investment (6.3) (6.3)
Share-based payments 2.5 2.2
Carrying value at 30 September 42.4 46.2
Impairment of investment
As disclosed in note 1, investments in subsidiaries are recognised by the
Company at cost. The Company assesses at each reporting date, whether there is
an indication that an investment in subsidiaries may be impaired.
As noted in note 12, the T4A goodwill was impaired during the half year for
the Group. The same assumptions and inputs were used for the year end
impairment assessment of the Company's investment in T4A, which resulted in a
further impairment in the year of £6.3 million (2024: £6.3 million).
The result of the year end assessment showed no material changes that would
result in a potential reversal.
The Company has investments in the Ordinary Share capital of the following
subsidiaries at 30 September 2025:
Name of Company Holding % held Incorporation and significant Business
place of business
Direct holdings
Integrated Financial Arrangements Ltd Ordinary Shares 100% United Kingdom Investment administration
IntegraFin Services Limited Ordinary Shares 100% United Kingdom Services company
Transact IP Limited Ordinary Shares 100% United Kingdom Software provision and development
Integrated Application Development Pty Ltd Ordinary Shares 100% Australia Software maintenance
Transact Nominees Limited Ordinary Shares 100% United Kingdom Non-trading
IntegraLife UK Limited Ordinary Shares 100% United Kingdom Life insurance
IntegraLife International Limited Ordinary Shares 100% Isle of Man Life assurance
Transact Trustees Limited Ordinary Shares 100% United Kingdom Non-trading
Objective Funds Limited Ordinary Shares 100% United Kingdom Dormant
Objective Asset Management Limited Ordinary Shares 100% United Kingdom Dormant
Objective Wealth Management Limited Ordinary Shares 100% United Kingdom Dormant
Time For Advice Limited Ordinary Shares 100% United Kingdom Financial planning software
Indirect holdings
IntegraFin Limited Ordinary Shares 100% United Kingdom Non-trading
ObjectMastery (UK) Limited Ordinary Shares 100% United Kingdom Dormant
IntegraFin (Australia) Pty Limited Ordinary Shares 100% Australia Non-trading
The Group has 100% voting rights on shares held in each of the subsidiary
undertakings.
For all the UK subsidiaries the registered office address changed from 29
Clement's Lane London EC4N 7AE to 4th Floor 2 Gresham Street London EC2V 7AD
on 5 September 2025. ILInt's registered office address is at 18-20 North Quay,
Douglas, Isle of Man, IM1 4LE. IntegraFin (Australia) Pty's registered office
address is at Level 4, 854 Glenferrie Road, Hawthorn, Victoria, Australia
3122. Integrated Application Development Pty Ltd.'s registered office address
is 19-25 Camberwell Road, Melbourne, Australia.
The above subsidiaries have all been included in the financial statements.
16. Loans
This note analyses the loans payable by and receivable to the Company. The
carrying amounts of loans are as follows:
Loans receivable
2025 2024
£m £m
Loans receivable from third parties 6.0 6.6
Interest receivable on loans 0.2 0.2
Total gross loans 6.2 6.8
ECLs allowance (0.3) (0.3)
Total net loans 5.9 6.5
Movement in the ECLs for the loan is as follows:
2025 2024
£m £m
Opening ECLs (0.3) (0.3)
Decrease during the year - -
Balance at 30 September (0.3) (0.3)
The loans receivable are measured at amortised cost with the ECLs charged
straight to the Statement of Comprehensive Income.
Loans payable
2025 2024
£m £m
Loan payable to subsidiary 5.0 6.0
To be settled within 12 months 1.0 1.0
To be settled after 12 months 4.0 5.0
Total loan payable 5.0 6.0
The loan payable was initially recognised at fair value. Subsequent
measurement is at amortised cost using the effective interest method. The
interest charge is recognised on the Company Statement of Comprehensive
Income.
Interest on the loan is paid quarterly, whilst the remaining capital
repayments are annual over the next 6 years.
17. Investments held for the benefit of policyholders
2025 2024
£m £m
ILInt 3,607.9 2,873.0
ILUK 28,242.0 24,364.8
Total 31,849.9 27,237.8
All amounts are current as customers are able to make same-day withdrawal of
available funds and transfers to third party providers are generally performed
within a month.
These assets are held to cover the liabilities for unit-linked investment
contracts. All contracts with customers are deemed to be investment contracts
and, accordingly, assets are 100% matched to corresponding liabilities.
18. Liabilities for linked investment contracts
Unit-linked liabilities 2025 2024
Fair value Fair value
£m £m
ILInt 3,886.1 3,110.7
ILUK 29,858.8 25,749.9
Total 33,744.9 28,860.6
Analysis of change in liabilities for linked investment contracts
2025 2024
£m £m
Opening balance 28,860.6 24,440.9
Investment inflows 4,268.6 3,490.7
Investment outflows (2,067.2) (2,057.2)
Changes in fair value of underlying assets 2,719.4 3,005.2
Investment income 298.2 279.2
Other fees and charges - Transact (70.3) (65.5)
Other fees and charges - third parties (264.4) (232.7)
Closing balance 33,744.9 28,860.6
The benefits offered under the unit-linked investment contracts are based on
the risk appetite of policyholders and the return on their selected collective
fund investments, whose underlying investments include equities, debt
securities, property and derivatives. This investment mix is unique to
individual policyholders. When the diversified portfolio of all policyholder
investments is considered, there is a clear correlation with the FTSE 100
index and other major world indices, providing a meaningful comparison with
the return on the investments.
The maturity value of these financial liabilities is determined by the fair
value of the linked assets at maturity date. There will be no difference
between the carrying amount and the maturity amount at maturity date.
19. Cash and cash equivalents
2025 2024
£m £m
Bank balances - instant access 79.4 198.1
Bank balances - notice accounts 117.1 46.0
Bank balances - money market funds 47.4 -
Total 243.9 244.1
Bank balances held in instant access accounts are current and available for
use by the Group. All bank balances held in notice accounts require less than
95 days' notice before they are available for use by the Group. £69.9 million
(2024: £67.8 million) of the total balance is corporate cash held in respect
of provisions for policyholder tax that will become payable either to HMRC or
returned to policyholders.
20. Cash held for the benefit of policyholders
2025 2024
£m £m
Cash and cash equivalents held for the benefit of the policyholders - instant 1,616.7 1,385.0
access - ILUK
Cash and cash equivalents held for the benefit of the policyholders - instant 278.3 237.8
access - ILInt
Total 1,895.0 1,622.8
Cash and cash equivalents held for the benefit of the policyholders are held
to cover the liabilities for unit-linked investment contracts. These amounts
are 100% matched to corresponding liabilities.
21. Investments
Group Group Group
Non-current 2025 Current Current
£m 2025 2024
£m £m
Fair value through profit or loss
Listed shares and securities - 0.1 0.1
Total - 0.1 0.1
Amortised cost
Gilts 2.5 24.4 2.5
Total 2.5 24.4 2.5
Total 2.5 24.4 2.6
The gilts shown above are interest bearing and the associated income is
referenced in note 9 as "interest income on financial investments".
Management's assessment are that these are UK government listed gilts, with a
Aa3 credit rating meaning that these are classed as stage 1 (they are not
credit impaired on initial recognition and have not experienced a significant
increase in credit risk since initial recognition) with no material ECL
provision held as at 30 September 2025.
22. Prepayments and accrued income
Group Company Group Company
2025 2025 2024 2024
£m £m £m £m
Accrued income 15.9 - 15.1 -
Less: ECLs (0.9) - (0.9) -
Accrued income - net 15.0 - 14.2 -
Prepayments 5.2 0.1 4.6 -
Total 20.2 0.1 18.8 -
Movement in the ECLs (for accrued income and trade and other receivables) is
as follows:
2025 2024
£m £m
Opening ECLs (0.9) (1.0)
Decrease during the year - 0.1
Balance at 30 September (0.9) (0.9)
23. Trade and other receivables
Group Company Group Company
2025 2025 2024 2024
£m £m £m £m
Other receivables 2.0 0.1 3.0 -
Less: ECLs - - (0.1) -
Other receivables net 2.0 0.1 2.9 -
Amounts owed by Group undertakings - 0.1 - 0.1
Total 2.0 0.2 2.9 0.1
24. Trade and other payables
Group Company Group Company
2025 2025 2024 2024
£m £m £m £m
Trade payables 1.4 0.2 1.1 -
PAYE and other taxation 2.9 0.1 2.1 -
Other payables 3.2 0.7 1.7 0.6
Funds held for bonds pending approval 7.0 - 6.5 -
Accruals 11.0 0.6 8.8 0.7
Deferred consideration - - 1.5 1.5
Due to Group undertakings - 0.2 - 0.2
Total 25.5 1.8 21.7 3.0
25. Lease liabilities
2025 2024
£m £m
Opening balance 2.9 1.1
Additions 12.0 2.6
Lease payments (2.5) (1.0)
Interest expense on lease 0.6 0.2
Balance at 30 September 13.0 2.9
Amounts falling due within one year 0.9 2.5
Amounts falling due after one year 12.1 0.4
The Group has various leases in respect of property as a lessee. Lease terms
are negotiated on an individual basis and run for a period of up to 15 years.
Interest shown in the Consolidated Statement of Comprehensive Income of £0.8
million (2024: £0.2 million) comprises £0.6 million (2024: £0.2 million)
relating to lease interest, as noted above, and £0.2 million (2024: nil) for
other non-lease interest, which primarily arise from HMRC charges for late
payments.
Guarantee Provided by Parent Company
The Company has provided a financial guarantee to a subsidiary in respect of
obligations under a property lease. Based on management's assessment, the fair
value of the guarantee is immaterial and therefore no liability has been
recognised in the IHP individual financial statements.
26. Deferred tax
Deferred tax is calculated in full on temporary differences under the
liability method using a tax rate of 20% (2024: 20%) on policyholder assets
and liabilities and 25% (2024: 25%) on non-policyholder items.
Deferred tax asset Accelerated Share-based Policyholder Policyholder excess Policyholder Other Total
capital allowances payments unrealised losses/ management unrealised losses/(unrealised gains) on deductible £m
£m £m (unrealised gains) expenses and investment trusts temporary
£m deferred acquisition £m differences
costs £m
£m
At 1 October 2023 0.1 0.5 - - - 0.1 0.7
Charge to income - 0.5 - (1.5) (0.8) - (1.8)
Offset deferred tax liability (0.1) - - 1.5 0.8 - 2.2
At 30 September 2024 - 1.0 - - - 0.1 1.1
Charge to income - 0.1 - (0.3) - - (0.2)
Offset deferred tax liability - (0.5) - 0.3 - - (0.2)
At 30 September 2025 - 0.6 - - - 0.1 0.7
Deferred tax liability Accelerated Policyholder Other taxable Total
capital allowances tax on unrealised differences £m
£m gains £m
£m
At 1 October 2023 - 6.5 0.7 7.2
Charge to income 0.1 20.6 (0.1) 20.6
Offset against deferred tax asset (0.1) 2.3 - 2.2
At 30 September 2024 - 29.4 0.6 30.0
Charge to income 0.5 20.3 (0.6) 20.2
Offset against deferred tax asset (0.5) 0.3 - (0.2)
At 30 September 2025 - 50.0 - 50.0
The Company has no deferred tax assets or liabilities.
27. Provisions - Group
2025 2024
£m £m
Balance brought forward 39.7 48.2
Increase in dilapidation provision 0.6 -
Additional provisions made in the period, including increases to existing ILUK 27.3 7.1
provision
Reduction in provisions made in the period - (7.6)
Amounts used from the ILUK provision during the period (44.0) (7.1)
Unused amounts reversed from the ILUK provision during the period (6.1) (1.5)
Increase in other provisions 0.4 0.6
Balance carried forward 17.9 39.7
Amounts falling due within one year 16.8 23.3
Amounts falling due after one year 1.1 16.4
Dilapidations provisions 0.8 0.2
ILUK policyholder reserves 15.0 37.8
Other provisions 2.1 1.7
Total 17.9 39.7
ILUK policyholder reserve comprises claims received from HMRC that are yet to
be returned to policyholders, charges taken from unit-linked funds and claims
received from HMRC to meet current and future policyholder tax obligations.
The 2025 ILUK policyholder reserves balance is significantly lower due to the
crystallisation of current and deferred tax on policyholder income, and a
reassessment of the provision required for unfranked investment income.
The presentation of the provisions note has been updated in the current year
to combine the "Reduction in provisions made in the period" and " Amounts used
from the ILUK provision during the period". In the prior year, the "Amounts
used" included the additional provisions made during the year.
28. Share capital
At 30 September 2025 and 30 September 2024, the Company's equity capital
comprises 331,322,014 Ordinary Shares of 1 pence each with an aggregated
nominal value of £3,313,220.14. All Ordinary Shares, as at both period ends,
have been authorised, issued and fully paid.
All Ordinary Shares issued carry equal voting rights. The holders of the
Company's Ordinary Shares are entitled to receive dividends as declared and
are entitled to one vote per share at shareholder meetings of the Company.
29. Share-based payments
Share-based payment reserve
Group Company Group Company
2025 2025 2024 2024
£m £m £m £m
Balance brought forward 4.1 3.4 3.4 2.7
Movement in the year 0.6 0.5 0.7 0.7
Balance carried forward 4.7 3.9 4.1 3.4
Share schemes
(i) SIP 2005
IFAL implemented a SIP trust scheme for its staff in October 2005. The SIP is
an approved scheme under Schedule 2 of the Income Tax (Earnings &
Pensions) Act 2003.
This scheme entitled all the staff who were employed in October 2005 to Class
C shares in IFAL, subject to their remaining in employment with the Company
until certain future dates.
The Trustee for this scheme is IntegraFin Limited, a wholly owned non-trading
subsidiary of IFAL.
Shares issued under the SIP may not be sold until the earlier of three years
after issue or cessation of employment by the Group. If the shares are held
for five years, they may be sold free of income tax or capital gains tax.
There are no other vesting conditions.
The cost to the Group in the financial year to 30 September 2025 was £nil
(2024: £nil). There have been no new share options granted.
(ii) SIP 2018
The Company implemented an annual SIP awards scheme in January 2019. This is
an approved scheme under Schedule 2 of the Income Tax (Earnings &
Pensions) Act 2003 and entitles all eligible employees to Ordinary Shares in
the Company. The shares are held in a UK trust.
The scheme includes the following awards:
Free Shares
The Company may give Free Shares up to a maximum value, calculated at the date
of the award of such Free Shares, of £3,600 per employee in a tax year.
The share awards are made by the Company each year, dependent on 12 months,
continuous service on 30 September. The cost to the Group in the financial
year to 30 September 2025 was £1.0 million (2024: £0.9 million).
Partnership and Matching Shares
The Company provides employees with the opportunity to enter into an agreement
with the Company to enable such employees to use part of their pre-tax salary
to acquire Partnership Shares. If employees acquire Partnership Shares, the
board grants relevant Matching Shares at a ratio of 2:1.
The cost to the Group in the financial year to 30 September 2025 was £0.6
million (2024: £0.5 million).
(iii) Deferred bonus Share Option Plan
The Company implemented an annual deferred bonus Share Option Plan in December
2018. Awards granted under this plan take the form of options to acquire
Ordinary Shares for nil consideration. These are awarded to Executive
Directors, Senior Managers and other employees of any Group Company, as
determined by the Remuneration Committee.
The exercise of the awards is conditional upon the achievement of a
performance condition set at the time of grant and measured over a three-year
performance period.
The cost to the Group in the financial year to 30 September 2025 was £1.0
million (2024: £0.8 million). This is based on the fair value of the share
options at grant date, rather than on the purchase cost of shares held in the
EBT reserve, in line with IFRS 2 Share-based Payment.
(iv) Combined Incentive Plan
On the 29 September 2025, the Group granted Upfront Tiered Awards under its
share-based payment plan. These awards are structured as Conditional Awards
and are settled through a combination of cash and equity share awards.
The awards are subject to a 12-month performance period ending on 30 September
2025. The vesting period of the award is 3 years and 10 months.
· Underlying PBT
· Risk
· Adviser
· Staff engagement score
· Regulatory relationships
· Sustainability
· Strategic/personal
The performance outcome is contingent upon the extent to which each
performance condition has been achieved. The Board will exercise its judgment
in assessing the level of achievement against these conditions before
determining the final outcome.
No awards vested in the year in relation to this scheme.
Details of the movements in the share schemes during the year are as follows:
2025 2025 2024 2024
Weighted average Shares Weighted average Shares
exercise price (number) exercise price (number)
(pence) (pence)
SIP 2005
Outstanding at start of the year - 660,750 - 762,705
Shares withdrawn from the plan - (148,971) - (101,955)
Shares in the plan at end of year - 511,779 - 660,750
Available to withdraw from the plan at end of year - 511,779 - 660,750
The weighted average share price at the date of withdrawal for shares
withdrawn from the plan during the year was 329.8 pence (2024: 281.1 pence).
At 30 September 2025 the exercise price was £nil as they were all nil cost
options.
Details of the share awards outstanding are as follows:
2025 2024
Shares Shares
(number) (number)
SIP 2018
Shares in the plan at start of the year 1,592,573 1,205,612
Granted 575,746 554,178
Shares withdrawn from the plan (276,549) (167,217)
Shares in the plan at end of year 1,891,770 1,592,573
Available to withdraw from the plan at end of year 946,845 678,656
2025 2025 2024 2024
Weighted average Share options Weighted average Share options
exercise price (number) exercise price (number)
(pence) (pence)
Deferred bonus Share Option Plan
Outstanding at start of the year - 1,588,608 - 899,664
Granted - 386,206 - 386,145
Forfeited - - - -
Exercised - (133,950) - (41,673)
Outstanding at end of year - 1,840,864 - 1,244,136
Exercisable at end of year - 380,253 - 337,654
The fair value of options granted during the year has been estimated using the
Black-Scholes model. The principal assumptions used in the calculation were as
follows:
2025 2024 2024
Additional Grant
Deferred bonus Share Option Plan
Share price at date of grant 353.0p 299.4p 293.0p
Exercise price Nil Nil Nil
Expected life 3 years 3 years 3 years
Risk free rate 4.2% 3.7% 3.7%
Dividend yield 2.9% 3.4% 3.5%
Weighted average fair value per option 323.1p 270.3p 263.9p
The additional grant relates to shares provided as part of a one-off
compensation arrangement.
2025 2025 2024 2024
Weighted average Weighted average
exercise price Shares exercise price Shares
(pence) (number) (pence) (number)
Combined Incentive Plan
Outstanding at start of the year - - - -
Granted - 760,477 - -
Forfeited - - - -
Exercised - - - -
Outstanding at end of year - 760,477 - -
Exercisable at end of year - - - -
The fair value of options granted during the year has been estimated using the
Black-Scholes model. The principal assumptions used in the calculation were as
follows:
2025
Combined Incentive Plan
Share price at date of grant 333.8p
Exercise price Nil
Expected life 3 years 3 months
Risk free rate 4.0%
Dividend yield 3.1%
Weighted average fair value per option 303.96p
30. EBT reserve
Group:
2025 2024
£m £m
Balance brought forward (3.3) (2.6)
Purchase of own shares (0.3) (0.7)
Balance carried forward (3.6) (3.3)
Company:
2025 2024
£m £m
Balance brought forward (3.0) (2.4)
Purchase of own shares (0.3) (0.6)
Balance carried forward (3.3) (3.0)
The EBT was settled by the Company pursuant to a trust deed entered into
between the Company and Intertrust Employee Benefit Trustee Limited (the
'Trustee'). The Company has the power to remove the Trustee and appoint a new
trustee. The EBT is a discretionary settlement and is used to satisfy awards
made under the Deferred bonus Share Option Plan.
The Trustee purchases existing Ordinary Shares in the market, and the amount
held in the EBT reserve represents the purchase cost of IHP shares held to
satisfy options awarded under the Deferred bonus Share Option Plan. IHP is
considered to be the sponsoring entity of the EBT, and the assets and
liabilities of the EBT are therefore recognised as those of IHP. Shares held
in the trust are treated as own shares and shown as a deduction from equity.
31. Other reserves - Group
2025 2024
£m £m
Foreign exchange reserves (0.3) (0.1)
Non-distributable merger reserve 5.7 5.7
Foreign exchange reserves are gains/losses arising on retranslating the net
assets of IAD Pty into sterling.
Non-distributable reserves relate to the non-distributable merger reserve held
by one of the Company's subsidiaries, IFAL, which is classified within other
reserves on a Group level.
32. Related parties
Transactions with Group companies
During the year the Company entered into the following transactions with
related parties within the Group:
2025 2024
£m £m
Service charges (4.1) (3.3)
Interest expense (0.4) (0.6)
Dividends received 39.1 60.5
Share subscription - (15.0)
At the year end the Company had the following intra-Group payables
outstanding:
2025 2024
£m £m
ISL 0.2 0.1
ILUK 5.0 6.0
The amount owed to ISL represents the monthly service charge payable.
The amount owed to ILUK relates to a loan of £10 million issued in FY21, with
interest charged at a commercial rate. The Company is paying the loan off over
ten years and made its annual payment of £1 million, plus accrued interest,
during the year. The loan balance at year end was £5 million.
All transactions with fellow Group companies are provided on an arm's length
basis.
Other than as disclosed below regarding the subsidiary audit exemption, the
Group has not been given or received any guarantees during 2025 or 2024
regarding related party transactions.
Subsidiary Audit Exemptions
In accordance with section 479A of the Companies Act 2006, IHP, has guaranteed
the liabilities of the following subsidiary undertaking for the financial year
ended 30 September 2025:
IntegraFin Limited (IL)
Company Registration Number: 03756516
As a result, IL is exempt from the requirement to have its accounts audited
under the provisions of section 479A.
IHP confirms that it has issued a guarantee under section 479C of the
Companies Act 2006 in respect of all outstanding liabilities of this
subsidiary as at the end of the financial year.
Transactions with key management personnel
Payments to key management personnel, defined as members of the IHP board of
directors, are shown in the Remuneration Report. Key management personnel of
the Company received a total of £3.5 million (2024: £3.6 million) in
dividends during the year and benefited from staff discounts for using the
platform of £4k (2024: £4k). The number of IHP shares held at the end of the
year by key management personnel was 33,556,001 (2024: 35,450,505), a decrease
of 1,894,572 (2024: increase 870,843) from last year.
Schrodinger Pty Ltd, the company which leases office space to IAD Pty in
Melbourne, Australia, is considered a related party of the Company, as Michael
Howard has control or joint control of Schrodinger and is a member of the key
management personnel (as a director) of the Company. During the year IAD Pty
paid Schrodinger £0.3 million (FY24: £0.3 million) in relation to the lease.
The lease has been in place since April 2012 and was last renewed in May 2021.
ObjectMastery Services Pty Ltd (OM) provides the service of executive
directors consultancy services to IAD Pty, and IAD Pty provides consultancy
and book-keeping services to OM. OM is considered a related party of the
Company, as Michael Howard has control or joint control of it. IAD Pty paid OM
£40k (FY24: £68k) for services received during the year, all of which
related to Michael Howard's services (FY24: £42k). IAD Pty received £54k
(FY24: £45k) from OM for services provided during the year. IAD owed £4k to
OM as at 30 September 2025 (30 September 2024: £1k).
All of the above transactions are commercial transactions undertaken in the
normal course of business.
33. Contingent liability
Some specific assets in ILUK policyholder linked funds remain under review for
potential remediation. As at 30 September 2024, the Group recognised a
provision of £0.5 million and disclosed a £2.4 million contingent liability
in relation to this matter. However, following further analysis and
information received after the prior year-end, the provision has been reduced
to £0.3 million, and the likelihood of an economic outflow is now considered
remote. Accordingly, no contingent liability is recognised in respect of this
matter as at 30 September 2025.
34. Events after the reporting date
As per the Chair's Statement, and in line with the timing of dividend payments
in previous years, a second interim dividend of 8.0 pence per share was
declared on 16 December 2025. This dividend has not been accrued in the
Consolidated Statement of Financial Position.
Subsequent to the reporting date, the Company injected additional capital of
£1.0 million into T4A, its wholly owned subsidiary. The purpose of this
capital injection is to strengthen T4A's financial position and support
ongoing operational requirements. The transaction will be reflected in the
next reporting period.
35. Dividends
During the year to 30 September 2025 the Company paid interim dividends of
£34.8 million (2024: £33.7 million) to shareholders. The Company received
dividends from subsidiaries of £39.1 million (2024: £60.5 million).
Directors, Company details, advisers
Executive directors
Michael Howard
Alexander Scott
Euan Marshall
Non-executive directors
Richard Cranfield
Rita Dhut
Caroline Banszky
Victoria Cochrane
Robert Lister
Irene McDermott (appointed 1 January 2025)
Company Secretary
Helen Wakeford
Independent auditor
Ernst and Young LLP, 25 Churchill Place,
Canary Wharf, London E14 5EY
Solicitors
Eversheds Sutherland (International LLP),
One Wood Street, London EC2V 7WS
Corporate advisers
Peel Hunt LLP, 7th Floor 100 Liverpool Street,
London EC2M 2AT
Barclays Bank PLC, 1 Churchill Place,
Canary Wharf, London E14 5HP
Principal bankers
National Westminster Bank Plc,
250 Bishopsgate, London EC2M 4AA
Registrars
Equiniti Group plc, Sutherland House,
Russell Way, Crawley, West Sussex RH10 1UH
Registered office
Changed from 29 Clement's Lane London EC4N 7AE to 4th Floor 2 Gresham Street
London EC2V 7AD on 5 September 2025.
Investor relations
Luke Carrivick 0207 608 5463
Website
www.integrafin.co.uk
Company number
8860879
Glossary of alternative performance measures (APMs)
Various APMs are referred to in the Annual Report, which are not defined by
IFRS. They are used in order to provide better insight into the performance of
the Group. Further details are provided below.
APM Financial data page reference Definition and purpose
Operational performance measures
FUD Data sourced internally Calculated as the total market value of all cash and assets on the platform,
valued as at the respective year end.
Year end 2025 2024
£bn £bn
Cash 6.0 5.1
Assets 68.2 59.0
FUD 74.2 64.1
%change on the previous year 16% 17%
Average daily FUD 2025 2024
£bn £bn
Cash 5.6 4.6
Assets 62.2 55.0
FUD 67.8 59.6
%change on the previous year 14% 11%
The measurement of FUD is the primary driver of the largest component of the
Group's revenue. FUD is used to derive the annual charge due to the Group.
These values are not reported within the financial statements or the
accompanying notes.
Gross inflows and Net inflows Data sourced internally Calculated as gross inflows onto the platform less outflows leaving the
platform by clients during the respective financial year.
Inflows and outflows are measured as the total market value of assets and cash
joining or leaving the platform.
2025 2024
£bn £bn
Gross inflows 10.1 8.1
Outflows 5.7 5.6
Net inflows 4.4 2.5
%change on the previous year 76% (7%)
The measurement of net inflows onto the platform shows the net movement of
cash and assets on the platform during the year. This directly contributes to
FUD and therefore revenue.
These values are not reported within the financial statements or the
accompanying notes.
Platform client numbers Data sourced internally Calculated as the total number of advisers or clients as at the financial year
end.
Clients are calculated as the total number of clients on the platform.
CURO licence users calculated as the total number of chargeable core licence
users active on the CURO platform.
2025 2024
Clients 246,191 234,998
%increase 5% 2%
CURO licence users 3,395 3,098
%increase 10% 13%
This measurement is an indicator of our presence in the market.
These values are not reported within the financial statements or the
accompanying notes.
Client retention Data sourced internally Calculated as the total number of clients with a non-zero valuation present in
the final month of both financial periods, as a percentage of total clients in
the current financial period.
2025 2024
Client retention 95% 94%
This is a measurement of client loyalty and an indicator of customer
satisfaction with our services provided.
These values are not reported within the financial statements or the
accompanying notes.
Income statement measures
Non-underlying expenses Consolidated Statement of Comprehensive Income Calculated as costs which have been incurred outside of the ordinary course of
the business.
Non-underlying expenses 2025 2024
£m £m
VAT costs - (0.1)
VAT interest - (0.4)
Deferred consideration 0.6 2.1
Office move - overlapping occupancy costs 0.7 0.1
Office move - overlapping office depreciation 0.4 -
Impairment of goodwill and intangibles 7.5 -
Non-underlying expenses 9.2 1.7
Our non-underlying expenses represent costs which do not relate to our
recurring business operations and hence should be separated from operating
expenses in the income statement.
Underlying EPS Financial Review Calculated as profit after tax net of non-underlying expenses, interest
income, net gains and tax; divided by called up equity share capital.
2025 2024
£m £m
Profit after tax 51.3 52.1
Non-underlying expenses 9.2 1.7
Non-underlying interest expense 0.5 -
Non-underlying net gain attributable to policyholder returns (3.4) -
Non-underlying tax on ordinary activities (0.1) -
Underlying profit after tax 57.5 53.8
Divide by: called up equity share capital 3.3 3.3
Underlying EPS - diluted 17.4p 16.2p
Underlying PBT Financial Review Calculated as PBT net of non-underlying expenses and income.
2025 2024
£m £m
PBT 69.1 68.9
Non-underlying administrative expenses 9.2 1.7
Non-underlying interest expense 0.5 -
Non-underlying net gain attributable to policyholder returns (3.4)
Underlying PBT 75.4 70.6
Non-underlying expenses are broken down and explained above.
Non-underlying net gains attributable to policyholder returns relate to the
one-off release from policyholder reserves, in relation to cumulative amounts
historically recognised which are no longer expected to be paid.
Non-underlying interest expense relates to the overlapping IFRS 16 interest
charged on the lease of the new London office during the move.
Platform revenue margin Financial Review Calculated as platform revenue divided by average daily FUD for the year.
2025 2024
Platform revenue (£m) 151.8 140.0
Divide by: average daily FUD (£bn) 67.9 59.6
Revenue margin (bps) 22.4 23.5
PBT margin Financial Review Calculated as PBT divided by revenue.
2025 2024
£m £m
PBT 69.1 68.9
Divide by: revenue 156.8 144.9
PBT margin 44% 48%
Cash flow measures
Shareholder returns Consolidated Statement of Comprehensive Income Calculated as dividend per share paid to shareholders, which relate to the
respective financial years.
2025 2024
First interim dividend 3.3p 3.2p
Second interim dividend 8.0p 7.2p
Shareholder returns 11.3p 10.4p
%increase on previous financial year 9% 2.0%
There are generally two dividend payments made relating to each financial
year. Shareholder returns is a measurement of the total cash dividend received
by each shareholder for each individual share held by them.
The measurement of FUD is the primary driver of the largest component of the
Group's revenue. FUD is used to derive the annual charge due to the Group.
These values are not reported within the financial statements or the
accompanying notes.
Gross inflows and Net inflows
Data sourced internally
Calculated as gross inflows onto the platform less outflows leaving the
platform by clients during the respective financial year.
Inflows and outflows are measured as the total market value of assets and cash
joining or leaving the platform.
2025 2024
£bn £bn
Gross inflows 10.1 8.1
Outflows 5.7 5.6
Net inflows 4.4 2.5
% change on the previous year 76% (7%)
The measurement of net inflows onto the platform shows the net movement of
cash and assets on the platform during the year. This directly contributes to
FUD and therefore revenue.
These values are not reported within the financial statements or the
accompanying notes.
Platform client numbers
Data sourced internally
Calculated as the total number of advisers or clients as at the financial year
end.
Clients are calculated as the total number of clients on the platform.
CURO licence users calculated as the total number of chargeable core licence
users active on the CURO platform.
2025 2024
Clients 246,191 234,998
% increase 5% 2%
CURO licence users 3,395 3,098
% increase 10% 13%
This measurement is an indicator of our presence in the market.
These values are not reported within the financial statements or the
accompanying notes.
Client retention
Data sourced internally
Calculated as the total number of clients with a non-zero valuation present in
the final month of both financial periods, as a percentage of total clients in
the current financial period.
2025 2024
Client retention 95% 94%
This is a measurement of client loyalty and an indicator of customer
satisfaction with our services provided.
These values are not reported within the financial statements or the
accompanying notes.
Income statement measures
Non-underlying expenses
Consolidated Statement of Comprehensive Income
Calculated as costs which have been incurred outside of the ordinary course of
the business.
Non-underlying expenses 2025 2024
£m £m
VAT costs - (0.1)
VAT interest - (0.4)
Deferred consideration 0.6 2.1
Office move - overlapping occupancy costs 0.7 0.1
Office move - overlapping office depreciation 0.4 -
Impairment of goodwill and intangibles 7.5 -
Non-underlying expenses 9.2 1.7
Our non-underlying expenses represent costs which do not relate to our
recurring business operations and hence should be separated from operating
expenses in the income statement.
Underlying EPS
Financial Review
Calculated as profit after tax net of non-underlying expenses, interest
income, net gains and tax; divided by called up equity share capital.
2025 2024
£m £m
Profit after tax 51.3 52.1
Non-underlying expenses 9.2 1.7
Non-underlying interest expense 0.5 -
Non-underlying net gain attributable to policyholder returns (3.4) -
Non-underlying tax on ordinary activities (0.1) -
Underlying profit after tax 57.5 53.8
Divide by: called up equity share capital 3.3 3.3
Underlying EPS - diluted 17.4p 16.2p
Underlying PBT
Financial Review
Calculated as PBT net of non-underlying expenses and income.
2025 2024
£m £m
PBT 69.1 68.9
Non-underlying administrative expenses 9.2 1.7
Non-underlying interest expense 0.5 -
Non-underlying net gain attributable to policyholder returns (3.4)
Underlying PBT 75.4 70.6
Non-underlying expenses are broken down and explained above.
Non-underlying net gains attributable to policyholder returns relate to the
one-off release from policyholder reserves, in relation to cumulative amounts
historically recognised which are no longer expected to be paid.
Non-underlying interest expense relates to the overlapping IFRS 16 interest
charged on the lease of the new London office during the move.
Platform revenue margin
Financial Review
Calculated as platform revenue divided by average daily FUD for the year.
2025 2024
Platform revenue (£m) 151.8 140.0
Divide by: average daily FUD (£bn) 67.9 59.6
Revenue margin (bps) 22.4 23.5
PBT margin
Financial Review
Calculated as PBT divided by revenue.
2025 2024
£m £m
PBT 69.1 68.9
Divide by: revenue 156.8 144.9
PBT margin 44% 48%
Cash flow measures
Shareholder returns
Consolidated Statement of Comprehensive Income
Calculated as dividend per share paid to shareholders, which relate to the
respective financial years.
2025 2024
First interim dividend 3.3p 3.2p
Second interim dividend 8.0p 7.2p
Shareholder returns 11.3p 10.4p
% increase on previous financial year 9% 2.0%
There are generally two dividend payments made relating to each financial
year. Shareholder returns is a measurement of the total cash dividend received
by each shareholder for each individual share held by them.
IntegraFin Holdings plc
4th Floor 2 Gresham Street London EC2V 7AD
Tel: (020) 7608 4900 Fax: (020) 7608 5300
Registered office: as above
Registered in England and Wales under number: 08860879
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