REG - IntegraFin Holdings - Half-year Financial Report
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RNS Number : 9885E IntegraFin Holdings plc 20 May 2026
LEI Number: 213800CYIZKXK9PQYE87
20 May 2026
IntegraFin Holdings plc
Half year results for the six months ended 31 March 2026
Delivering strong earnings growth momentum
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 half year results.
IHP continued to deliver strong growth in earnings, with underlying profit
before tax (PBT) up 16% to £43.9m and underlying earnings per share (EPS) up
14% to 10.0p. This was driven by strong net inflows and favourable market
movements in the period, in combination with the ongoing delivery of cost
management initiatives and the operational leverage inherent in the Group's
business model. The Group's cost management programme is progressing in line
with guidance.
Financial and operational highlights
• Closing FUD of £77.8bn was up 18% versus the same period last year (HY25:
£65.9bn), with strong net inflows of £2.4bn, up 14% (HY25: £2.1bn).
• Group revenue increased 11% to £85.8m (HY25: £77.2m), driven by higher
average daily FUD.
• Underlying PBT increased 16% to £43.9m (HY25: £37.9m). Reported PBT
increased 47% to £43.9m (HY25: £29.8m).
• Underlying EPS increased 14% to 10.0p (HY25: 8.8p). Reported EPS increased 59%
to 10.0p (HY25: 6.3p).
• The Transact platform client base increased 6% to 254.7k (HY25: 241.2k),
driven by our strategy of combining high-quality client service and leading
proprietary technology.
• The Board has declared a first interim dividend of 3.8 pence per share for the
six months to 31 March 2026 (HY25: 3.3pps) which will be payable on 26 June
2026 to ordinary shareholders on the register on 29 May 2026. The ex-dividend
date will be 28 May 2026.
Outlook and guidance
• Transact is well positioned to continue capturing and growing a strong share
of adviser platform market net inflows in FY26 and beyond. During HY26, our
share of net flows to the adviser platform market was c.25%. Additionally,
despite ongoing market volatility, we maintain a strong FUD position, with
average daily FUD for April 2026 at £80.6bn and closing FUD on 30 April 2026
of £81.4bn.
• We remain on track to deliver on our guidance that full year cost growth for
FY26 and FY27 is limited to c.3% per annum. Implementation of the Group's cost
management initiatives is progressing well, and, as previously guided, we
expect the reduction in the rate of FY26 cost increases to be weighted towards
H2 as the benefits of initiatives phase through.
• To support Transact's market-leading proposition, the Group continues to
invest in AI and automation enhancements. We expect the technology investment
to create a more efficient business and support profit margin expansion over
time.
• The combination of the Group's revenue growth fundamentals and realising
savings from the Group's cost management initiatives puts IHP in a strong
position to continue to accelerate profit growth and enhance profit margin in
the coming years, driven by recurring revenue and scale benefits.
Financial information
IHP Group Half-year to 31 March 2026 Half-year to 31 March 2025 % Movement
Total Group revenue £85.8m £77.2m +11%
Reported profit before tax £43.9m £29.8m +47%
Underlying profit before tax* £43.9m £37.9m +16%
Reported EPS - Diluted 10.0p 6.3p +59%
Underlying EPS* - Diluted 10.0p 8.8p +14%
First interim dividend per share 3.8p 3.3p +15%
Transact platform Half-year ended 31 March 2026 Half-year ended 31 March 2025 % Movement
Net inflows* £2.4bn £2.1bn +14%
Closing FUD* £77.8bn £65.9bn +18%
Average daily FUD* £77.5bn £66.3bn +17%
Transact platform clients* 254,667 241,197 +6%
* Alternative performance measures (APMs)
Alex Scott, IHP Group Chief Executive Officer, commented:
"I am pleased to report that the Group has delivered a strong first half of
the year. Transact has demonstrated its resilience and grown its FUD by
attracting increased net inflows to the platform, driven by the strength of
its client service focused proposition and leading proprietary technology.
With strong net inflows and broadly supportive market movements, average daily
FUD rose, driving higher revenue. Additionally, the implementation of our cost
management programme drove increasing profitability, and a PBT margin for the
period over 51%.
The Group continues to make ongoing improvements to our proprietary technology
proposition, and we are delivering on our integrations-focused strategy.
Through the development of a new Transact Application Programming Interface
(API), we have enabled greater reliability, richer data flows, and enhanced
opportunities for automation.
We also recognise recent rapid improvements in AI capability. Our investment
programme incorporates automation and AI opportunities to enhance our
proprietary technology platform and the productivity of the Group's support
functions. We have commenced activities to incorporate AI enhancements through
the Group's activities including software development, Group support
functions, and the Transact platform proposition for clients and advisers.
We are also confident in the ability of UK financial advice firms to leverage
the productivity benefits of new AI tools to expand their businesses. More
efficient advice firms can serve a larger client base, which will drive growth
of assets under advice and consequently over time drive growing FUD onto the
Transact platform. Alongside this however, we are clear in our view that the
human relationship element of financial advice will remain critical, with AI
augmenting but not replacing the trust and accountability elements of
regulated personal financial advice.
Three core levers drive our earnings growth: enhancements to our
market-leading adviser platform proposition; our FUD and revenue growth
dynamics; and our cost management initiatives. We continue to execute on all
three levers to grow shareholder returns and we look forward to the second
half of the year."
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 David Johnson, the current Company
Secretary, is stepping down effective from 1 June 2026. David will be replaced
as Company Secretary by Stephanie Wallace, who is an experienced
General Counsel and Company Secretary within the financial services sector.
2026 Half year results presentation
IHP will be hosting an audio webcast presentation at 09:30am on 20 May 2026.
This will be available at https://brrmedia.news/IHP_HY_26
(https://brrmedia.news/IHP_HY_26)
A recording of the presentation for playback after the event and the slides
accompanying the analyst presentation will also be available this morning at
https://www.integrafin.co.uk/investors/reports-and-presentations/
(https://www.integrafin.co.uk/investors/reports-and-presentations/)
Cautionary Statement
These Interim Results have been prepared in accordance with the requirements
of English Company Law and the liabilities of the Directors in connection with
these Interim Results shall be subject to the limitations and restrictions
provided by such law.
These Interim Results are prepared for and addressed only to the Company's
shareholders as a whole and to no other person. The Company, its Directors,
employees, agents or advisers do not accept or assume responsibility to any
other person to whom these Interim Results are shown or into whose hands it
may come, and any such responsibility or liability is expressly disclaimed.
These Interim Results contain forward looking statements, which are
unavoidably subject to risk and uncertainty because they relate to events and
depend upon circumstances that will occur in the future. It is believed that
the expectations set out in these forward-looking statements are reasonable,
but they may be affected by a wide range of variables which could cause future
outcomes to differ from those foreseen. All statements in these Interim
Results are based upon information known to the Company at the date of this
report. Except as required by law, the Company undertakes no obligation to
publicly update or revise any forward-looking statement, whether as a result
of new information, future events or otherwise.
Financial review
Headlines
During HY26 the Group's platform business continued to demonstrate strong
performance in attracting and retaining advised business. The primary measure
of this success was FUD growth, which was up 18% to £77.8 billion (HY25:
£65.9 billion)* as a result of both record gross inflows and market growth,
despite increased volatility in global financial markets towards the end of
the period. The Group also continued to grow its market penetration, with
platform clients up 6% at 254,667 (HY25: 241,197)*.
As a result of the FUD growth, Group revenue increased strongly, up 11% to
£85.8 million (HY25: £77.2 million).
The growth in Group revenue was partly offset by the 4% increase in underlying
administrative expense from £44.7 million in HY25 to £46.4 million in HY26,
with expense growth in comparison to prior periods slowing as a result of the
cost management initiatives being implemented.
Profit before tax of £43.9 million (both statutory and underlying) rose by
16% compared with HY25 underlying profit before tax of £37.9 million*, as a
result of the above, and by 47% compared with HY25 statutory profit before tax
of £29.8 million, which included a £7.5 million impairment of goodwill and
other intangible assets.
Diluted earnings per share (EPS) were 10.0p, compared with HY25 diluted EPS of
6.3p and underlying diluted EPS 8.8p*.
* 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
HY26 HY25 YE 2025 Change
£bn £bn HY
£bn
%
Opening FUD 74.2 64.1 64.1 16%
Inflows* 6.0 5.1 10.1 18%
Outflows* (3.6) (3.0) (5.7) 20%
Net flows* 2.4 2.1 4.4 14%
Market movements 1.2 (0.3) 5.7 -500%
Closing FUD* 77.8 65.9 74.2 18%
Average daily FUD for the period* 77.5 66.3 67.9 17%
Platform clients* 254,667 241,197 246,191 6%
HY26 FUD closed the period up 18% on HY25 at £77.8 billion.
Net flow performance improved by 14% year on year, to £2.4 billion (HY25:
£2.1 billion), or 3.2% (HY25: 3.3%) of opening FUD, which was 6.4% (HY25:
6.6%) on an annualised basis, driven by growth of net transfers in from
competitor platforms.
HY26 has seen record levels of gross inflows and strong net flow performance.
Advisers have continued to be attracted to the Group's Transact platform as a
result of our proposition, including market-leading service and continued
functionality enhancements, resulting in an increase of 18% in gross inflows
to £6.0 billion (HY25: £5.1 billion).
Outflows increased 20% to £3.6 billion (HY25: £3.0 billion) with the
annualised outflow rate as a percentage of FUD, increasing from 9% in HY25 to
10% in HY26.
Back-office technology
At the end of HY26 the number of CURO licence users was 3,393 (HY25: 3,094),
an increase of 10%.
Group financial performance
HY26 HY26 HY25 HY25 YE 2025 Change HY Group Change HY Platform
Group *Platform Group *Platform Group
£m £m £m £m £m % %
Revenue 85.8 83.2 77.2 74.7 156.8 +11% +11%
Cost of sales (1.8) (1.3) (1.6) (1.2) (3.4) +13% +8%
Gross profit 84.0 81.9 75.6 73.5 153.4 +11% +11%
Underlying administrative expenses (46.4) (44.7) (44.7) (42.1) (91.0) +4% +6%
Credit loss allowance on financial assets - (0.1) - - - - -
Non-underlying administrative expenses - - (8.1) - (9.2) -100% 0%
Operating profit 37.6 37.1 22.8 31.4 53.2 +65% +18%
Underlying net interest income 4.9 4.7 5.5 4.8 10.6 -11% -2%
Non-underlying interest expense - - - - (0.5) - -
Underlying net gain attributable to policyholder returns 1.4 1.4 1.5 1.5 2.4
-7% -7%
Non-underlying net gain attributable to policyholder returns - - - - 3.4 - -
Profit before tax 43.9 43.2 29.8 37.7 69.1 +47% +15%
Underlying PBT 43.9 43.2 37.9 37.7 75.4 +16% +15%
Tax on ordinary activities (10.9) (10.3) (8.6) (6.3) (17.9) +27% +63%
Non-underlying tax on ordinary activities - - - - 0.1 - -
Profit after tax 33.0 32.9 21.2 31.4 51.3 +56% +5%
Underlying PAT 33.0 32.9 29.3 31.4 57.5 +13% +5%
EPS - basic 10.0p - 6.4p - 15.5p +56% -
EPS - diluted 10.0p - 6.3p - 15.5p +59% -
Underlying EPS - basic 10.0p - 8.8p - 17.4p +14% -
Underlying EPS - diluted 10.0p - 8.8p - 17.4p +14% -
* 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 3.
Revenue
There are two streams of Group revenue: investment platform revenue and
back-office technology revenue.
HY26 HY25 YE 2025 Change HY
Platform revenue £m £m £m %
Recurring annual charges 76.4 67.3 138.1 14%
Recurring wrapper charges 6.0 6.7 12.5 -10%
Other income 0.8 0.7 1.2 14%
Total platform revenue 83.2 74.7 151.8 11%
Back-office technology revenue 2.6 2.5 5.0 4%
Total revenue 85.8 77.2 156.8 11%
Platform revenue
HY26 investment platform revenue increased by £8.5 million to £83.2 million
(HY25: £74.7 million). Investment platform revenue comprises three elements,
99% (HY25: 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 primarily of dealing charges.
Average daily FUD for the year, arising from the performance of the assets in
client portfolios, increased by 17% in HY26 to £77.5 billion (HY25: £66.3
billion). Annual charge income increased 14% to £76.4 million (HY25: £67.3
million). The lower percentage 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 a result of a greater proportion
of individual client FUD benefits from progressively lower fees as portfolios
increase in value.
Recurring wrapper fee income decreased by 10% to £6.0 million (HY25: £6.7
million), with the impact of the introduction of a single wrapper fee per
pension type within family-linked pensions in April 2025 more than offsetting
the increase in wrapper numbers.
Other income rose marginally to £0.8 million with HY25 at £0.7 million.
Back-office technology revenue
HY26 CURO licence revenue was £2.6 million (HY25: £2.5 million), an increase
of 4%. This was driven by an increase in recurring revenue from additional
CURO user licences.
Administrative expenses
Administrative expenses increased by £1.7 million (4%) to £46.4 million on
an underlying basis, but fell by £6.4 million (12%) on a statutory basis
mainly due to the £7.5 million impairment of goodwill and other intangible
assets recognised in HY25.
HY26 HY25 YE 2025 Change HY
£m £m £m %
Employee costs 34.2 31.8 65.0 +8%
Occupancy 0.3 1.3 2.5 -77%
Regulatory and professional fees 3.7 3.4 7.1 +9%
Other costs 7.2 6.7 13.5 +7%
Depreciation and amortisation 1.0 1.5 2.9 -33%
Underlying administrative expenses 46.4 44.7 91.0 +4%
Non-underlying expenses - 8.1 9.2 -100%
Administrative expenses 46.4 52.8 100.2 -12%
HY26 HY25 YE 2025 Change HY %
No. No. No.
Average headcount 684 672 678 +2%
Period end headcount 682 675 698 +1%
Employee costs
Employee costs increased by 8% due to a combination of factors including
increased headcount, which grew by 2% from an average of 672 in HY25 to an
average of 684 in HY26, and providing competitive remuneration to our
employees, including annual salary reviews which took place in H2 FY25.
Occupancy costs
Occupancy costs decreased by £1.0 million to £0.3 million, following the
receipt of rebates and the release of provisions in relation to costs
previously recognised on both the new and previous London office.
Regulatory and professional fees
Regulatory and professional fees increased by £0.3 million.
Depreciation and amortisation
Depreciation and amortisation decreased by £0.5 million to £1.0 million,
driven by lower depreciation of the right of use asset on the lease of the new
London office compared with the previous office.
Other costs
Other costs increased by £0.5 million in HY26, predominantly caused by higher
IT costs as a result of the continued investment in enhancing the operational
performance of the business.
Non-underlying expenses
There were no non-underlying expenses in HY26. HY25 non-underlying
administrative expenses totalled £8.1 million, primarily comprising £7.5
million costs relating to an impairment of goodwill and intangible assets
arising from the T4A acquisition.
Net gain attributable to policyholder returns
Tax relief due to shareholders amounted to £1.4 million in HY26 (HY25: £1.5
million). This represents the net amount arising from gains or losses
attributable to policyholder returns, offset by the related policyholder
charge or credit, as presented in the Statement of Comprehensive Income. The
amount arises from life insurance company tax requirements and is therefore
subject to period‑end valuation, which is inherently sensitive to market
conditions prevailing at the reporting date.
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, 96% of the Group's profit is earned in the UK.
Shareholder tax on ordinary activities for the period increased by £2.3
million (27%), to £10.9 million (HY25: £8.6 million) due to the increase in
taxable profit.
The Group's effective rate of tax over the period was 25% (HY25: 29%). The
main reason for the fall compared to HY25 is that the prior period included
impairment of the goodwill and intangible assets relating to the T4A
acquisition, which were not allowable expenses for corporation tax purposes.
The Group tax strategy can be found at: https://www.integrafin.co.uk/
legal-and-regulatory-information/.
Dividends
During the six month period to 31 March 2026, IHP paid a second interim
dividend of £26.3 million to shareholders in respect of financial year 2025
(second interim dividend in respect of financial year 2024: 23.9 million).
This was in addition to the first interim dividend of £10.9 million (first
interim dividend in respect of financial year 2024: £10.6 million), which was
paid in July 2025.
In respect of the six months to 31 March 2026, the Board has declared a first
interim dividend of 3.8 pence per ordinary share, or £12.6 million (March
2025: 3.3 pence per ordinary share, £10.9 million). This will be payable on
26 June 2026 to ordinary shareholders on the register on 29 May 2026. The
ex-dividend date will be 28 May 2026.
Consolidated Statement of Financial Position
March September 2025 Change
2026 £m %
£m
Non-current assets 36.0 40.6 -11%
Current assets 316.6 290.7 +9%
Current liabilities (54.1) (43.2) +25%
Non-current liabilities (66.2) (63.2) +5%
232.3 224.9 +3%
Policyholder assets and liabilities
Cash held for the benefit of policyholders 2,237.7 1,895.0 +18%
Investments held for the benefit of policyholders 33,189.0 31,849.9 +4%
Liabilities for linked investment contracts (35,426.7) (33,744.9) +5%
- - -
Net Assets 232.3 224.9 +3%
Share capital 3.3 3.3 -
Share based payment reserve 5.3 4.7 +13%
Employee Benefit Trust reserve (3.7) (3.6) +3%
Other reserves 5.6 5.4 +4%
Profit or loss account 221.8 215.1 +3%
Total equity 232.3 224.9 +3%
Net assets increased 3%, or £7.4 million, in the period to £232.3 million,
and the material movements on the Consolidated Statement of Financial Position
were as follows:
Non-current assets
Non-current assets have decreased due to investments moving to current assets
as they matured within one year of the reporting date, and the depreciation of
Property, Plant and Equipment and Right of Use assets.
Current assets
Current assets increased by 9%, or £25.9 million, during the period to
£316.6 million. This was as a result of the cash flows generated from
operating activities, some of which have subsequently been invested in gilts.
Current liabilities
Current liabilities increased by 25%, or £10.9 million, during the period to
£54.1 million. This was largely due to an increase in the current provision
relating to IntegraLife UK Ltd (ILUK) policyholder reserves.
Non-current liabilities
Non-current liabilities increased by 5%, or £3.0 million, during the period
to £66.2 million. This was largely due to an increase in the ILUK
policyholder deferred tax liability.
Policyholder assets and liabilities
ILUK and IntegraLife International Ltd (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 Interim Condensed Consolidated Statement of Comprehensive
Income, the Interim Condensed Consolidated Statement of Financial Position and
the Interim Condensed 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 £35,426.7 million (September 2025: £33,744.9 million). This
increase of 5% is entirely consistent with the rise in total FUD on the
investment platform.
Capital
Integrafin Financial Arrangements Ltd (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.
The regulatory capital requirements and resources in ILUK and ILInt are
calculated by reference to economic capital-based regimes, which are Solvency
UK for ILUK and the Isle of Man Risk-Based Capital Regime for ILInt.
Each of the regulated entities maintains a healthy surplus of regulatory
capital over their requirement, as shown in the below tables:
Regulatory capital as at 31 March 2026
Regulatory capital requirements Regulatory capital resources Regulatory cover
£m £m %
IFAL 77.6 101.7 131
ILUK 246.0 334.6 136
ILInt 34.4 55.4 161
Regulatory capital as at 30 September 2025
Regulatory capital requirements Regulatory capital resources Regulatory cover
£m £m %
IFAL 70.5 90.1 128
ILUK 244.8 326.4 133
ILInt 32.5 54.6 168
Liquidity
The Group holds liquid assets in the form of cash and cash equivalents and UK
Government securities ('UK gilts'), the majority of which are available with
immediate effect.
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, having sufficient capacity to manage potential future
changes to regulatory capital requirements, and managing the timing of
intra-group dividend payments from subsidiaries to the group company, has
increased by £2.1 million during the first six months of the financial year.
March September
2026 2025
£m £m
Total Group consolidated cash and cash 281.5 263.8
equivalents and UK gilts*
Less: Group cash and cash equivalents and UK (154.4) (133.7)
gilts held for regulatory and operational purposes
Less: foreseeable dividend (12.6) (26.5)
Less: coverage of policyholder returns in the life insurance companies (79.8) (69.9)
Liquidity buffer 34.7 33.7
IHP company liquidity 21.0 21.4
*Differs from the balances per the Group's Interim Condensed Statement of
Financial Position due to the exclusion of cash held by ILInt for bonds
awaiting approval of £9.2 million (September 2025: £7.0 million). These
balances can be found in note 18 to the condensed financial statements.
Euan Marshall
Chief Financial Officer
19 May 2026
Directors' responsibilities statement
The Directors are responsible for preparing the condensed consolidated
financial statements in accordance with applicable law and regulations. A list
of current directors is maintained on the Group's website:
https://www.integrafin.co.uk.
The Directors confirm that, to the best of their knowledge, the condensed
consolidated financial statements have been prepared in accordance with UK
adopted International Accounting Standard 34, and give a true and fair view of
the assets, liabilities, financial position and profit or loss of the issuer,
or the undertakings included in the consolidation as a whole as required by
DTR 4.2.4 R. a
The Directors further confirm that the interim management report includes a
fair review of the information required by DTR 4.2.7R and DTR 4.2.8R, namely:
· an indication of important events that have occurred during the
first six months of the financial year and their impact on the condensed set
of consolidated financial statements, and a description of the principal risks
and uncertainties for the remaining six months of the financial year; and
· material related-party transactions in the first six months and
any material changes in the related party transactions described in the last
Annual Report.
By Order of the Board
Euan Marshall
Director
Registered Office
4th Floor, 2 Gresham Street
London
EC2V 7AD
19 May 2026
INDEPENDENT REVIEW REPORT TO INTEGRAFIN HOLDINGS PLC
Conclusion
We have been engaged by IntegraFin Holdings plc (the 'Company') to review the
condensed set of financial statements in the half-yearly financial report for
the six months ended 31 March 2026 which comprises the Interim Condensed
Consolidated Statement of Comprehensive Income, the Interim Condensed
Consolidated Statement of Financial Position, the Interim Condensed
Consolidated Statement of Cash Flows, the Interim Condensed Consolidated
Statement of Changes in Equity and the related notes 1 to 23. We have read the
other information contained in the half yearly financial report and considered
whether it contains any apparent misstatements or material inconsistencies
with the information in the condensed set of financial statements.
Based on our review, nothing has come to our attention that causes us to
believe that the condensed set of financial statements in the half-yearly
financial report for the six months ended 31 March 2026 is not prepared, in
all material respects, in accordance with UK adopted International Accounting
Standard 34 and the Disclosure Guidance and Transparency Rules of the United
Kingdom's Financial Conduct Authority.
Basis for Conclusion
We conducted our review in accordance with International Standard on Review
Engagements 2410 (UK) "Review of Interim Financial Information Performed by
the Independent Auditor of the Entity" (ISRE) issued by the Financial
Reporting Council. A review of interim financial information consists of
making enquiries, primarily of persons responsible for financial and
accounting matters, and applying analytical and other review procedures. A
review is substantially less in scope than an audit conducted in accordance
with International Standards on Auditing (UK) and consequently does not enable
us to obtain assurance that we would become aware of all significant matters
that might be identified in an audit. Accordingly, we do not express an audit
opinion.
As disclosed in note 1, the annual financial statements of the Company are
prepared in accordance with UK adopted international accounting standards. The
condensed set of financial statements included in this half-yearly financial
report has been prepared in accordance with UK adopted International
Accounting Standard 34, "Interim Financial Reporting".
Conclusions Relating to Going Concern
Based on our review procedures, which are less extensive than those performed
in an audit as described in the Basis for Conclusion section of this report,
nothing has come to our attention to suggest that management have
inappropriately adopted the going concern basis of accounting or that
management have identified material uncertainties relating to going concern
that are not appropriately disclosed.
This conclusion is based on the review procedures performed in accordance with
this ISRE, however future events or conditions may cause the entity to cease
to continue as a going concern.
Responsibilities of the directors
The directors are responsible for preparing the half-yearly financial report
in accordance with the Disclosure Guidance and Transparency Rules of the
United Kingdom's Financial Conduct Authority.
In preparing the half-yearly financial report, the directors are responsible
for assessing the Company's ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the directors either intend to
liquidate the Company or to cease operations, or have no realistic alternative
but to do so.
Auditor's Responsibilities for the review of the financial information
In reviewing the half-yearly report, we are responsible for expressing to the
Company a conclusion on the condensed set of financial statements in the
half-yearly financial report. Our conclusion, including our Conclusions
Relating to Going Concern, are based on procedures that are less extensive
than audit procedures, as described in the Basis for Conclusion paragraph of
this report.
Use of our report
This report is made solely to the Company in accordance with guidance
contained in International Standard on Review Engagements 2410 (UK) "Review of
Interim Financial Information Performed by the Independent Auditor of the
Entity" issued by the Financial Reporting Council. To the fullest extent
permitted by law, we do not accept or assume responsibility to anyone other
than the company, for our work, for this report, or for the conclusions we
have formed.
Ernst & Young LLP
Edinburgh
Date: 19 May 2026
Interim condensed consolidated statement of comprehensive income
Six months to Six months to
Note 31 March 2026 31 March 2025
Unaudited Unaudited
£m £m
Revenue 3 85.8 77.2
Cost of sales (1.8) (1.6)
Gross profit 84.0 75.6
Expenses
Administrative expenses 4 (46.4) (52.8)
Operating profit 37.6 22.8
Interest income using the effective interest method 4.4 5.6
Other interest and similar income 1.1 -
Interest expense (0.6) (0.1)
Net policyholder returns
Net gain/(loss) attributable to policyholder returns 13.7 (1.1)
Change in investment contract liabilities (628.6) 104.7
Fee and commission expenses (138.6) (121.5)
Policyholder investment returns 5 767.2 16.8
Net gain/(loss) attributable to policyholder returns 13.7 (1.1)
Profit on ordinary activities before taxation attributable to policyholders 56.2 27.2
and shareholders
Policyholder tax (charge)/credit (12.3) 2.6
Profit on ordinary activities before taxation attributable to shareholders 43.9 29.8
Total tax attributable to shareholder and policyholder returns (23.2) (6.0)
Less/(add back): tax attributable to policyholder returns 12.3 (2.6)
Shareholder tax on profit on ordinary activities (10.9) (8.6)
Profit for the period 33.0 21.2
Other comprehensive gain/(loss)
Exchange gain/(loss) arising on translation of foreign operations 0.2 (0.2)
Total other comprehensive gain/(loss) for the period 0.2 (0.2)
Total comprehensive income for the period 33.2 21.0
Earnings per share
Ordinary shares - basic 6 10.0p 6.4p
Ordinary shares - diluted 6 10.0p 6.3p
All activities of the Group are classed as continuing.
Notes 1 to 23 form part of these Financial Statements.
Interim condensed consolidated statement of financial position
31 March 30 September
Note 2026 2025
Unaudited Audited
£m £m
Non-current assets
Investments - 2.5
Loans receivable 4.7 5.9
Intangible assets 9 13.2 13.2
Property, plant and equipment 5.0 5.4
Right-of-use assets 10 12.3 12.9
Deferred tax asset 8 0.8 0.7
36.0 40.6
Current assets
Investments 11 31.9 24.5
Prepayments and accrued income 17 21.1 20.2
Trade and other receivables 1.9 2.0
Current tax asset 2.8 0.1
Cash and cash equivalents 15 258.9 243.9
316.6 290.7
Current liabilities
Trade and other payables 18 26.5 25.5
Provisions 12 26.4 16.8
Lease liabilities 1.2 0.9
54.1 43.2
Non-current liabilities
Provisions 12 0.5 1.1
Lease liabilities 12.0 12.1
Deferred tax liabilities 8 53.7 50.0
66.2 63.2
Policyholder assets and liabilities
Cash held for the benefit of policyholders 16 2,237.7 1,895.0
Investments held for the benefit of policyholders 13 33,189.0 31,849.9
Liabilities for linked investment contracts 14 (35,426.7) (33,744.9)
Net assets 232.3 224.9
Equity
Called up equity share capital 3.3 3.3
Share-based payment reserve 5.3 4.7
Employee Benefit Trust reserve (3.7) (3.6)
Foreign exchange reserve (0.1) (0.3)
Non-distributable reserves 5.7 5.7
Retained earnings 221.8 215.1
Total equity 232.3 224.9
These interim condensed consolidated financial statements were approved by the
Board of Directors on 19 May 2026 and are signed on their behalf by:
Euan Marshall, Director
Company Registration Number: 08860879
Notes 1 to 23 form part of these Financial Statements.
Interim condensed consolidated statement of cash flows
Six months to Six months to
31 March 2026 31 March 2025
Unaudited Unaudited
£m £m
Cash flows from operating activities
Profit on ordinary activities before taxation attributable to policyholders 56.2 27.2
and shareholders
Adjustments for non-cash movements:
Amortisation and depreciation 1.0 1.5
Share-based payment charge 2.2 1.3
Interest charged on lease 0.6 0.1
Increase in provisions 9.0 10.2
Impairment of goodwill and intangible assets - 7.5
Adjustments for cash affecting investing and financing activities:
Interest on cash and loans (5.5) (5.6)
Adjustments for statement of financial position movements:
Increase in trade and other receivables, and prepayments and accrued income (0.8) -
Increase in trade and other payables 1.0 4.7
Adjustments for policyholder balances:
Increase in investments held for the benefit of policyholders (1,339.1) (728.9)
Increase in liabilities for linked investment contracts 1,681.8 896.4
Decrease in policyholder tax recoverable (12.8) (9.9)
Cash generated from operations 393.6 204.5
Income tax paid (9.5) (4.0)
Interest paid on lease liabilities (0.3) (0.1)
Net cash flows generated from operating activities 383.8 200.4
Investing activities
Acquisition of property, plant and equipment - (0.7)
Purchase of investments (20.0) (15.0)
Redemption of investments 15.1 -
Decrease in loans 1.2 0.6
Interest on cash, loans and investments held 5.5 5.3
Net cash flows generated from / (used in) investing activities 1.8 (9.8)
Financing activities
Purchase of own shares in Employee Benefit Trust (0.5) (0.5)
Purchase of shares for share scheme awards (1.2) (1.2)
Equity dividends paid (26.3) (23.9)
Payment of principal portion of lease liabilities (0.1) (1.6)
Net cash used in financing activities (28.1) (27.2)
Net increase in cash and cash equivalents 357.5 163.4
Cash and cash equivalents at beginning of period 2,138.9 1,866.9
Exchange gain/(loss) on cash and cash equivalents 0.2 (0.2)
Cash and cash equivalents at end of period 2,496.6 2,030.1
Interim condensed consolidated statement of cash flows (continued)
Cash and cash equivalents 258.9 239.8
Cash held for the benefit of policyholders 2,237.7 1,790.3
Cash and cash equivalents 2,496.6 2,030.1
Notes 1 to 23 form part of these Financial Statements.
Interim condensed consolidated statement of changes in equity
Called up equity share capital Non-distributable Share-based payment reserve Employee Benefit Trust reserve Retained earnings Total equity
insurance and foreign exchange reserves
£m £m £m £m £m £m
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 - - - - 21.2 21.2
Movement in currency translation - (0.2) - - - (0.2)
Total comprehensive income for the year - (0.2) - - 21.2 21.0
Share-based payment expense - - 1.3 - - 1.3
Settlement of share-based payment - - (1.3) - - (1.3)
Purchase of own shares in EBT - - - (0.5) - (0.5)
Exercised share options - - - 0.1 - 0.1
Other movements - - - - 0.1 0.1
Distributions to owners - Dividends paid - - - - (23.9) (23.9)
Balance at 31 March 2025 3.3 5.4 4.1 (3.7) 196.0 205.1
(unaudited)
Balance at 1 October 2025 3.3 5.4 4.7 (3.6) 215.1 224.9
Comprehensive income for the year:
Profit for the year - - - - 33.0 33.0
Movement in currency translation - 0.2 - - - 0.2
Total comprehensive income for the year - 0.2 - - 33.0 33.2
Share-based payment expense - - 2.2 - - 2.2
Settlement of share-based payment - - (1.6) - - (1.6)
Purchase of own shares in EBT - - - (0.5) - (0.5)
Exercised share options - - - 0.4 - 0.4
Distributions to owners - Dividends paid - - - - (26.3) (26.3)
Balance at 31 March 2026 3.3 5.6 5.3 (3.7) 221.8 232.3
(unaudited)
Notes 1 to 23 form part of these Financial Statements.
Notes to the Financial Statements (unaudited)
1. Basis of preparation
The interim condensed consolidated financial statements (financial statements)
have been prepared in accordance with UK adopted International Accounting
Standard 34 and the Disclosure Guidance and Transparency Rules (the DTR) of
the UK's Financial Conduct Authority (the UK FCA).
The set of financial statements has been prepared by applying the accounting
policies and presentation that were applied in the preparation of the Group's
published consolidated financial statements for the year ended 30 September
2025, which were prepared in accordance with UK-adopted International
Accounting Standards (IASs).
The financial information contained in these financial statements are
unaudited and do not constitute statutory accounts within the meaning of
Section 434 of the Companies Act 2006. The information has been reviewed by
the company's auditor, Ernst & Young LLP, and their report is presented on
pages 11-12.
The comparative financial information for the year ended 30 September 2025 in
this interim report constitute statutory accounts for that year.
The statutory accounts for 30 September 2025 have been delivered to the
Registrar of Companies. The auditor's report on those accounts was
unqualified, did not draw attention to any matters by way of emphasis, and did
not contain a statement under 498(2) or 498(3) of the Companies Act 2006.
These financial statements should be read in conjunction with the Annual
Report and Accounts for the year ended 30 September 2025. The Group's
accounting policies, areas of significant judgement and the key sources of
estimation uncertainty are consistent with those applied to the consolidated
financial statements as at, and for, the year ended 30 September 2025.
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 Interim
Results are 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;
o The Group maintains a conservative balance sheet and manages and monitors
solvency and liquidity on an ongoing basis, ensuring that it has sufficient
financial resources for the foreseeable future.
o As at 31 March 2026, the Group had £258.9 million of shareholder cash and
cash equivalents and £31.7 million gilt investments on the Interim Condensed
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 political and
geopolitical instability, and the high degree of unpredictability affecting
global markets and economies around the world. The environment remains
challenging, but our financial and operational performance has been positive
throughout, 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 Financial Conduct Authority (FCA), Prudential Regulation Authority
(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 Interim Report is approved. For this reason, they
have adopted the going concern basis for the preparation of the financial
statements.
Changes to International Reporting Standards
Interpretations and standards which became effective during the year
The following amendment and interpretation became effective during the period.
Its adoption has not had any significant impact on the Group.
Amendments to Lack of The amendments to IAS 21 clarify how to determine an exchange rate when a 1 January
currency cannot be exchanged into another due to restrictions. Entities must
IAS 21 Exchangeability estimate a spot rate that reflects an orderly transaction under prevailing 2025
conditions and disclose related judgements and impacts.
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.
IFRS 18 Presentation and IFRS 18 replaces most of IAS 1 and introduces a new income statement 1 January
Disclosures in structure with mandatory subtotals and categories (Operating, Investing, 2027
Financing). It also requires disclosure and reconciliation of
Financial management-defined performance measures and enhances
aggregation/disaggregation principles for clearer presentation.
Statements
IFRS 19 Subsidiaries IFRS 19 introduces an optional reduced-disclosure framework for subsidiaries 1 January
without public accountability that apply full IFRS recognition and
without Public measurement, aiming to cut reporting costs while maintaining useful 2027
information for users.
Accountability:
Disclosures
IFRS 9 and IFRS Amendments to The amendments refine IFRS 9 and IFRS 7 by clarifying how to classify 1 January
financial assets with ESG-linked or contingent features, updating
7 the Classification derecognition rules for electronic settlements, and introducing new 2026
and Measurement disclosure requirements to improve consistency and transparency.
of Financial
Instruments
2. Financial instruments
(i) Principal financial instruments
The principal financial instruments, from which financial instrument risk
arises, are as follows:
· Trade and other receivables
· Accrued fees
· 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 investment 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 Interim Condensed 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
31 March 30 September 31 March 30 September
2026 2025 2026 2025
£m £m £m £m
Cash and cash equivalents - instant access and notice accounts - - 217.6 196.5
Cash and cash equivalents - money market funds 41.3 47.4 - -
Cash held for the benefit of policyholders - - 2,237.7 1,895.0
Investments - listed shares and securities 0.2 0.1 - -
Investments - gilts - current - - 31.7 24.4
Investments - gilts - non-current - 2.5
Loans receivable - - 4.7 5.9
Accrued income - - 16.2 15.0
Trade and other receivables - - 1.9 2.0
Investments held for the policyholders 33,189.0 31,849.9 - -
Total financial assets 33,230.5 31,897.4 2,509.8 2,141.3
30 September
31 March 2025
2026
Assets which are not financial instruments £m £m
Prepayments 4.9 5.2
Current tax asset 2.8 0.1
7.7 5.3
Financial liabilities: Fair value through profit or loss Amortised cost
31 March 30 September 31 March 30 September
2026 2025 2026 2025
Trade payables - - 2.8 1.4
Lease liabilities - - 13.2 13.0
Other payables - - 1.4 1.3
Funds held for bonds pending approval - - 9.2 7.0
Liabilities for linked investments contracts 33,189.0 31,849.9 2,237.7 1,895.0
Total financial liabilities 33,189.0 31,849.9 2,264.3 1,917.7
31 March 30 September
2026 2025
Liabilities which are not financial instruments £m £m
Accruals and deferred income 6.8 11.0
PAYE and other taxation 3.1 2.9
Other payables - due to HMRC 3.2 1.9
13.1 15.8
(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, leases, trade and other
receivables and trade and other payables. Due to their short-term nature
and/or expected credit losses recognised, the carrying value of these
financial instruments approximates their fair value.
(iv) Financial instruments measured at fair value - fair value hierarchy
The table below classifies financial instruments that are recognised on the
Interim Condensed 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 following table shows the three levels of the fair value hierarchy:
· 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:
At 31 March 2026
Level 1 Level 2 Level 3 Total
Assets £m £m £m £m
Term deposits 169.8 - - 169.8
Investments and securities 1,099.8 208.5 0.1 1,308.4
Bonds and other fixed-income securities 28.5 0.1 - 28.6
Holdings in collective investment schemes 31,561.6 120.3 0.3 31,682.2
1 Investments held for the benefit of policyholders 32,859.7 328.9 0.4 33,189.0
Cash and cash equivalents - money market funds 41.3 - - 41.3
Investments - listed shares and securities 0.2 - - 0.2
Total 32,901.2 328.9 0.4 33,230.5
Level 1 Level 2 Level 3 Total
Liabilities £m £m £m £m
Liabilities for linked investment contracts 32,859.7 328.9 0.4 33,189.0
Total 32,859.7 328.9 0.4 33,189.0
At 30 September 2025
Level 1 Level 2 Level 3 Total
Assets £m £m £m £m
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 the 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
Level 1 Level 2 Level 3 Total
Liabilities £m £m £m £m
Liabilities for linked investment contracts 31,597.9 250.3 1.7 31,849.9
Total 31,597.9 250.3 1.7 31,849.9
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, who 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 3rd
party provider, who obtain 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 31 March 2026, 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 Fair Value Hierarchy (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
period end, based on the last known price and market information, and assign
it to a Level.
The Group recognises transfers between Levels of the fair value hierarchy at
the end of the reporting period in which the changes have occurred. Changes
occur due to the availability of (or lack thereof) quoted prices, whether a
market is now active or not.
Transfers between Levels between 30 September 2025 and 31 March 2026 are
presented in the table below at their valuation at 31 March 2026:
Transfers from Transfers to £m
Level 1 Level 2 74.3
Level 2 Level 1 3.9
Level 3 Level 1 -
Level 3 Level 2 1.2
Level 2 Level 3 -
Level 1 Level 3 -
The reconciliation between opening and closing balances of Level 3 assets and
liabilities are presented in the table below:
2026 2025
£m £m
Opening balance as at 1 October 2025/2024 1.7 1.7
Unrealised gains or losses for the period ended 31 March 2026 (0.1) -
Transfers in to Level 3 at 31 March 2026 valuation - 0.1
Transfers out of Level 3 at 31 March 2026 valuation (1.2) (0.9)
Purchases, sales, issues and settlement - -
Closing balance as at 31 March 2026/2025 0.4 0.9
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 2026 are driven by the regulated entities,
whose minimum capital resources and requirements as detailed below:
IFAL ILUK ILInt
31 March 2026 30 September 2025 31 March 2026 30 September 2025 31 30
March 2026 September 2025
£m £m £m £m £m £m
Capital resource 101.7 90.1 334.6 326.4 55.4 54.6
Capital requirement 77.6 70.5 246.0 244.8 34.4 32.5
Coverage ratio 131% 128% 136% 133% 161% 168%
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.
3. 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 Buy-Out Bond, Transact Onshore and Offshore
Bonds, and Qualifying Savings Plan 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.
Other Group entities relate to the rest of the Group, which provide services
to support the Group's core operating segments.
Analysis by class of business is given below.
Statement of condensed consolidated comprehensive income - segmental
information for the six months ended 31 March 2026
Investment administration services Insurance and life assurance business Adviser back-office technology Other Group entities Consolidation adjustments Total
£m £m £m £m £m £m
Revenue
Recurring annual charges 40.3 36.1 - - - 76.4
Recurring wrapper charges 1.5 4.5 - - - 6.0
Adviser back-office technology - - 2.6 - - 2.6
Other income 0.5 0.3 - 50.1 (50.1) 0.8
Total revenue 42.3 40.9 2.6 50.1 (50.1) 85.8
Cost of sales (0.8) (0.6) (0.4) - - (1.8)
Gross profit/(loss) 41.5 40.3 2.2 50.1 (50.1) 84.0
Administrative expenses (25.4) (19.3) (2.6) (49.2) 50.1 (46.4)
Operating profit/(loss) 16.1 21.0 (0.4) 0.9 - 37.6
Interest expense - - (0.1) (0.7) 0.2 (0.6)
Interest income using effective interest method 1.5 2.4 - 0.7 (0.2) 4.4
Other interest and similar income 0.5 0.4 - 0.2 1.1
Net policyholder returns
Net income/(loss) attributable to policyholder returns - 13.7 - - - 13.7
Change in investment contract liabilities - (628.6) - - - (628.6)
Fee and commission expenses - (138.6) - - - (138.6)
Policyholder investment returns - 767.2 - - - 767.2
Net policyholder returns - 13.7 - - - 13.7
Profit/(loss) on ordinary activities before taxation attributable to 18.1 37.5 (0.5) 1.1 - 56.2
policyholders and shareholders
Policyholder tax credit/(charge) - (12.3) - - - (12.3)
Profit/(loss) on ordinary activities before taxation attributable to 18.1 25.2 (0.5) 1.1 - 43.9
shareholders
Total tax (charge) / benefit attributable to shareholder and policyholder (4.6) (18.0) 0.1 (0.7) - (23.2)
returns
Less: tax attributable to policyholder returns - 12.3 - - - 12.3
Shareholder tax (charge)/benefit on profit on ordinary activities (4.6) (5.7) 0.1 (0.7) - (10.9)
Profit/(loss) for the period 13.5 19.5 (0.4) 0.4 - 33.0
Statement of condensed consolidated comprehensive income - segmental
information for the six months ended 31 March 2025
Investment administration services Insurance and life assurance business Adviser back-office technology Other Group entities Consolidation adjustments Total
£m £m £m £m £m £m
Revenue
Recurring annual charges 35.8 31.5 - - - 67.3
Recurring wrapper charges 1.6 5.1 - - - 6.7
Adviser back-office technology - - 2.5 - - 2.5
Other income 0.5 0.2 - 46.0 (46.0) 0.7
Total revenue 37.9 36.8 2.5 46.0 (46.0) 77.2
Cost of sales (0.7) (0.5) (0.4) - - (1.6)
Gross profit/(loss) 37.2 36.3 2.1 46.0 (46.0) 75.6
Administrative expenses (24.5) (17.6) (9.7) (39.3) 38.3 (52.8)
Operating profit/(loss) 12.7 18.7 (7.6) 6.7 (7.7) 22.8
Interest expense - - - (0.4) 0.3 (0.1)
Interest income 1.9 2.9 - 1.0 (0.2) 5.6
Net policyholder returns
Net income/(loss) attributable to policyholder returns - (1.1) - - - (1.1)
Change in investment contract liabilities - 104.7 - - - 104.7
Fee and commission expenses - (121.5) - - - (121.5)
Policyholder investment returns - 16.8 - - - 16.8
Net policyholder returns - (1.1) - - - (1.1)
Profit/(loss) on ordinary activities before taxation attributable to 14.6 20.5 (7.6) 7.3 (7.6) 27.2
policyholders and shareholders
Policyholder tax credit/(charge) - 2.6 - - - 2.6
Profit/(loss) on ordinary activities before taxation attributable to 14.6 23.1 (7.6) 7.3 (7.6) 29.8
shareholders
Total tax (charge) / benefit attributable to shareholder and policyholder (3.7) (2.6) - (0.3) 0.6 (6.0)
returns
Less: tax attributable to policyholder returns - (2.6) - - - (2.6)
Shareholder tax (charge)/benefit on profit on ordinary activities (3.7) (5.2) - (0.3) 0.6 (8.6)
Profit/(loss) for the period 10.9 17.9 (7.6) 7.0 (7.0) 21.2
Statement of financial position - segmental information as at 31 March 2026:
Investment administration services Insurance and life assurance business Total
Adviser back-office technology
£m £m £m £m
Assets
Non-current assets 13.7 21.1 1.2 36.0
Current assets 139.7 173.9 3.0 316.6
Total assets 153.4 195.0 4.2 352.6
Liabilities
Current liabilities 14.4 38.5 1.2 54.1
Non-current liabilities 5.5 59.2 1.5 66.2
Total liabilities 19.9 97.7 2.7 120.3
Policyholder assets and liabilities
Cash held for the benefit of policyholders - 2,237.7 - 2,237.7
Investments held for the benefit of policyholders - 33,189.0 - 33,189.0
Liabilities for linked investment contracts - (35,426.7) - (35,426.7)
Total policyholder assets and liabilities - - - -
Net assets 133.5 97.3 1.5 232.3
Non-current asset additions - - - -
Statement of financial position - segmental information as at 30 September
2025:
Investment administration services Insurance and life assurance business Total
Adviser back-office technology
£m £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 policyholders - 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
Segmental information: Split by geographical location
Revenue Six months to 31 March 2026 Six months to 31 March 2025
£m £m
United Kingdom 81.6 73.7
Isle of Man 4.2 3.5
Total 85.8 77.2
Non-current assets 31 March 30 September 2025
2026
£m £m
United Kingdom 30.4 31.4
Isle of Man 0.1 0.1
Total 30.5 31.5
Non-current assets for this purpose consist of intangible assets, property,
plant and equipment, and right-of-use assets.
4. Expenses by nature
The following expenses are included within administrative expenses:
Six months to Six months to
31 March 2026 31 March 2025
£m £m
Depreciation 1.0 1.3
Amortisation - 0.2
Wages and employee benefits expense 33.7 31.4
Auditor's remuneration 0.7 0.6
Professional fees 1.3 1.2
Regulatory fees 1.8 1.5
Irrecoverable VAT 2.5 2.2
Other costs 5.4 6.3
Non-underlying expenses:
- Other non-underlying expenses - deferred consideration - 0.6
- Impairment of intangibles and goodwill - 7.5
Total administrative expenses 46.4 52.8
Note that the 2025 interim results included separate categories for other
occupancy costs and other staff costs. These have now been combined into the
other costs line, in order to show a more concise breakdown of expenses.
Auditor's remuneration
Six months to Six months to
31 March 2026 31 March 2025
£m £m
Auditing of the financial statements of the Company pursuant to the 0.1 0.1
legislation
Auditing of the financial statements of subsidiaries 0.3 0.3
Other assurance services 0.3 0.2
Total auditor's remuneration 0.7 0.6
5. Policyholder investment returns
Six months to Six months to
31 March 2026 31 March 2025
£m £m
Change in fair value of underlying assets 618.3 (132.9)
Investment income 148.9 149.7
Total policyholder investment returns 767.2 16.8
The change in fair value of underlying assets has increased due to market
gains in the period.
6. Earnings per share
Six months to 31 March 2026 Six months to 31 March 2025
Profit
Profit for the year and earnings used in basic and diluted earnings per share £33.0m £21.2m
Weighted average number of shares
Weighted average number of Ordinary shares 331.3m 331.3m
Weighted average numbers of Ordinary Shares held by Employee Benefit Trust (0.9m) (0.8m)
Weighted average number of Ordinary Shares for the purposes of basic EPS 330.4m 330.5m
Adjustment for dilutive share option awards 0.9m 0.8m
Weighted average number of Ordinary Shares for the purposes of diluted EPS 331.3m 331.3m
Earnings per share
Basic earnings per share 10.0p 6.4p
Diluted earnings per share 10.0p 6.3p
7. Tax on profit on ordinary activities
UK Corporation Tax for the six months ended 31 March 2026 has been calculated
at 25% (31 March 2025: 25%), representing the average annual effective UK
corporation tax rate expected for the full financial year. This has been
applied to the estimated taxable profit for the six-month period. For the
entities within the Group operating outside of the UK, tax is charged at the
relevant rate in each jurisdiction.
IAS 12 - International Tax Reform - Pillar Two Model rules
As the Group's consolidated revenues are less than EUR 750 million, it is not
in the scope of the Pillar Two model rules. Therefore, neither the mandatory
recognition and disclosure exception in IAS 12.4A nor the disclosure
requirements in IAS 12.88A-88D apply to the Group.
8. Deferred tax
Deferred tax is calculated in full on temporary differences under the
liability method using a tax rate of 22% (September 2025: 20%) on policyholder
assets and liabilities and 25% (September 2025: 25%) on non-policyholder
items.
The increase in the deferred tax liability on policyholder assets is due to a
change in accounting estimate, arising from the change in applicable future
tax rate from 20% to 22% effective April 2027. This has resulted in a £4.0m
increase in the policyholder deferred tax liability.
Deferred Tax Asset
Deferred Tax Asset Accelerated capital allowances Share based payments Policyholder unrealised losses/ (unrealised) Policyholder excess management expenses and deferred acquisition costs Policyholder unrealised losses on investment trusts Other deductible temporary differences Total
gains
£m £m £m £m £m £m £m
At 01 October 2024 - 1.0 - - - 0.1 1.1
Charge to income - 0.1 - (0.3) - - (0.2)
Offset against deferred tax liability - (0.5) - 0.3 - - (0.2)
At 30 September 2025 - 0.6 - - - 0.1 0.7
Charge to income - - - (0.1) - - (0.1)
Offset against deferred tax liability - 0.1 - 0.1 - - 0.2
As at 31 March 2026 - 0.7 - - - 0.1 0.8
Deferred Tax Liability
Deferred Tax Liability Accelerated capital allowances Policyholder tax on unrealised gains Other taxable differences Total
£m £m £m £m
At 01 October 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
Charge to income (0.1) 3.6 - 3.5
Offset against deferred tax asset 0.1 0.1 - 0.2
As at 31 March 2026 - 53.7 - 53.7
9. Intangible assets
Software and IP rights Goodwill Customer relationships Software Brand Total
Cost £m £m £m £m £m £m
At 1 October 2025 12.5 13.0 0.7 1.3 0.2 27.7
Impairment - - - - - -
At 31 March 2026 12.5 13.0 0.7 1.3 0.2 27.7
Amortisation
At 1 October 2025 12.5 - 0.6 1.3 0.1 14.5
Charge for the period - - - - - -
At 31 March 2026 12.5 - 0.6 1.3 0.1 14.5
Net Book Value
At 1 October 2025 - 13.0 0.1 - 0.1 13.2
At 31 March 2026 - 13.0 0.1 - 0.1 13.2
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 31 March 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 period - - 0.2 0.1 - 0.3
At 31 March 2025 12.5 - 0.7 1.2 0.1 14.5
Net Book Value
At 1 October 2024 - 18.3 1.6 0.9 0.2 20.9
At 31 March 2025 - 13.0 - 0.1 0.1 13.2
Amortisation of intangible assets is recognised within administrative expenses
in the Interim Condensed Consolidated Statement of Comprehensive Income.
Goodwill and other intangible assets 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.
Regarding the IAD Pty goodwill, there are no indications of impairment, and an
impairment test is therefore not required at the half year, with the annual
assessment having been performed at the last annual reporting date.
In financial year 2025, an impairment charge of £7.5 million was recognised
in respect of the T4A acquisition, comprising a full impairment of the £5.3
million goodwill balance and a £2.2 million impairment of the related
intangible assets. In accordance with IAS 36, the goodwill impairment is not
reversible, and the impairment assessment performed at 31 March 2026
identified no material changes in circumstances that would give rise to a
reversal of the impairment recognised in respect of the intangible assets.
10. Right-of-use assets - Property - Group
Cost £m
At 1 October 2025 14.6
At 31 March 2026 14.6
Depreciation £m
At 1 October 2025 1.7
Charge in the period 0.6
At 31 March 2026 2.3
Net Book Value
At 30 September 2025 12.9
At 31 March 2026 12.3
Cost £m
At 1 October 2024 4.4
Additions 0.2
At 31 March 2025 4.6
Depreciation £m
At 1 October 2024 1.8
Charge in the period 1.0
At 31 March 2025 2.8
Net Book Value
At 30 September 2024 2.6
At 31 March 2025 1.8
Depreciation is calculated on a straight line basis over the term of the
lease.
11. Investments
31 31 30 30
March March September September
2026 2026 2025 2025
Non-current Current Non- Current
current
£m £m £m £m
Fair value through profit or loss
Listed shares and securities - 0.2 - 0.1
Total - 0.2 - 0.1
Amortised cost
Gilts - 31.7 2.5 24.4
Total - 31.7 2.5 24.4
- 31.9 2.5 24.5
The gilts shown above are interest-bearing and the associated income is
recorded within "interest income using the effective interest method" in the
Interim Condensed Consolidated Statement of Comprehensive Income.
12. Provisions
31 March 30 September
2026 2025
£m £m
Balance brought forward 17.9 39.7
(Decrease)/Increase in dilapidation provision (0.3) 0.6
Additional provisions made in the period, including increases to existing ILUK 27.0 27.3
provision
Amounts used from the ILUK provision during the period (16.5) (44.0)
Unused amounts reversed from the ILUK provision during the period (1.1) (6.1)
(Decrease)/Increase in other provisions (0.1) 0.4
Balance carried forward 26.9 17.9
Amounts falling due within one year 26.4 16.8
Amounts falling due after one year 0.5 1.1
Dilapidations provisions 0.5 0.8
ILUK policyholder reserves 24.4 15.0
Other provisions 2.0 2.1
26.9 17.9
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 March 2026 ILUK policyholder reserves balance is significantly higher than
the September 2025 balance, due to additional reserve charges on unrealised
gains, which were high due to market gains in the period.
13. Investments held for the benefit of policyholders
31 March 30 September
2026 2025
£m £m
ILInt 3,948.7 3,607.9
ILUK 29,240.3 28,242.0
Total 33,189.0 31,849.9
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.
14. Liabilities for linked investment contracts
31 March 30 September
2026 2025
£m £m
ILInt 4,243.7 3,886.1
ILUK 31,183.0 29,858.8
Total 35,426.7 33,744.9
Analysis of change in liabilities for linked investment contracts
Six months to 31 March Year to Six months to 31 March
2026 30 September 2025
2025
£m £m £m
Opening balance 33,744.9 28,860.6 28,860.6
Investment inflows 2,587.0 4,268.6 2,095.4
Investment outflows (1,494.1) (2,067.2) (1,061.2)
Changes in fair value of underlying assets 618.3 2,719.4 (132.9)
Investment income 148.9 298.2 149.7
Other fees and charges - Transact (39.7) (70.3) (33.1)
Other fees and charges - other third parties (138.6) (264.4) (121.5)
Closing balance 35,426.7 33,744.9 29,757.0
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.
15. Cash and cash equivalents
31 March 30 September
2026 2025
£m £m
Bank balances - Instant access 92.7 79.4
Bank balances - Notice accounts 124.9 117.1
Bank balances - Money market funds 41.3 47.4
Total 258.9 243.9
Bank balances held in instant access accounts are current and available for
use by the Group.
All of the bank balances held in notice accounts require 3 months or less
notice before they are available for use by the Group. £79.8 million
(September 2025: £69.9 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.
Investments in money market funds are classified as cash and cash equivalents.
These investment funds are held for short-term liquidity purposes of less than
three months, are highly liquid, have a strong credit rating and a very low
risk of reduction in value.
All cash and cash equivalents are recognised at amortised cost, apart from
money market funds, which are recognised mandatorily at FVTPL.
16. Cash held for the benefit of policyholders
31 March 30 September
2026 2025
£m £m
Cash and cash equivalents held for the benefit of the policyholders - instant 1,942.7 1,616.7
access - ILUK
Cash and cash equivalents held for the benefit of the policyholders - instant 295.0 278.3
access - ILINT
Total 2,237.7 1,895.0
The 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.
17. Prepayments and accrued income
31 March 30 September
2026 2025
£m £m
Accrued income 17.2 15.9
Less: expected credit losses (1.0) (0.9)
Accrued income net 16.2 15.0
Prepayments 4.9 5.2
Total 21.1 20.2
18. Trade and other payables
31 March 30 September
2026 2025
£m £m
Trade payables 2.8 1.4
PAYE and other taxation 3.1 2.9
Other payables 4.6 3.2
Funds held for bonds pending approval 9.2 7.0
Accruals 6.8 11.0
Total 26.5 25.5
19. Lease liabilities
31 March 30 September
2026 2025
£m £m
Opening balance 13.0 2.9
Additions - 12.0
Lease payments (0.4) (2.5)
Interest expense 0.6 0.6
Balance at 30 September 13.2 13.0
Amounts falling due within one year 1.2 0.9
Amounts falling due after one year 12.0 12.1
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 up to fifteen
years.
20. Related parties
There were no material changes to the related party transactions during the
period.
21. Principal risks and uncertainties
Within the Risk and Risk Management section of the 2025 Annual Report and
Financial Statements is a comprehensive view of what the board considered to
be the principal risks and uncertainties that could undermine the successful
achievement of the Group's strategic objectives, threaten its business model
or future performance or that might present significant operational
disruption.
The executive and board regularly review these principal risks and
uncertainties, including emerging risks, and believe that their nature remains
unchanged from those presented within the 2025 Annual Report and Financial
Statements.
The ongoing conflict involving Iran has contributed to increased geopolitical
and market volatility since the reporting date, and the Group recognises the
impact that this exposure to market risk has on revenue. This is consistent
with the market risk described in the 2025 Annual Report and Financial
Statements, and the Group continues to monitor developments in the region and
the potential implications for global financial markets.
22. Events after the reporting date
As noted on page 1, an interim dividend of 3.8 pence per share was declared on
19 May 2025. This dividend has not been accrued in the Interim Condensed
Consolidated Statement of Financial Position.
There are no other events subsequent to the reporting period that require
disclosure in, or amendment to the interim condensed consolidated financial
statements.
23. Dividends
During the six month period to 31 March 2026 the Company paid a second interim
dividend of £26.3 million (8.0 pence per share) to shareholders in respect of
financial year 2025. This was in addition to the first interim dividend of
£10.9 million (3.3 pence per share) in respect of financial year 2025, which
was paid in July 2025. The total of £37.2 million (11.3 pence per share)
compares with a full year interim dividend of £34.5 million (10.4 pence per
share) in respect of the full financial year 2024.
Directors, Company details and advisers
Executive Directors
Michael Howard
Alexander Scott
Euan Marshall
Non-Executive Directors
Richard Cranfield
Rita Dhut
Caroline Banszky
Victoria Cochrane
Robert Lister
Irene McDermott Brown
Company Secretary
David Johnson
Independent Auditors
Ernst and Young LLP, Atria One, 144 Morrison Street, Edinburgh EH3 8EX, United
Kingdom
Solicitors
Eversheds Sutherland (International LLP), One Wood Street, London, EC2V 7WS
Corporate Advisers
Peel Hunt LLP, 7th Floor 100 Liverpool Street, London, England, 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, RH10 1UH
Registered Office
4(th) Floor, 2 Gresham Street, London, EC2V 7AD
Investor Relations
Luke Carrivick 020 7608 4900
Website
www.integrafin.co.uk (http://www.integrafin.co.uk)
Company number
8860879
Glossary of Alternative Performance Measures (APM's)
Various alternative performance measures are referred to in these interim
accounts, 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 ref Definition and purpose
Operational performance measures
Funds under direction (FUD) Data sourced internally Calculated as the total market value of all cash and assets on the platform,
valued as at the respective period end.
Period end HY 2026 HY 2025
£bn £bn
Cash 6.9 5.7
Assets 70.8 60.2
FUD 77.8 65.9
%change on the previous year 18% 8%
Average daily FUD HY 2026 HY 2025
£bn £bn
FUD 77.5 66.3
%change on the previous year 17% 16%
The measurement of FUD is the primary driver of the largest component of the
Group's revenue. FUD is used to derive the annual charges 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.
HY 2026 HY 2025
£bn £bn
Gross inflows 6.0 5.1
Outflows (3.7) (3.0)
Net inflows 2.4 2.1
%change on the previous year 12% 91%
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.
Annualised net flows Data sourced internally Calculated by doubling the half year net flows to represent 1 year and
expressing this amount as a percentage of the opening FUD.
HY 2026 HY 2025
£bn £bn
Net inflows 2.4 2.1
Net flows annualised x 12/6 4.8 4.2
Divided by opening FUD 74.2 64.1
Annualised net flows 6.4% 6.6%
These values are not reported within the Financial Statements or the
accompanying notes.
Transact platform clients Data sourced internally Transact platform clients are calculated as the total number of clients on the
platform.
HY 2026 HY 2025
Transact platform clients 254,667 241,197
%increase 6% 4%
This measurement is an indicator of our presence in the market.
These values are not reported within the Financial Statements or the
accompanying notes.
The measurement of FUD is the primary driver of the largest component of the
Group's revenue. FUD is used to derive the annual charges 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.
HY 2026 HY 2025
£bn £bn
Gross inflows 6.0 5.1
Outflows (3.7) (3.0)
Net inflows 2.4 2.1
% change on the previous year 12% 91%
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.
Annualised net flows
Data sourced internally
Calculated by doubling the half year net flows to represent 1 year and
expressing this amount as a percentage of the opening FUD.
HY 2026 HY 2025
£bn £bn
Net inflows 2.4 2.1
Net flows annualised x 12/6 4.8 4.2
Divided by opening FUD 74.2 64.1
Annualised net flows 6.4% 6.6%
These values are not reported within the Financial Statements or the
accompanying notes.
Transact platform clients
Data sourced internally
Transact platform clients are calculated as the total number of clients on the
platform.
HY 2026 HY 2025
Transact platform clients 254,667 241,197
% increase 6% 4%
This measurement is an indicator of our presence in the market.
These values are not reported within the Financial Statements or the
accompanying notes.
Income statement measures
Non-underlying expenses Interim Condensed Consolidated Statement of Comprehensive Income Calculated as costs which have been incurred outside of the ordinary course of
the business.
Non-underlying expenses HY 2026 HY 2025
£m £m
Impairment of intangibles and goodwill - 7.5
Post-combination remuneration - 0.6
Non-underlying expenses - 8.1
Non-underlying expenses represent costs which do not relate to our recurring
business operations.
Underlying EPS Financial review Calculated as profit after tax net of non-underlying expenses, divided by
called up equity share capital. Basic and diluted calculations have been
provided below.
HY 2026 HY 2025
£m £m
Profit after tax 33.0 21.0
Less: Non-underlying expenses - (8.1)
Underlying profit after tax 33.0 29.3
Divide by: Weighted average number of Ordinary Shares for the purposes of 330.4 330.5
basic EPS
Underlying earnings per share - basic 10.0 pence 8.8 pence
Divide by: Weighted average number of Ordinary Shares for the purposes of 331.3 331.3
diluted EPS
Underlying earnings per share - diluted 10.0 pence 8.8 pence
Underlying PBT Financial review Calculated as profit before tax net of non-underlying expenses.
HY HY
2026 2025
£m £m
Profit before tax 43.9 29.8
Add: Non-underlying expenses - 8.1
Underlying profit before tax 43.9 37.9
Non-underlying expenses represent costs which do not relate to our recurring
business operations.
Underlying EPS
Financial review
Calculated as profit after tax net of non-underlying expenses, divided by
called up equity share capital. Basic and diluted calculations have been
provided below.
HY 2026 HY 2025
£m £m
Profit after tax 33.0 21.0
Less: Non-underlying expenses - (8.1)
Underlying profit after tax 33.0 29.3
Divide by: Weighted average number of Ordinary Shares for the purposes of 330.4 330.5
basic EPS
Underlying earnings per share - basic 10.0 pence 8.8 pence
Divide by: Weighted average number of Ordinary Shares for the purposes of 331.3 331.3
diluted EPS
Underlying earnings per share - diluted 10.0 pence 8.8 pence
Underlying PBT
Financial review
Calculated as profit before tax net of non-underlying expenses.
HY HY
2026 2025
£m £m
Profit before tax 43.9 29.8
Add: Non-underlying expenses - 8.1
Underlying profit before tax 43.9 37.9
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:
8860879)
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Copyright 2019 Regulatory News Service, all rights reservedRecent news on Integrafin Holdings
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