3rd Quarter Results

IntegraFin Holdings plc
16 July 2024
 

 

LEI Number: 213800CYIZKXK9PQYE87

 

 

16 July 2024

 

 

IntegraFin Holdings plc

 

Q3 Trading Update and Board Changes

 

IntegraFin Holdings plc ("IHP", "the Group", "IntegraFin" or the "Company"), operator of Transact, the UK's premium investment platform for clients and UK financial advisers, is pleased to update on performance for the three months ended 30 June 2024.

 

The Group has delivered robust net inflows and organic growth

 

 

Group highlights

 

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

 

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

 

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

 

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

 

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

 

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

 

Board Changes

 

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

 

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

 

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

 

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

 

Alex Scott, IHP Group Chief Executive Officer, commented:

 

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

 

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

 

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

 

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

 

Richard Cranfield, Chair of the IHP board, commented:

 

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

 

 

 

 

£m

Quarter ended 30 June 2024

Quarter ended 30 June 2023

Financial year to date 30 June 2024

Financial year to date 30 June 2023

Opening FUD

61,020

53,973

54,959

50,070

Inflows

2,017

1,517

5,942

4,811

Outflows

-1,358

-900

-4,225

-2,569

Net flows

659

617

1,717

2,242

Market movements

745

21

5,727

2,335

Other movements(1)

-4

-5

17

-41

Closing FUD

62,420

54,606

62,420

54,606

Average daily FUD for the period (£m)

61,435

54,288

58,481

53,191

Number of registered advisers

7,956

7,606

7,956

7,606

Number of platform clients

234,084

229,659

234,084

229,659

 

 

Transact platform reporting for Q3 FY24

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

 

 

Transact platform historical information:

 

£m

       Q4

FY22

Q1 FY23

Q2 FY23

Q3

FY23

Q4 FY23

Q1 FY24

Q2 FY24

Q3 FY24

Opening FUD

50,300

50,070

52,063

53,973

54,606

54,959

58,010

61,020

Inflows

1,505

1,469

1,825

1,517

1,595

1,657

2,268

2,017

Outflows

-785

-769

-900

-900

-1,184

-1,389

-1,478

-1,358

Net flows

720

700

925

617

      411

268

790

659

Market movements

-927

1,319

994

21

-62

2,786

2,196

745

Other movements(1)

-23

-26

-9

-5

4

-3

24

-4

Closing FUD

50,070

52,063

53,973

54,606

54,959

58,010

61,020

62,420

Average daily FUD for the period (£m)

52,217

51,470

53,842

54,288

54,964

55,474

58,567

61,435

Number of registered advisers

7,537

7,632

   7,563

7,606

7,683

7,820

7,849

7,956

Number of platform clients

224,705

226,996

228,232

229,659

230,294

231,413

231,581

234,084

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

 

 

 

 

 

 

 

Enquiries:

 

Investors

 

Luke Carrivick, IHP Head of Investor Relations

+44 020 7608 5463

Media

 

IHP@fgsglobal.com

FGS Global: Mike Turner

FGS Global: Chris Sibbald

                            

   +44 7775992415

                              +44 7855955531



 

 

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