2nd Quarter Results
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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 update on performance for the three months ended 31 March 2024.
The Group has continued to demonstrate strong momentum with continued growth of the Transact platform.
Group highlights
- Record quarter end funds under direction (FUD) on the Transact platform of £61.0bn, up 13% over the past year.
- Record average daily FUD for the quarter of £58.6bn in Q2 FY24 (Q2 FY23: £53.8bn).
- Total Group revenue is expected to be c.£70m for H1 FY24 (H1 FY23: £66.5m).
- Guidance issued at year end FY23 remains unchanged for FY24 (ending 30 September 2024).
Transact Platform
- Total net inflows to the Transact platform for H1 FY24 of £1.1bn.
- Resilient Q2 FY24 flows to the Transact platform, with net inflows of £0.8bn, and gross inflows of £2.3bn.
- Ongoing growth of the Transact platform's client base with 5.4k gross new clients registered in Q2, in addition to continued growth of the adviser base on the platform with 255 gross new advisers registered.
- During Q2, our recurring account closure exercise for clients who have only small residual balances resulted in a reduction in client numbers of c.2.5k and registered advisers of c.150. This helps improve operational efficiency and has no material effect on our revenues or FUD levels on the platform.
Time4Advice
- Time4Advice demonstrated continuing progress, with total chargeable users of CURO software now at over 3.0k, up 21% over the past year.
Transact platform reporting for Q2 FY24:
| £m | Quarter ended 31 March 2024 | Quarter ended 31 March 2023 | H1 ended 31 March 2024 | H1 ended 31 March 2023 |
|---|---|---|---|---|
| Opening FUD | 58,010 | 52,063 | 54,959 | 50,070 |
| Inflows | 2,268 | 1,825 | 3,925 | 3,294 |
| Outflows | -1,478 | -900 | -2,867 | -1,669 |
| Net flows | 790 | 925 | 1,058 | 1,625 |
| Market movements | 2,196 | 994 | 4,982 | 2,313 |
| Other movements (1) | 24 | -9 | 21 | -35 |
| Closing FUD | 61,020 | 53,973 | 61,020 | 53,973 |
| Average daily FUD for the period (£m) | 58,567 | 53,842 | 57,012 | 52,643 |
| Number of registered advisers | 7,849 | 7,563 | 7,849 | 7,563 |
| Number of platform clients | 231,581 | 228,232 | 231,581 | 228,232 |
Notes:(1)Includes fees, taxes and investment income.
Alex Scott, IHP Group Chief Executive Officer, commented:
"I am pleased to see the Transact platform continue to prove its resilience within the current market environment with another quarter of solid net inflows. The platform delivered net inflows of £0.8bn for the quarter and £1.1bn in H1 FY24.
I'm further pleased to see Transact platform FUD reach a record high of £61.0bn, alongside continued additions to the number of advisers and clients on the platform.
Our continued focus on delivering good client outcomes and market leading customer service will ensure that the Transact platform continues to appeal to clients and advisers, thereby supporting the Group's long-term growth."
Notice of interim results
The Group will announce its results for the six months ended 31 March 2024 on 22 May 2024.
Transact platform historical information:
| £m | Q3 FY22 | Q4 FY22 | Q1 FY23 | Q2 FY23 | Q3 FY23 | Q4 FY23 | Q1 FY24 | Q2 FY24 |
|---|---|---|---|---|---|---|---|---|
| Opening FUD | 53,500 | 50,300 | 50,070 | 52,063 | 53,973 | 54,606 | 54,959 | 58,010 |
| Inflows | 1,703 | 1,505 | 1,469 | 1,825 | 1,517 | 1,595 | 1,657 | 2,268 |
| Outflows | -703 | -785 | -769 | -900 | -900 | -1,184 | -1,389 | -1,478 |
| Net flows | 1,000 | 720 | 700 | 925 | 617 | 411 | 268 | 790 |
| Market movements | -4,152 | -927 | 1,319 | 994 | 21 | -62 | 2,786 | 2,196 |
| Other movements (1) | -48 | -23 | -26 | -9 | -5 | 4 | -3 | 24 |
| Closing FUD | 50,300 | 50,070 | 52,063 | 53,973 | 54,606 | 54,959 | 58,010 | 61,020 |
| Average daily FUD for the period (£m) | 51,889 | 52,217 | 51,470 | 53,842 | 54,288 | 54,964 | 55,474 | 58,567 |
| Number of registered advisers | 7,469 | 7,537 | 7,632 | 7,563 | 7,606 | 7,683 | 7,820 | 7,849 |
| Number of platform clients | 221,992 | 224,705 | 226,996 | 228,232 | 229,659 | 230,294 | 231,413 | 231,581 |
Notes:(1)Includes fees, taxes and investment income.
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