Q1 Trading Update
Q1 FY25 net inflows £0.9bn to Transact platform; FUD reached record £65.9bn with 238k clients.
- Q1 FY25 net inflows £0.9bn (prior £0.3bn)
- Closing FUD £65.9bn (prior £64.1bn)
- Average daily FUD £65.5bn (prior £55.5bn)
- Gross inflows £2.4bn (prior £1.7bn)
- Platform clients 238.0k (prior 231.4k)
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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 December 2024.
Group highlights
- Strong Q1 FY25 net inflows to the Transact platform of £0.9bn (Q1 FY24: £0.3bn), representing 5.7% of opening FUD for the quarter annualised.
- A further record quarter end for funds under direction (FUD) on the Transact platform of £65.9bn, up 3% during the quarter and 14% over the past year.
- Record high average daily FUD of £65.5bn in Q1 FY25 (Q1 FY24: £55.5bn).
- Record high levels of gross inflows to the platform in Q1 FY25 of £2.4bn (Q1 FY24: £1.7bn).
- Growing client base on the platform with 238.0k clients registered at Q1 FY25 (Q1 FY24: 231.4k).
Alex Scott, IHP Group Chief Executive Officer, commented:
"We are pleased that the Transact platform has delivered an excellent start to the new financial year, building on the strong momentum seen in H2 FY24. The investment in digitalisation of Transact has contributed to our ongoing appeal to clients and advisers and resulted in strong net inflows for the quarter of over £0.9bn. This quarter also saw the platform's highest ever gross inflows of £2.4bn, as advisers were attracted to our market-leading service and continued functionality enhancements.
Average daily FUD levels also reached record highs, supported by global equity markets buoyed by the outcome of the US election in November.
Furthermore, uncertainty in anticipation of the UK Autumn Budget led to heightened client activity in October. This affected both inflows and outflows but resulted in minimal impact on net flows in that month. Inflows and outflows have both returned to more normalised levels over the November and December period.
Long-term structural growth drivers for the UK adviser platform market remain positive, and IHP's market-leading proposition puts us in a strong position to capitalise on future growth."
Transact platform reporting for Q1 FY25:
| £m | Quarter ended 31 December 2024 | Quarter ended 31 December 2023 | ||||||
|---|---|---|---|---|---|---|---|---|
| Opening FUD | 64,065 | 54,959 | ||||||
| Inflows | 2,418 | 1,657 | ||||||
| Outflows | -1,498 | -1,389 | ||||||
| Net flows | 920 | 268 | ||||||
| Market movements | 880 | 2,786 | ||||||
| Other movements (1) | 15 | -3 | ||||||
| Closing FUD | 65,880 | 58,010 | ||||||
| Average daily FUD for the period (£m) | 65,462 | 55,474 | ||||||
| Number of platform clients | 237,978 | 231,413 | ||||||
| Notes:(1)Includes fees, taxes and investment income | ||||||||
| Transact platform historical information: | ||||||||
| £m | Q2 FY23 | Q3 FY23 | Q4 FY23 | Q1 FY24 | Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 |
| Opening FUD | 52,063 | 53,973 | 54,606 | 54,959 | 58,010 | 61,020 | 62,420 | 64,065 |
| Inflows | 1,825 | 1,517 | 1,595 | 1,657 | 2,268 | 2,017 | 2,162 | 2,418 |
| Outflows | -900 | -900 | -1,184 | -1,389 | -1,478 | -1,358 | -1,370 | -1,498 |
| Net flows | 925 | 617 | 411 | 268 | 790 | 659 | 792 | 920 |
| Market movements | 994 | 21 | -62 | 2,786 | 2,196 | 745 | 838 | 880 |
| Other movements (1) | -9 | -5 | 4 | -3 | 24 | -4 | 15 | 15 |
| Closing FUD | 53,973 | 54,606 | 54,959 | 58,010 | 61,020 | 62,420 | 64,065 | 65,880 |
| Average daily FUD for the period (£m) | 53,842 | 54,288 | 54,964 | 55,474 | 58,567 | 61,435 | 63,044 | 65,462 |
| Number of platform clients | 228,232 | 229,659 | 230,294 | 231,413 | 231,581 | 234,084 | 234,998 | 237,978 |
Notes:(1)Includes fees, taxes and investment income.
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