Q2 Trading Update
Q2 net inflows of £1.2bn and platform FUD reached £65.9bn with 241k clients.
- Q2 net inflows £1.2bn (prior £0.8bn)
- Quarter end FUD £65.9bn (prior £61.0bn)
- Average daily FUD £67.1bn (prior £58.6bn)
- H1 FY25 revenue forecast c.£77m (prior £70.4m)
- Q2 gross inflows £2.7bn (prior £2.3bn)
- Platform clients 241.2k (prior 231.6k)
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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 2025.
Group highlights
- Strong Q2 FY25 net inflows to the Transact platform of £1.2bn (Q2 FY24: £0.8bn), representing 7.3% of opening funds under direction (FUD) for the quarter annualised, driven by ongoing strong gross inflows and stabilisation of outflows.
- Quarter end FUD on the Transact platform of £65.9bn, up 8% over the past year.
- A new quarterly record high average daily FUD of £67.1bn in Q2 FY25 (Q2 FY24: £58.6bn).
- Total Group revenue is expected to be up over 9% at c.£77m for H1 FY25 (H1 FY24: £70.4m).
- Record high levels of gross inflows to the platform in Q2 FY25 of £2.7bn (Q2 FY24: £2.3bn).
- Growing client base on the platform with 241.2k clients registered at Q2 FY25 (Q2 FY24: 231.6k).
- Guidance issued at year end FY24 remains unchanged for FY25 (ending 30 September 2025). We also reiterate our previous cost guidance that, beyond FY25, we expect total administrative costs to moderate, rising by low to mid-single digit percentages.
Alex Scott, IHP Group Chief Executive Officer, commented:
"I am pleased to report another excellent quarter of gross and net inflows onto the Transact platform, building on our strong momentum. Net inflows surpassed £1.2bn for the quarter and increased by 53% from the prior year comparative (Q2 FY24). Our track record of successfully delivering digitalisation updates for advisers and clients, continues to attract strong inflows, with net inflows rising for the third consecutive quarter. Transact continues to provide superior client service and this quarter saw our highest ever gross inflows, following on from the previous record in Q1 FY25.
Average FUD on the platform continued to increase, the main driver of our revenue, despite significant changes in US economic policy creating headwinds in global financial markets. Due to our clients' diversified investments across multiple asset classes including equities, funds, bonds and cash, the impact of movements in global indices, both up and down, on FUD and revenue is dampened in comparison. We continue to monitor the developments in global equity markets in response to US economic policy and its potential impact on Group revenue.
Last month, the Transact platform celebrated its 25th anniversary, a fantastic milestone for the Group. Our strategic pillars of leading functionality and client service have been ever present in that time and will be key drivers of the success of the Group over the coming years."
Notice of interim results
The Group will announce its results for the six months ended 31 March 2025 on 21 May 2025.
Transact platform reporting for Q2 FY25:
| £m | Quarter ended 31 March 2025 | Quarter ended 31 March 2024 | H1 Ended 31 March 2025 | H1 Ended 31 March 2024 | ||||
|---|---|---|---|---|---|---|---|---|
| Opening FUD | 65,880 | 58,010 | 64,065 | 54,959 | ||||
| Inflows | 2,692 | 2,268 | 5,110 | 3,925 | ||||
| Outflows | -1,483 | -1,478 | -2,981 | -2,867 | ||||
| Net flows | 1,209 | 790 | 2,129 | 1,058 | ||||
| Market movements | -1,213 | 2,196 | -333 | 4,982 | ||||
| Other movements (1) | 20 | 24 | 35 | 21 | ||||
| Closing FUD | 65,896 | 61,020 | 65,896 | 61,020 | ||||
| Average daily FUD for the period (£m) | 67,148 | 58,567 | 66,296 | 57,012 | ||||
| Number of platform clients | 241,197 | 231,581 | 241,197 | 231,581 | ||||
| Notes:(1)Includes fees, taxes and investment income | ||||||||
| Transact platform historical information: | ||||||||
| £m | Q3 FY23 | Q4 FY23 | Q1 FY24 | Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 |
| Opening FUD | 53,973 | 54,606 | 54,959 | 58,010 | 61,020 | 62,420 | 64,065 | 65,880 |
| Inflows | 1,517 | 1,595 | 1,657 | 2,268 | 2,017 | 2,162 | 2,418 | 2,692 |
| Outflows | -900 | -1,184 | -1,389 | -1,478 | -1,358 | -1,370 | -1,498 | -1,483 |
| Net flows | 617 | 411 | 268 | 790 | 659 | 792 | 920 | 1,209 |
| Market movements | 21 | -62 | 2,786 | 2,196 | 745 | 838 | 880 | -1,213 |
| Other movements (1) | -5 | 4 | -3 | 24 | -4 | 15 | 15 | 20 |
| Closing FUD | 54,606 | 54,959 | 58,010 | 61,020 | 62,420 | 64,065 | 65,880 | 65,896 |
| Average daily FUD for the period (£m) | 54,288 | 54,964 | 55,474 | 58,567 | 61,435 | 63,044 | 65,462 | 67,148 |
| Number of platform clients | 229,659 | 230,294 | 231,413 | 231,581 | 234,084 | 234,998 | 237,978 | 241,197 |
Notes:(1)Includes fees, taxes and investment income.
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