Q4 Trading Update
Q4 FY26 net inflows £0.9bn, year-end FUD £86.5bn, up 17% year-on-year; FY26 revenue expected c.£177m, up 13%.
- FUD at 30 September 2026 £86.5bn (prior £74.2bn)
- Q4 FY26 net inflows £0.9bn (prior £1.0bn)
- FY26 net inflows £4.2bn (prior £4.4bn)
- FY26 gross inflows £11.2bn (prior £10.1bn)
- FY26 expected revenue c.£177m (prior £156.8m)
- Platform clients 258,154 (prior 246,191)
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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 provide an update on performance for the three months and the financial year ended 30 September 2026.
Group headlines
Quarter end funds under direction (FUD) on the Transact platform of £86.5bn, up 17% year-on-year (Q4 FY25: £74.2bn), driven by sustained net inflows and positive market movements.
Net inflows to the Transact platform of £0.9bn in Q4 FY26, (Q4 FY25: £1.0bn), representing 4.0% of opening FUD for the quarter annualised. Full year net inflows were £4.2bn (FY25: £4.4bn) and equal to 5.7% of opening FUD.
Continued gross inflows momentum onto the platform in Q4 FY26 of £2.6bn (Q4 FY25: £2.5bn), with gross inflows for the year at a record high of £11.2bn, up 11% (FY25: £10.1bn).
Average daily FUD of £86.0bn in Q4 FY26, up 20% year-on-year (Q4 FY25: £71.9bn).
Total Group revenue for FY26 expected to be c.£177m, a 13% increase over the previous year (FY25: £156.8m).
Outlook and guidance
Transact delivered further robust net inflows of £0.9bn in Q4 FY26, with client deposits and withdrawals seeing a modest impact from the upcoming UK Budget, as we have seen in previous years. The Transact platform is well-positioned to continue to attract strong net inflows in FY27 and beyond, and to grow its share of the adviser platform market.
We continue to enhance the Transact platform to ensure that we maintain our leading proposition and attract new clients and advisers. Recent updates focused on facilitating intergenerational financial planning in light of the changes to IHT on pensions that will come into force in 2027. During the past quarter, we have also launched an online chargeable gains calculator for investment bonds and introduced new functionality for transfers between family-linked wrappers.
We reiterate our cost guidance. Total underlying administrative expense growth is expected to slow to c.3% in each of FY26 and FY27 as we continue to deliver our cost management initiatives and operational efficiencies. In FY26, the savings have been weighted towards H2 due to the timing of implementation of these initiatives. The other guidance issued at the HY26 results remains unchanged.
Alex Scott, IHP Group Chief Executive Officer:
“We have ended the year strongly with another quarter of robust net inflows onto the Transact platform. Net inflows of c.£0.9bn demonstrate Transact’s continued ability to grow platform FUD and attract new clients. We are confident that Transact will maintain a strong share of net flows into the growing adviser platform market in the coming year.
Our platform – distinct in offering both onshore and offshore bonds, among its broad range of in-house tax-efficient savings and investment solutions – provides advisers and clients with the tools necessary to navigate new developments and evolving tax rules. We also continue to focus on delivering enhanced data integrations between Transact and advice firm software and CRM systems, facilitating better access to data for financial advice firms and unlocking meaningful efficiencies for them as they increasingly adopt AI tools.
We have maintained our rigorous focus on cost control, implementing the next phase of our efficiency initiatives. Our continued strong momentum means we look ahead with confidence.”
Notice of full year results
The Group will announce its results for the year ended 30 September 2026 on 9 December 2026.
Transact platform reporting for Q4 FY26:
| £m | Quarter ended 30 September 2026 | Quarter ended 30 September 2025 | Financial year ended 30 September 2026 | Financial year ended 30 September 2025 |
|---|---|---|---|---|
| Opening FUD | 85,506 | 69,537 | 74,173 | 64,065 |
| Inflows | 2,558 | 2,510 | 11,173 | 10,102 |
| Outflows | -1,707 | -1,498 | -6,953 | -5,750 |
| Net flows | 851 | 1,012 | 4,220 | 4,352 |
| Market and other movements (1) | 190 | 3,624 | 8,154 | 5,756 |
| Closing FUD | 86,547 | 74,173 | 86,547 | 74,173 |
| Average daily FUD for the period | 86,029 | 71,942 | 80,951 | 67,856 |
| Number of platform clients | 258,154 | 246,191 | 258,154 | 246,191 |
Notes:(1) Includes fees, taxes, investment income and investment returns
Transact platform historical information:
| £m | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Opening FUD | 64,065 | 65,880 | 65,896 | 69,537 | 74,173 | 77,221 | 77,768 | 85,506 |
| Inflows | 2,418 | 2,692 | 2,482 | 2,510 | 2,874 | 3,145 | 2,596 | 2,558 |
| Outflows | -1,498 | -1,483 | -1,271 | -1,498 | -1,839 | -1,818 | -1,589 | -1,707 |
| Net flows | 920 | 1,209 | 1,211 | 1,012 | 1,035 | 1,327 | 1,007 | 851 |
| Market and other movements (1) | 895 | -1,193 | 2,430 | 3,624 | 2,013 | -780 | 6,731 | 190 |
| Closing FUD | 65,880 | 65,896 | 69,537 | 74,173 | 77,221 | 77,768 | 85,506 | 86,547 |
| Average daily FUD for the period (£m) | 65,462 | 67,148 | 66,847 | 71,942 | 76,051 | 78,896 | 82,803 | 86,029 |
| Number of platform clients | 237,978 | 241,197 | 244,734 | 246,191 | 249,907 | 254,667 | 256,796 | 258,154 |
Notes: (1) Includes fees, taxes, investment income and investment returns
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