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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