Company Announcements

1st Quarter Results

Source: RNS
RNS Number : 8939M
IntegraFin Holdings plc
17 January 2023
 

LEI Number: 213800CYIZKXK9PQYE87

 

 

17 January 2023

 

 

IHP Group quarterly update - Q1 of financial year 2023

 

 

 

Group headlines

 

 

·   Resilient net inflows to the Transact platform during the quarter of £0.7bn, with gross inflows for the quarter of over £1.4bn.

 

·   Continued growth of the Transact platform's adviser and customer base. As at 31 December 2022 there were over 7.6k registered advisers, and c.227k clients using the platform.

 

·   Due to the impact of market movements the average daily funds under direction ('FUD') for the quarter was £51.5bn, whilst in the comparative quarter of FY22 it was £53.5bn.

 

·   Cost guidance for financial years ending 30 September 2023 and 30 September 2024 remains unchanged (as issued at our year end reporting in December 2022).

 

 

Transact platform reporting for Q1 FY23:

 

 

 

  Quarter ended

31 December 2022

 

 

  Quarter ended

31 December

2021

 

 

£m

Opening FUD

50,070

52,112

Inflows

1,469

1,976

Outflows

-769

-688

Net Flows

700

1,288

Market movements

1,319

1,207

Other movements(1)

-26

-68

Closing FUD

52,063

54,539

Average daily FUD for the period (£m)

51,470

53,514

Number of registered advisers

7,632

7,278

Number of platform clients

226,996

213,178

Notes: (1) Includes fees, taxes and investment income.


Time4Advice

 

·      Time4Advice's next generation CURO software is currently live for beta testing with an adviser firm, and the planned roll out to adviser firms will commence in the second half of FY23.

 

 

 

Alex Scott, IHP Group Chief Executive Officer, commented:

 

"I am pleased to report another quarter of solid growth for the Transact platform, maintaining the momentum seen during FY22.

 

Whilst the economic landscape continues to be affected by higher inflation and economic uncertainty, the advised market remains robust, with clients continuing to seek financial advice to implement their financial plans and to mitigate the prevailing economic risks.

 

Net inflows to the Transact platform for this quarter of £0.7bn were resilient, particularly in light of the economic environment, and were in line with the fourth quarter of FY22. Outflows for this quarter remained broadly in line with previous quarters, showing that our clients and their financial advisers continue to use the platform to support their long term financial plans.

 

The Transact platform continues to demonstrate growth with new financial advisers joining the platform and client numbers increasing by over 2.2k during the quarter. This provides a solid pipeline for ongoing growth in FUD.

 

Overall, our business is performing well and we are continuing to execute on our strategy. We remain on schedule to commence the roll out of the next generation CURO software during the second half of FY23. We are resolutely focused on delivering the highest quality customer service which, together with our proprietary platform technology, should position us well for ongoing growth.''

 

 

Transact Platform historical information:

 

£m

Q2

FY21

 

Q3

FY21

 

Q4

 FY21

 

Q1

FY22

 

Q2

FY22

 

       Q3

FY22

       

       Q4

FY22

 

 

Q1 FY23

Opening FUD

44,824

46,929

50,310

52,112

54,539

53,500

50,300

50,070

Inflows

2,153

1,994

1,967

1,976

2,092

1,703

1,505

1,469

Outflows

-686

-657

-660

-688

-697

-703

-785

-769

Net Flows

1,467

1,337

1,307

1,288

1,395

1,000

720

700

Market movements

694

2,112

553

1,207

-2,376

-4,152

-927

1,319

Other movements(1)

-56

-68

-59

-68

-58

-48

-23

-26

Closing FUD

46,929

50,310

52,112

54,539

53,500

50,300

50,070

52,063

 

Average daily FUD for the period (£m)

 

45,873

48,677

51,647

53,514

52,551

51,889

52,217

51,470

Number of registered advisers

6,962

7,056

7,161

7,278

7,356

7,469

7,537

7,632

Number of platform clients

201,104

205,532

208,611

213,178

218,787

221,992

224,705

226,996

Notes:

(1)Includes fees, taxes and investment income.

 

 

 

 

Enquiries

 

Investors

 

Luke Carrivick, IHP Head of Investor Relations

+44 020 7608 5463




 

Media

 

Lansons: Tony Langham

Lansons: Maddy Morgan-Williams

+44 (0)7979692287

+44 (0)7947364578

 

 

 

 

 


 

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