18th Dec 2024 10:05
(Alliance News) - IntegraFin Holdings PLC on Wednesday said profit grew during its most recent financial year, as it noted trading conditions beginning to improve in the UK.
The London-based operator of the investment platform Transact said pretax profit for the year that ended September 30 was GBP68.9 million, up 10% from GBP62.6 million last year.
Revenue grew 7.1% to GBP144.9 million from GBP134.9 million, while cost of sales reduced 26% to GBP3.0 million from GBP3.9 million.
Administrative expenses, however, increased 13% to GBP85.0 million from GBP74.6 million.
Closing funds under direction rose 15% to GBP64.1 billion from GBP55.0 billion the year before, supported by a decrease in net inflows, which were down 7.7% to GBP2.5 billion from GBP2.7 billion.
IntegraFin declared a second interim dividend of 7.2 pence per share, up 2.8% from 7.0p last year. This resulted in a total dividend per share of 10.4 pence, up 1.9% year-on-year from 10.2p.
Chief Executive Officer Alex Scott said: "I am pleased with the group's strong performance over the past financial year. We have delivered growth in our key performance metrics, including reaching record highs in average daily funds under direction, adviser numbers and client numbers.
"The macroeconomic picture has improved throughout the year. Growth opportunities within the UK adviser market remain promising, although we remain cognisant of the ongoing geopolitical risks. The announcements in the Autumn budget reaffirmed the importance of the UK pension market as the government continues to prioritise retirement security.
"The flexibility and ongoing enhancements enabled by our proprietary technology, coupled with our customer-first principles and personal, high-touch client service ensure that the group is well positioned to seize opportunities and navigate emerging threats."
Looking ahead, IntegraFin expects total administrative costs for financial 2025 to rise by around 9%, due to an anticipated one-off GBP2 million cost associated with the group's relocation to a new London office.
IntegraFin anticipates administrative costs to moderate from financial 2026, rising by low to mid-single digit percentages.
Shares in IntegraFin were down 7.8% at 359.50 pence each in London on Wednesday morning.
By Emily Parsons, Alliance News reporter
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