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IntegraFin Holdings interim profit falls as revenue remains flat

26th May 2023 08:34

(Alliance News) - IntegraFin Holdings PLC on Friday maintained its interim dividend despite profit falling.

The London-based firm, that owns the investment platform Transact, said for the six months ended on March 31, revenue stayed roughly flat year-on-year at GBP66.5 million, compared to GBP67.0 million.

Pretax profit slipped 12% to GBP27.9 million from GBP31.7 million.

Transact net inflows there amounted to GBP1.6 billion, slowing from GBP2.7 billion a year before, though client numbers rose 4.1% year-on-year to a record of 228,232 from 218,787.

Chief Executive Officer Alex Scott said: "I am pleased to report another solid performance, despite the six months to March 31 presenting a challenging backdrop for UK consumers and businesses, with persistently high inflation, macroeconomic uncertainty and volatile asset markets. The combination of the strength of the UK advisers we work with and the services provided by the Transact investment platform and the CURO adviser back office solution, ensured that we delivered a resilient performance."

Looking ahead, the firm said the cost guidance remains unchanged. In July last year, the firm said it expects occupancy costs to increase by 5% in financial 2023. Regulatory and professional fees are expected to increase by a single digit percentage, and other costs are expected to increase by 14% for the current financial year.

It maintained its interim dividend payout at 3.2 pence per share.

"The digitalisation programme for the Transact platform is well underway and is being positively received. The recruitment of IT and software professionals is progressing well, though at a slower pace than originally planned, whilst the market for IT professionals remains competitive," it said.

Shares were down 1.0% at 274.01 pence each on Friday morning in London.

By Xindi Wei, Alliance News reporter

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