14th Dec 2022 09:30
(Alliance News) - IntegraFin Holdings PLC on Wednesday said annual profit fell as a rise in revenue was offset by a swing to a loss in net policyholder returns.
IntegraFin is London-based holding company for UK independent wrap platform Transact, which offers financial planning infrastructure for investing client assets.
It said profit before tax attributable to shareholders in the financial year that ended September 30 was down 15% to GBP54.3 million from GBP63.6 million a year earlier.
Revenue was up 8.0% to GBP133.6 million from GBP123.7 million, but this was offset by a net policyholder returns loss of GBP38.5 million, swinging from a gain of GBP31.5 million.
IntegraFin declared an unchanged final dividend 7.00 pence from a year earlier, resulting in a total financial 2022 dividend of 10.20p, up 2% from 10.00p.
IntegraFin said it remained optimistic in outlook, remaining on schedule with planned IT and software development recruitment, hoping to complete by end of financial 2023. It reiterated it would not expect further material recruitment in these areas until financial 2027.
"Prior experience has shown that during periods of economic uncertainty new clients will continue to seek independent financial advice to facilitate the setup and implementation of their financial plans. In respect of our current clients, we expect they will continue to rely on the support and knowledge provided by their financial adviser," said Chief Executive Officer Alex Scott.
Shares in IntegraFin were up 0.9% to 310.40p each in London on Wednesday morning.
By Greg Rosenvinge, Alliance News reporter
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