15th Oct 2024 10:33
(Alliance News) - IntegraFin Holdings PLC on Tuesday said it saw record amounts of funds under direction during the fourth quarter of financial 2024, as its advisor and client base grew steadily too.
The London-based operator of the investment platform Transact estimates total revenue of around GBP145.0 million for the fourth quarter ended September 30, up 7.5% from GBP134.9 million last year, driven primarily by higher average daily funds under direction.
IntegraFin reported 'record' high funds under direction at the quarter-end of GBP64.1 billion, up 17% year-on-year from GBP55.0 billion. It also saw a record high number of advisers registering on the platform, increasing about 3.9% to around 8,000 from 7,700 for the same three-month period last year.
The client base grew 2.0% to 235,000 clients during the quarter, up from 230,300 registered in the fourth quarter of financial 2023.
The group reiterated its full-year guidance for the year ended September 30, but did not provide full-year profit expectations. However, broker Peel Hunt forecasts IntegraFin to deliver pretax profit of GBP68 million, representing an 8.6% growth from GBP62.6 million last year.
IntegraFin is due to release its full-year results on December 18.
Chief Executive Officer Alex Scott said: "We have seen continued positive momentum with another strong quarter of net inflows. This quarter was the highest of the financial year for net inflows. Despite macroeconomic challenges and a period of heightened withdrawals in the sector, we have delivered total net inflows of GBP2.5 billion for financial 2024. We have also reached record numbers of registered clients and advisers, as well as recording over GBP64 billion of funds under direction on the platform at year-end.
"Our consistent growth is a strong proof point of Transact's long-term attractiveness to advisers which is grounded in, and driven by, our continued award-winning service and proprietary technology delivery. The group is well-positioned for financial 2025 as a result of our platform proposition, structural growth drivers in the adviser platform market, and economic headwinds gradually receding. However, we remain cautious as we await the potential impact of the Autumn Budget and the outcome of the US elections on investor sentiment."
Shares in IntegraFin were up 3.5% at 373.00 pence each in London on Tuesday morning.
By Emily Parsons, Alliance News reporter
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