10th Sep 2019 11:52
(Alliance News) - Wrap platform provider Nucleus Financial Group PLC on Tuesday reported a rise in both interim revenue and assets under administration.
A wrap platform allows investors to hold all their assets under one umbrella account.
For the six months to June, Nucleus Financial's revenue was GBP25.2 million, up 4.0% from a year before. Net revenue climbed 4.6% to GBP22.1 million.
Assets under administration at the end of June was GBP15.33 billion, up 6.9% from a year prior. Average assets climbed 6.3% to GBP14.73 billion.
Nucleus Financial's pretax profit was 40% higher at GBP4.2 million, and on an adjusted basis, pretax profit declined 7.3% to GBP4.2 million.
The company has boosted the interim dividend by 7.1% to 1.5 pence a share.
"We anticipated the change to our operating model in late 2018 would significantly accelerate our product development in future years and the first half of 2019 has borne this out. Substantial investment in the core platform has delivered improved efficiency, new functionality and new capabilities," said Chief Executive David Ferguson.
"We intend to continue developing our proposition to meet the needs of advisers and customers and expect this to give the platform an even wider market appeal over time."
"Alongside the progress in our product roadmap, we continue to grow assets, revenue, profit, customers and advisers, all against a challenging market backdrop and I am excited by what we can achieve," Ferguson added.
Shares in the company were 1.0% lower on Tuesday in London at 156.00p each.
Related Shares:
NUC.L