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Pin to quick picksIntegraFin Holdings Regulatory News (IHP)

Share Price Information for IntegraFin Holdings (IHP)

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2nd Quarter Results

18 Apr 2023 07:00

RNS Number : 4876W
IntegraFin Holdings plc
18 April 2023
 

LEI Number: 213800CYIZKXK9PQYE87

 

 

18 April 2023

 

 

IHP Group quarterly update - Q2 of financial year 2023

 

 

 

Group headlines:

 

· Ongoing strong flows in Q2 FY23, with net inflows to the Transact platform of £0.9bn, and gross inflows of £1.8bn.

 

· Record number of Transact platform clients of 228k at the end of Q2 FY23 (Q2 FY22: 218k).

 

· The average daily funds under direction (FUD) for Q2 of financial year 2023 was £53.8bn (Q2 FY22: £52.5bn).

 

· Total Group revenue is expected to be £66m for the first half of financial year 2023 (H1 FY22: £67m).

 

· Cost guidance for financial years ending 30 September 2023 and 30 September 2024 remains unchanged (as issued at our year end reporting in December 2022).

 

 

 

Transact platform:

 

· Total net inflows to the Transact platform for the first half of financial year 2023 of £1.6bn.

 

· During Q2 of financial year 2023 c.5.5k new clients were added to the Transact platform, and c.200 new advisers were registered.

 

· Additionally, during Q2, a review was undertaken of portfolios in accordance with regulatory requirements, for clients who had only small residual balances. This ongoing exercise will help improve operational efficiency. In this quarter it resulted in a reduction in client numbers of c.4.2k and also registered advisers of c.270.

 

· At the end of the quarter the total number of platform clients was 228k, and registered advisers was 7.6k.

 

 

 

 

 

 

 

 

 

 

£m

 

 

Quarter ended

31 March 2023

 

 

Quarter ended

31 March 2022

 

 

H1 ended 31 March 2023

 

 

H1 ended 31 March 2022

Opening FUD

52,063

54,539

50,070

52,112

Inflows

1,825

2,092

3,294

4,068

Outflows

-900

-697

-1,669

-1,385

Net flows

925

1,395

1,625

2,683

Market movements

994

-2,376

2,313

-1,169

Other movements(1)

-9

-58

-35

-126

Closing FUD

53,973

53,500

53,973

53,500

Average daily FUD for the period (£m)

53,842

52,551

52,643

53,038

Number of registered advisers

7,563

7,356

7,563

7,356

Number of platform clients

228,232

218,787

228,232

218,787

 

 

 

Notes: (1) Includes fees, taxes and investment income.

 

 

Time4Advice:

 

 

· Total registered users of CURO software was 2.5k as at 31 March 2023 (10% higher than as at 30 September 2022).

 

 

Alex Scott, IHP Group Chief Executive Officer, commented:

 

"I am pleased to report another quarter of solid net inflows for the Transact platform, with net inflows of £0.9bn for the quarter and £1.6bn in total for the first half of financial year 2023. For the first half of the year this represents an annualised net flow rate of over 6% of opening period FUD.

 

The retention of clients and assets on the Transact platform remains very high. This is a result of the combination of high quality, personal, financial planning delivered by UK authorised advisers, and the service that Transact delivers for clients.

 

During this period of ongoing economic and market volatility, clients rely more than ever on their advisers. The recent UK budget also announced specific measures that will enable more saving into UK pensions. We therefore see the demand for high quality advice only continuing to grow, and we will continue to support UK advisers and capitalise on this market opportunity.

 

We continue to implement our platform digitalisation programme to deliver comprehensive online functionality for advisers and clients, as well as straight through processing for core internal administration activities. This means that our customer services staff will be able to spend more of their time on the most important value adding activities for advisers and clients.

 

Overall, we remain focused on our aim to be the number one provider of software and services for clients and UK financial advisers.

 

We look forward to reporting our results for the first half of financial year 2023 on 26 May 2023."

 

 

 

£m

Q3

FY21

 

Q4

 FY21

 

Q1

FY22

 

Q2

FY22

 

Q3

FY22

Q4

FY22

 

 

Q1 FY23

 

Q2 FY23

Opening FUD

46,929

50,310

52,112

54,539

53,500

50,300

50,070

52,063

Inflows

1,994

1,967

1,976

2,092

1,703

1,505

1,469

1,825

Outflows

-657

-660

-688

-697

-703

-785

-769

 

-900

 

Net flows

1,337

1,307

1,288

1,395

1,000

720

700

925

Market movements

2,112

553

1,207

-2,376

-4,152

-927

1,319

994

Other movements(1)

-68

-59

-68

-58

-48

-23

-26

-9

Closing FUD

50,310

52,112

54,539

53,500

50,300

50,070

52,063

53,973

 

Average daily FUD for the period (£m)

 

48,677

51,647

53,514

52,551

51,889

52,217

51,470

53,842

Number of registered advisers

7,056

7,161

7,278

7,356

7,469

7,537

7,632

7,563

Number of platform clients

205,532

208,611

213,178

218,787

221,992

224,705

226,996

228,232

Transact platform historical information:

 

 

 

 

Notes:

(1)Includes fees, taxes and investment income.

 

 

 

 

Enquiries:

 

Investors

 

Luke Carrivick, IHP Head of Investor Relations

+44 020 7608 5463

 

Media

 

Lansons: Tony Langham

Lansons: Maddy Morgan-Williams

+44 (0)7979692287

+44 (0)7947364578

 

 

 

 

 

 

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END
 
 
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