Nucleus Financial lifts profits as customers grow

Nucleus Financial, which debuted on London’s junior market last summer, has reported a jump in both revenues and profits in its maiden set of annual results as a public company.

The Scottish-based investment platform operator saw revenues for the year to 31 December 2018 rise 8.7%, to £49.4m, while adjusted pre-tax profits surged 32.8% to £7.7m. Customer numbers increased 7% over the year to 93,715, while active advisors grew 6% to 1,317.

Average assets under administration at the year-end were £13.9bn, a 2.3% increase.

David Ferguson, founder and chief executive, said the company had seen growth across “most of our key performance indicators, including growth in AUA, revenue, profit, customers, accounts and advisors using the platform.

“Despite the sector headwinds in the latter half of the year, we view the market outlook as positive for better quality advisors and those that provide services to those advisers, and we are confident in our ability to deliver on our future plans.”

Ferguson added that its July admission to AIM had allowed Nucleus to “mature” its capital structure.

Shares in Nucleus rose almost 3% higher by the close on Tuesday at 176.5p.