IntegraFin FUD falls in Q1

Financial company Integrafin revealed on Tuesday that funds under direction had fallen in the first quarter of the new trading year amid "higher inflation and economic uncertainty".

Integrafin said funds under direction came to £52.06bn, down from £54.54bn a year earlier, while average daily funds under direction slipped from £53.51bn to £51.47bn. Net inflows slumped from £1.29bn to £700.0m.

The FTSE 250-listed group said the decline was principally due to market movements.

However, Integrafin stated that its cost guidance for both 2023 and 2024 was unchanged.

Chief executive Alex Scott said: "Whilst the economic landscape continues to be affected by higher inflation and economic uncertainty, the advised market remains robust, with clients continuing to seek financial advice to implement their financial plans and to mitigate the prevailing economic risks."

As of 1030 GMT, Integrafin shares were up 1.44% at 323.80p.

Reporting by Iain Gilbert at Sharecast.com