IntegraFin reports strong second-quarter flows

IntegraFin reported strong second-quarter flows in an update on Tuesday, with net inflows to the Transact platform of £0.9bn, and gross inflows of £1.8bn.

The FTSE 250 company also recorded a record number of Transact platform clients, with 228,000 clients at the end of the period, compared with 218,000 at the same time a year earlier.

Its average daily funds under direction totalled £53.8bn for the quarter, up from £52.5bn year-on-year.

The company’s total net inflows to the Transact platform for the first half of the financial year was £1.6bn.

IntegraFin said it added around 5,500 new clients to the platform, and registered around 200 new advisers, in the second quarter.

During the three months, IntegraFin said it reviewed its portfolios in accordance with regulatory requirements for clients who only held small residual balances, resulting in a reduction of 4,200 clients and 270 registered advisers.

At the end of the period, the total number of platform clients was 228,000, and registered advisers stood at 7,600.

The firm said it expected total group revenue to be £66m for the first half, compared to £67m in the same period last year.

However, the cost guidance for financial years ending 30 September 2023 and 2024 remained unchanged from what it advised in December.

IntegraFin also reported that the total registered users of its ‘CURO’ software totalled 2,500 as at 31 March, representing a 10% increase from the previous reporting period.

“During this period of ongoing economic and market volatility, clients rely more than ever on their advisers,” said group chief executive Alex Scott.

“The recent UK budget also announced specific measures that will enable more savings 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.”

Scott said the company was continuing to implement its platform digitisation 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 service 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.”

IntegraFin said it would report its results for the first half of the 2023 financial year on 26 May.

At 1201 BST, shares in IntegraFin Holdings were up 8.03% at 277.2p.

Reporting by Josh White for Sharecast.com.