IntegraFin pleased with first-quarter performance

IntegraFin said in an update on Tuesday that, despite challenging market conditions, it saw solid growth in the first quarter of the 2024 financial year, with continued momentum in various key areas.

The FTSE 250 company said its Transact platform achieved a significant milestone, with record quarter-end funds under direction (FUD) of £58bn, representing an impressive 11% increase year-on-year.

Furthermore, the platform saw a record average daily funds under direction for the quarter, standing at £55.5bn in the first quarter, up from £51.5bn in the same period of the prior financial year.

In terms of client and adviser base growth, the Transact platform reported a record number of clients registered, with 231,000 clients, compared to 227,000 a year earlier.

The adviser base on the platform also continued to expand, with 7,800 advisers registered, compared to 7,600 year-on-year.

IntegraFin said the Transact platform saw resilience, with net inflows of £0.3bn and gross inflows of £1.7bn, making for a positive trend in client activity and engagement on the platform.

In addition to the Transact platform, Time4Advice, a subsidiary of IntegraFin, saw ongoing progress with its CURO software.

The total number of chargeable users of CURO software had now surpassed 2,800, indicating its growing popularity and adoption within the industry.

Importantly, the guidance issued at the end of FY23 for FY24 (ending 30 September 2024) remained unchanged.

“I am pleased with the continued organic growth of our platform adviser and client numbers, demonstrating the success of our business model,” said group chief executive officer Alex Scott.

“Despite current market conditions, inflows remain resilient, and we have seen average daily funds under direction over the quarter increase to £55.5bn, with this being the main driver of group revenues.

“I was delighted to welcome Euan Marshall to the group as our new group chief financial officer at the start of January.”

Scott said Marshall brought extensive experience working as the CFO of a listed UK financial services company, being a welcome addition to its leadership team.

“Although the macroeconomic outlook is uncertain, our position in the market remains very strong.

“Transact is one of the leading adviser platforms in the market for service and functionality, and the group benefits from consistent recurring revenues and economies of scale.”

At 0906 GMT, shares in IntegraFin Holdings were down 1.19% at 282.6p.

Reporting by Josh White for Sharecast.com.