IntegraFin upbeat on fourth quarter performance

IntegraFin said in an update on Tuesday that its “highly resilient” Transact platform saw gross fourth quarter inflows of more than £1.5bn, with “solid” net inflows topping £0.7bn.

The FTSE 250 company said net inflows to the Transact platform for the full financial year ended 30 September came in at £4.4bn.

It also reported growth in the Transact platform's adviser base, with 7.5k registered advisers at the end of the financial year, making for an increase of over 5% year-on-year.

At the same time, there were 224.7k clients on the platform - up 8% from 30 September 2021.

The firm said average daily funds under direction on the Transact platform during the financial year was £52.5bn, up from £47.2bn in the prior year.

Other than the cost implications of the September HMRC VAT decision, the board said its detailed cost guidance remained unchanged.

Looking ahead, the company said the development of Time4Advice's CURO 365 software remained on schedule, and is planned for release to a beta client for live testing by the end of the year.

Additionally, the Transact-BlackRock Model Portfolio Service (MPS) was launched in September, and was now available exclusively to Transact platform clients.

“I am very pleased with the strength of our business performance during the financial year ended 30 September,” said chief executive officer Alex Scott.

“The Transact platform is utilised by clients and advisers for long term financial planning.

“Therefore, Transact platform outflows have remained relatively stable during the course of the year.”

Scott said that contributed to the company’s “continued very high retention rate” of funds under direction on the platform of 94% for the financial year.

“At a time of economic uncertainty, clients rely even more on the support and knowledge of their financial adviser.

“Our business model is centred on providing long term support for our clients and their financial advisers.

“We will continue to advance the development of our proprietary software, and we will train users in how to best use the extensive functionality now available.”

That, Alex Scott said, would enable clients and advisers to stay on track with their long term financial plans.

“We are mindful of the difficult economic environment and the significant volatility in asset markets, however we expect the performance of the Transact platform to remain robust during the forthcoming financial year, with new clients and advisers joining, and continued resilient flows onto the Transact platform.”

At 0944 BST, shares in IntegraFin Holdings were up 1.42% at 228.61p.

Reporting by Josh White at Sharecast.com.