TIDMIHP
RNS Number : 4876W
IntegraFin Holdings plc
18 April 2023
LEI Number: 213800CYIZKXK9PQYE87
18 April 2023
IHP Group quarterly update - Q2 of financial year 2023
Group headlines:
-- Ongoing strong flows in Q2 FY23, with net inflows to the
Transact platform of GBP0.9bn, and gross inflows of GBP1.8bn.
-- Record number of Transact platform clients of 228k at the end of Q2 FY23 (Q2 FY22: 218k).
-- The average daily funds under direction (FUD) for Q2 of
financial year 2023 was GBP53.8bn (Q2 FY22: GBP52.5bn).
-- Total Group revenue is expected to be GBP66m for the first
half of financial year 2023 (H1 FY22: GBP67m).
-- Cost guidance for financial years ending 30 September 2023
and 30 September 2024 remains unchanged (as issued at our year end
reporting in December 2022).
Transact platform:
-- Total net inflows to the Transact platform for the first half
of financial year 2023 of GBP1.6bn.
-- During Q2 of financial year 2023 c.5.5k new clients were
added to the Transact platform, and c.200 new advisers were
registered.
-- Additionally, during Q2, a review was undertaken of
portfolios in accordance with regulatory requirements, for clients
who had only small residual balances. This ongoing exercise will
help improve operational efficiency. In this quarter it resulted in
a reduction in client numbers of c.4.2k and also registered
advisers of c.270.
-- At the end of the quarter the total number of platform
clients was 228k, and registered advisers was 7.6k.
Quarter Quarter ended H1 ended H1 ended
GBPm ended 31 March 2022 31 March 31 March
31 March 2023 2022
2023
------------------------------- -----------
Opening FUD 52,063 54,539 50,070 52,112
Inflows 1,825 2,092 3,294 4,068
Outflows -900 -697 -1,669 -1,385
Net flows 925 1,395 1,625 2,683
------------------------------- ------------------ ---------------- ----------- -----------
Market movements 994 -2,376 2,313 -1,169
Other movements(1) -9 -58 -35 -126
------------------------------- ------------------ ---------------- ----------- -----------
Closing FUD 53,973 53,500 53,973 53,500
------------------------------- ------------------ ---------------- ----------- -----------
Average daily FUD for the
period (GBPm) 53,842 52,551 52,643 53,038
------------------------------- ------------------ ---------------- ----------- -----------
Number of registered advisers 7,563 7,356 7,563 7,356
Number of platform clients 228,232 218,787 228,232 218,787
------------------------------- ------------------ ---------------- ----------- -----------
Notes: (1) Includes fees, taxes and investment income.
Time4Advice:
-- Total registered users of CURO software was 2.5k as at 31
March 2023 (10% higher than as at 30 September 2022).
Alex Scott, IHP Group Chief Executive Officer, commented:
"I am pleased to report another quarter of solid net inflows for
the Transact platform, with net inflows of GBP0.9bn for the quarter
and GBP1.6bn in total for the first half of financial year 2023.
For the first half of the year this represents an annualised net
flow rate of over 6% of opening period FUD.
The retention of clients and assets on the Transact platform
remains very high. This is a result of the combination of high
quality, personal, financial planning delivered by UK authorised
advisers, and the service that Transact delivers for clients.
During this period of ongoing economic and market volatility,
clients rely more than ever on their advisers. The recent UK budget
also announced specific measures that will enable more saving 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.
We continue to implement our platform digitalisation 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 services
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.
We look forward to reporting our results for the first half of
financial year 2023 on 26 May 2023."
Q3 Q4 Q1 Q2 Q3 Q4
GBPm FY21 FY21 FY22 FY22 FY22 FY22 Q1 FY23 Q2 FY23
-------------------------- -------- -------- -------- -------- ------------ ------------ ---------- ----------
Opening FUD 46,929 50,310 52,112 54,539 53,500 50,300 50,070 52,063
Inflows 1,994 1,967 1,976 2,092 1,703 1,505 1,469 1,825
Outflows -657 -660 -688 -697 -703 -785 -769 -900
Net flows 1,337 1,307 1,288 1,395 1,000 720 700 925
Market movements 2,112 553 1,207 -2,376 -4,152 -927 1,319 994
Other movements (1) -68 -59 -68 -58 -48 -23 -26 -9
--------------------------
Closing FUD 50,310 52,112 54,539 53,500 50,300 50,070 52,063 53,973
-------------------------- -------- -------- -------- -------- ------------ ------------ ---------- ----------
Average daily FUD for
the period (GBPm) 48,677 51,647 53,514 52,551 51,889 52,217 51,470 53,842
-------------------------- -------- -------- -------- -------- ------------ ------------ ---------- ----------
Number of registered
advisers 7,056 7,161 7,278 7,356 7,469 7,537 7,632 7,563
Number of platform
clients 205,532 208,611 213,178 218,787 221,992 224,705 226,996 228,232
-------------------------- -------- -------- -------- -------- ------------ ------------ ---------- ----------
Transact platform historical information:
Notes:
(1)Includes fees, taxes and investment income.
Enquiries:
Investors
Luke Carrivick, IHP Head of Investor
Relations +44 020 7608 5463
Media
Lansons: Tony Langham +44 (0)7979692287
Lansons: Maddy Morgan-Williams +44 (0)7947364578
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