TIDMIHP
RNS Number : 2957Q
IntegraFin Holdings plc
17 October 2023
LEI Number: 213800CYIZKXK9PQYE87
17 October 2023
IHP Group quarterly update - Q4 of financial year 2023
Group headlines:
-- Robust Q4 FY23 flows to the Transact platform, with net
inflows of over GBP0.4bn, and gross inflows of over GBP1.5bn,
highlighting the resilience of the Group's platform business model
and strong intermediary relationships.
-- Net inflows for FY23 to the Transact platform of over
GBP2.6bn, representing over 5% of opening funds under direction
('FUD').
-- Record quarter end Transact platform FUD position of GBP54.9bn.
-- Total Group revenue is expected to be c. GBP134.9m for FY23
(FY22: GBP133.6m), driven by higher average daily FUD in the
period.
-- Our guidance, as issued at HY23 in May 2023, remains
unchanged for FY23 (ending 30 September 2023) and FY24 (ending 30
September 2024).
Transact platform:
-- Record number of Transact platform clients of over 230k at
the end of FY23 (FY22: 225k), a 2% increase over the year.
-- Growth of the Transact platform's adviser base - at the end
of FY23 there were 7.6k advisers registered on the Transact
platform (an increase of 2% from FY22).
-- The average (daily) FUD on the Transact platform during FY23
was GBP53.6bn. This compares with an average during the prior
financial year of GBP52.5bn.
Quarter Quarter ended Financial year Financial year
ended 30 September ended ended
GBPm 30 September 2022 30 September 30 September
2023 2023 2022
---------------------------- ----------------- ---------------- ----------------- -----------------
Opening FUD 54,606 50,300 50,070 52,112
Inflows 1,595 1,505 6,406 7,275
Outflows -1,184 -785 -3,753 -2,873
Net flows 411 720 2,653 4,402
---------------------------- ----------------- ---------------- ----------------- -----------------
Market movements -62 -927 2,272 -6,248
Other movements(1) 4 -23 -36 -196
---------------------------- ----------------- ---------------- ----------------- -----------------
Closing FUD 54,959 50,070 54,959 50,070
---------------------------- ----------------- ---------------- ----------------- -----------------
Average daily FUD for
the period (GBPm) 54,964 52,217 53,638 52,544
---------------------------- ----------------- ---------------- ----------------- -----------------
Number of registered
advisers 7,683 7,537 7,683 7,537
Number of platform clients 230,294 224,705 230,294 224,705
---------------------------- ----------------- ---------------- ----------------- -----------------
Notes: (1) Includes fees, taxes and investment income.
Time4Advice:
-- Excellent growth in total chargeable users of CURO software,
with 2.8k users at the end of FY23, an increase of 22% during the
financial year.
Alex Scott, IHP Group Chief Executive Officer, commented:
"I am pleased with the resilient performance shown by the IHP
Group during the past financial year ended 30 September 2023.
Gross inflows of over GBP6.4bn and net inflows of over GBP2.6bn
for the year represent a solid performance in the face of economic
uncertainty and ongoing investor caution. While outflows from the
Transact platform, similar to our peers, have increased in the
quarter as our clients continue to be impacted by cost-of-living
pressures and heightened interest rates, I am pleased with the
ongoing growth in our platform adviser and client numbers, with the
latter now at a record high of over 230k.
Our position in the market remains strong. The most recent set
of data from Fundscape shows the Transact platform has continued to
grow its market share of the advised platform market net inflows.
Transact also remains one of the highest rated platforms in the
advised market for service and won two awards at the recent
Schroders UK Platform Awards 2023 - Platform of the Year and
Leading Platform for Discretionary Investment Management.
At Time4Advice, the number of chargeable users of the current
CURO software is growing well, with 500 new users signed up in the
financial year. We continue to refine the new version of the CURO
adviser software, to enable efficient delivery to adviser firms
across the UK.
Notwithstanding the ongoing macro-economic uncertainty, we
remain confident in our market position, the strength of our
proposition to advisers and clients and our ability to grow client
numbers and deliver robust net flows. Our platform digitalisation
programme is well underway and we have successfully implemented our
Consumer Duty programme of work. We remain well positioned to take
advantage of a growing adviser platform market and deliver
attractive growth and returns to our shareholders.
We look forward to providing our year end results on 14 December
2023."
Transact platform historical information:
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
GBPm FY22 FY22 FY22 FY22 FY23 FY23 FY23 FY23
---------------------- -------- -------- ------------ ------------ -------- -------- ------------ ------------
Opening FUD 52,112 54,539 53,500 50,300 50,070 52,063 53,973 54,606
Inflows 1,976 2,092 1,703 1,505 1,469 1,825 1,517 1,595
Outflows -688 -697 -703 -785 -769 -900 -900 -1,184
Net flows 1,288 1,395 1,000 720 700 925 617 411
Market movements 1,207 -2,376 -4,152 -927 1,319 994 21 -62
Other movements (1) -68 -58 -48 -23 -26 -9 -5 4
Closing FUD 54,539 53,500 50,300 50,070 52,063 53,973 54,606 54,959
---------------------- -------- -------- ------------ ------------ -------- -------- ------------ ------------
Average daily FUD
for
the period (GBPm) 53,514 52,551 51,889 52,217 51,470 53,842 54,288 54,964
---------------------- -------- -------- ------------ ------------ -------- -------- ------------ ------------
Number of registered
advisers 7,278 7,356 7,469 7,537 7,632 7,563 7,606 7,683
Number of platform
clients 213,178 218,787 221,992 224,705 226,996 228,232 229,659 230,294
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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