TIDMIHP
RNS Number : 2819G
IntegraFin Holdings plc
18 July 2023
LEI Number: 213800CYIZKXK9PQYE87
18 July 2023
IHP Group quarterly update - Q3 of financial year 2023
Group headlines:
-- Robust flows to the Transact platform during Q3 FY23, with
net inflows of over GBP0.6bn, and gross inflows of GBP1.5bn,
underscoring the resilience of the Group's platform business model
and strong intermediary relationships.
-- Record number of Transact platform clients of over 229k at
the end of Q3 FY23 (Q3 FY22: 222k), a 3% increase over the
year.
-- The average daily funds under direction (FUD) for Q3 of
financial year 2023 was GBP54.3bn (Q3 FY22: GBP51.9bn).
-- Our guidance for financial years ending 30 September 2023 and
30 September 2024 remains unchanged (as issued at our half year
reporting in May 2023).
-- As announced on 7 July 2023, Euan Marshall will be joining
IHP as Group Chief Financial Officer by early January 2024.
Transact platform:
-- During Q3 of financial year 2023, 1.4k net new clients were added to the Transact platform.
-- At the end of the quarter, the total number of platform
clients was 229k, representing a record level for IHP and the
number of registered advisers was 7.6k. These figures demonstrate
the ongoing strong appeal of our proposition to clients and
advisers.
Financial year Financial year
Quarter Quarter to date to date
GBPm ended ended 30 June 2023 30 June 2022
30 June 2023 30 June 2022
---------------------------- ----------------- --------------- ----------------- -----------------
Opening FUD 53,973 53,500 50,070 52,112
Inflows 1,517 1,703 4,811 5,770
Outflows -900 -703 -2,569 -2,089
Net flows 617 1,000 2,242 3,681
---------------------------- ----------------- --------------- ----------------- -----------------
Market movements 21 -4,152 2,335 -5,321
Other movements(1) -5 -48 -41 -172
---------------------------- ----------------- --------------- ----------------- -----------------
Closing FUD 54,606 50,300 54,606 50,300
---------------------------- ----------------- --------------- ----------------- -----------------
Average daily FUD for
the period (GBPm) 54,288 51,889 53,191 52,655
---------------------------- ----------------- --------------- ----------------- -----------------
Number of registered
advisers 7,606 7,469 7,606 7,469
Number of platform clients 229,659 221,992 229,659 221,992
---------------------------- ----------------- --------------- ----------------- -----------------
Notes: (1) Includes fees, taxes and investment income.
Time4Advice:
-- Total chargeable users of CURO software of 2.7k as at 30 June
2023, an increase of over 8% during the quarter.
Alex Scott, IHP Group Chief Executive Officer, commented:
"I am pleased to report a quarter of solid net inflows for the
Transact platform, with gross inflows of GBP1.5bn and net inflows
of over GBP0.6bn. This is pleasing considering the tough
macro-economic environment and reflects the strength of our market
position and the attractions of our platform. Outflows remained
broadly in line with previous quarters, highlighting the resilience
of our business model. Additionally, our guidance for FY23 and
FY24, issued in May 2023, remains unchanged.
As announced on 7 July, we have appointed Euan Marshall as Group
Chief Financial Officer (CFO). Euan will also join the Board of IHP
as an Executive Director by January 2024. I look forward to working
with Euan and he will be a strong addition to the senior management
team.
The digitalisation programme for the Transact platform is going
well and is being positively received by financial advisers. Client
and adviser numbers continue to grow at a pleasing rate, and we
have added 1.4k net new clients to the platform in Q3 FY23. The
client retention rate remains strong at over 96% on an annualised
basis, emphasising the trust that both advisers and clients have in
the Transact platform. Furthermore, the Transact platform share of
net flows to the adviser platform market continues to grow
(reaching over 19% for the first half of the financial year
2023).
At Time4Advice the number of chargeable users of the current
CURO software is growing, with 200 new users signed up in the
quarter. We are also continuing to further refine the next version
of the CURO software.
The outlook for the UK economy is uncertain as we wait to see
the full effects of the Bank of England's interest rate increases.
However, we expect net inflows to the Transact platform to continue
to be resilient, and we remain focused on our aim to be the number
one provider of software and services for clients and UK financial
advisers."
Transact platform historical information:
Q4 Q1 Q2 Q3 Q4 Q3
GBPm FY21 FY22 FY22 FY22 FY22 Q1 FY23 Q2 FY23 FY23
-------------------------- -------- -------- -------- ------------ ------------ ---------- ---------- --------
Opening FUD 50,310 52,112 54,539 53,500 50,300 50,070 52,063 53,973
Inflows 1,967 1,976 2,092 1,703 1,505 1,469 1,825 1,517
Outflows -660 -688 -697 -703 -785 -769 -900 -900
Net flows 1,307 1,288 1,395 1,000 720 700 925 617
Market movements 553 1,207 -2,376 -4,152 -927 1,319 994 21
Other movements (1) -59 -68 -58 -48 -23 -26 -9 -5
Closing FUD 52,112 54,539 53,500 50,300 50,070 52,063 53,973 54,606
-------------------------- -------- -------- -------- ------------ ------------ ---------- ---------- --------
Average daily FUD for
the period (GBPm) 51,647 53,514 52,551 51,889 52,217 51,470 53,842 54,288
-------------------------- -------- -------- -------- ------------ ------------ ---------- ---------- --------
Number of registered
advisers 7,161 7,278 7,356 7,469 7,537 7,632 7,563 7,606
Number of platform
clients 208,611 213,178 218,787 221,992 224,705 226,996 228,232 229,659
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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