Nucleus Financial Group PLC Covid-19 and trading update (2694H)
March 23 2020 - 11:40AM
UK Regulatory
TIDMNUC
RNS Number : 2694H
Nucleus Financial Group PLC
23 March 2020
23 March 2020
Nucleus Financial Group plc
('Nucleus' or the 'Company')
FCA announcement re temporary moratorium on release of
preliminary results
Covid-19 and trading update
The Company notes the FCA's guidance on 21 March 2020 requesting
that listed companies delay the announcement of preliminary results
for at least two weeks due to the challenges caused by the Covid-19
crisis. Consequently, while Nucleus intended to announce its
audited results for the year ended 31 December 2019 on 24 March
2020, the Company will observe the FCA's request and will defer the
publication of its results.
Further to the Company's announcement on 31 January 2020, the
positive inflow momentum from Q4 continued into 2020, and there has
been limited impact from Covid-19 on flows to date. To
end-February, year to date gross inflows were up 35% and net
inflows were up 132% on the equivalent period in 2019, while in
March both gross and net inflows continue to be well ahead of the
prior year. However, the value of most asset classes has fallen
considerably in March, and, as the significant uncertainty
continues, it is too early to estimate the impact of the pandemic
on Nucleus' performance. Notwithstanding this uncertainty, the
group has a robust capital structure and solvency position (with
GBP11.4m of capital in excess of the pillar I minimum regulatory
capital requirement), high conversion rate of profit to cash, no
borrowings and available liquidity (including GBP18.5m of cash and
cash equivalents at the end of the financial year).
The Company's highest priority is the health and wellbeing of
its people, users and customers and it is taking every possible
action to adapt to the situation. The Company remains in continual
dialogue with users and material service providers. The platform
remains fully operational and the vast majority of Nucleus' staff
are successfully working remotely with no meaningful impact on
service at present.
The Company's performance in respect of the 2019 financial year
is expected to be in line with market consensus.
The Company will release a further announcement with regard to
the timing of the publication of its audited financial statements
as soon as practicable.
Ends
For further information please contact:
Nucleus
David Ferguson, Founder and CEO Tel: +44 (0)13 1226 9800
Stuart Geard, chief financial officer
Shore Capital (Nominated Adviser and Broker)
Hugh Morgan Tel: +44 (0)20 7408 4090
Edward Mansfield
Daniel Bush
Camarco (Media enquiries)
Jennifer Renwick Tel: +44 (0)20 3757 4994
Jake Thomas
Notes to Editors
About Nucleus
Nucleus is a wrap platform founded in 2006 by advisers committed
to altering the balance of power in the industry by putting the
customer centre stage. It provides independent wrap platform
services to 1,442 active adviser users and works with more than 880
financial adviser firms as at 31 December 2019. It is responsible
for AUA of GBP16.1bn on behalf of more than 96,000 customers.
The multi award-winning platform offers a range of custody,
trading, payment, reporting, fee-handling, research and integration
services across a variety of tax wrappers and more than 6,500 asset
choices including cash, OEICs, unit trusts, offshore funds,
structured products and listed securities, including ETFs and
investment trusts. The platform currently facilitates over 1.1
million customer account transactions on average per month.
Nucleus has been awarded a 5-star service rating at the 2019
Financial Adviser Awards and won CoreData's 'Best medium sized
platform' for 2019 (and the last eight years), the Schroders
'Platform of the Year' award for 2016, 2017 and 2018 and won 'Best
Platform' and 'Platform Innovation' at the 2018 Money Marketing
Awards.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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