Transact pre-tax profits up 10% to £33.7m - H1 results
Pre-tax profits for the first half of the year at platform Transact were up 10% to £33.7m, according to results from parent company IntegraFin Holdings.
Transact also reported record gross and net inflows of £4.07bn (+9%) and £2.68bn (+16%) respectively and funds under direction of £53.5bn.
IntegraFin said group revenue was up 13% to £67m for the six months to 31 March 2022 and net inflows were up 16% to £2.68bn.
It bought advice firm Time4Advice (T4A) in January 2021. The results said investment in T4A saw a loss for H1 2022 of £1.1m, and post combination payments of £1.5m.
Overall, group profit before tax was up 2% to £31.7m and a first interim dividend of 3.2p per share was declared.
Alex Scott, chief executive, IntegraFin Holdings said: "We are pleased to announce our results for the first half of the year. In a challenging environment, we have continued to grow group revenue and profits.
"Our investment platform, Transact, had a strong half-year and saw profit before tax grow 10% to £33.7m. We have seen significant progress in the business but there are new challenges ahead due to increasing inflationary pressures and geopolitical uncertainty."
He added: "Now into the second year since our acquisition of T4A we have seen significant investment in development work and expect them to make reduced losses in 2023 and a stand-alone profit before tax by 2024."
Transact chief executive Jonathan Gunby said: "Advisers now look after 218,000 clients on the Transact platform. We continue to make enhancements that benefit the client and adviser experience and our second platform charge reduction for 2022 (as announced in January) will take effect on 1 July."
