IntegraFin (IHP) hit record funds under direction (FUD) in its first quarter, as flows at the Transact investment platform operator normalised after heightened volatility around the Budget, when investors sold off pension assets.
For the three months to 31 December, year-on-year FUD were up 17 per cent to £77.2bn. Gross inflows rose by more than a fifth to £2.9bn, driven by pension flows and market share gains. While this was partly offset by increased outflows, net inflows were ahead of consensus and ticked up 13 per cent to £1.04bn (although they were pretty much flat against the prior quarter).
Chief executive Alex Scott said IntegraFin had been “gradually increasing market share gains for several years”. In its latest annual report, the company noted that Transact had taken a 23 per cent share of UK adviser platform net inflows, compared with 16 per cent in 2022.
The overall result in the quarter benefited from rising financial markets, as positive market movements added £2bn to closing FUD.
Growing funds came as client numbers continued to increase. Platform user numbers were up by almost 4,000 from the previous quarter to around 250,000 and were 5 per cent higher year on year.
Management also reiterated its latest cost guidance. It expects underlying admin expenses growth to fall to around 3 per cent in this year and next as it implements cost efficiencies.
IntegraFin trades on 17 times forward consensus earnings. The shares have underperformed wealth sector peers over the past year. But as analysts at RBC Capital Markets noted, “with limited interest income dependence, the earnings mix ranks among the sector’s strongest”.
Last IC view: Buy, 356p, 17 Dec 2025