IntegraFin Holdings plc (LON:IHP) operator of Transact, the UK’s premium investment platform for clients and UK financial advisers, has reported its half year results.
IHP continued to deliver strong growth in earnings, with underlying profit before tax (PBT) up 16% to £43.9m and underlying earnings per share (EPS) up 14% to 10.0p. This was driven by strong net inflows and favourable market movements in the period, in combination with the ongoing delivery of cost management initiatives and the operational leverage inherent in the Group’s business model. The Group’s cost management programme is progressing in line with guidance.
Financial and operational highlights
| • | Closing FUD of £77.8bn was up 18% versus the same period last year (HY25: £65.9bn), with strong net inflows of £2.4bn, up 14% (HY25: £2.1bn). |
| • | Group revenue increased 11% to £85.8m (HY25: £77.2m), driven by higher average daily FUD. |
| • | Underlying PBT increased 16% to £43.9m (HY25: £37.9m). Reported PBT increased 47% to £43.9m (HY25: £29.8m). |
| • | Underlying EPS increased 14% to 10.0p (HY25: 8.8p). Reported EPS increased 59% to 10.0p (HY25: 6.3p). |
| • | The Transact platform client base increased 6% to 254.7k (HY25: 241.2k), driven by our strategy of combining high-quality client service and leading proprietary technology. |
| • | The Board has declared a first interim dividend of 3.8 pence per share for the six months to 31 March 2026 (HY25: 3.3pps) which will be payable on 26 June 2026 to ordinary shareholders on the register on 29 May 2026. The ex-dividend date will be 28 May 2026. |
Outlook and guidance
| • | Transact is well positioned to continue capturing and growing a strong share of adviser platform market net inflows in FY26 and beyond. During HY26, our share of net flows to the adviser platform market was c.25%. Additionally, despite ongoing market volatility, we maintain a strong FUD position, with average daily FUD for April 2026 at £80.6bn and closing FUD on 30 April 2026 of £81.4bn. |
| • | We remain on track to deliver on our guidance that full year cost growth for FY26 and FY27 is limited to c.3% per annum. Implementation of the Group’s cost management initiatives is progressing well, and, as previously guided, we expect the reduction in the rate of FY26 cost increases to be weighted towards H2 as the benefits of initiatives phase through. |
| • | To support Transact’s market-leading proposition, the Group continues to invest in AI and automation enhancements. We expect the technology investment to create a more efficient business and support profit margin expansion over time. |
| • | The combination of the Group’s revenue growth fundamentals and realising savings from the Group’s cost management initiatives puts IHP in a strong position to continue to accelerate profit growth and enhance profit margin in the coming years, driven by recurring revenue and scale benefits. |
Financial information
| IHP Group | Half-year to 31 March 2026 | Half-year to 31 March 2025 | % Movement |
| Total Group revenue | £85.8m | £77.2m | +11% |
| Reported profit before tax | £43.9m | £29.8m | +47% |
| Underlying profit before tax* | £43.9m | £37.9m | +16% |
| Reported EPS – Diluted | 10.0p | 6.3p | +59% |
| Underlying EPS* – Diluted | 10.0p | 8.8p | +14% |
| First interim dividend per share | 3.8p | 3.3p | +15% |
| Transact platform | Half-year ended 31 March 2026 | Half-year ended 31 March 2025 | % Movement |
| Net inflows* | £2.4bn | £2.1bn | +14% |
| Closing FUD* | £77.8bn | £65.9bn | +18% |
| Average daily FUD* | £77.5bn | £66.3bn | +17% |
| Transact platform clients* | 254,667 | 241,197 | +6% |
* Alternative performance measures (APMs)
Alex Scott, IntegraFin Chief Executive Officer, commented:
“I am pleased to report that the Group has delivered a strong first half of the year. Transact has demonstrated its resilience and grown its FUD by attracting increased net inflows to the platform, driven by the strength of its client service focused proposition and leading proprietary technology.
With strong net inflows and broadly supportive market movements, average daily FUD rose, driving higher revenue. Additionally, the implementation of our cost management programme drove increasing profitability, and a PBT margin for the period over 51%.
The Group continues to make ongoing improvements to our proprietary technology proposition, and we are delivering on our integrations-focused strategy. Through the development of a new Transact Application Programming Interface (API), we have enabled greater reliability, richer data flows, and enhanced opportunities for automation.
We also recognise recent rapid improvements in AI capability. Our investment programme incorporates automation and AI opportunities to enhance our proprietary technology platform and the productivity of the Group’s support functions. We have commenced activities to incorporate AI enhancements through the Group’s activities including software development, Group support functions, and the Transact platform proposition for clients and advisers.
We are also confident in the ability of UK financial advice firms to leverage the productivity benefits of new AI tools to expand their businesses. More efficient advice firms can serve a larger client base, which will drive growth of assets under advice and consequently over time drive growing FUD onto the Transact platform. Alongside this however, we are clear in our view that the human relationship element of financial advice will remain critical, with AI augmenting but not replacing the trust and accountability elements of regulated personal financial advice.
Three core levers drive our earnings growth: enhancements to our market-leading adviser platform proposition; our FUD and revenue growth dynamics; and our cost management initiatives. We continue to execute on all three levers to grow shareholder returns and we look forward to the second half of the year.”
Change of Company Secretary
IntegraFin Holdings plc announces that David Johnson, the current Company Secretary, is stepping down effective from 1 June 2026. David will be replaced as Company Secretary by Stephanie Wallace, who is an experienced General Counsel and Company Secretary within the financial services sector.
