IntegraFin Holdings plc

For HY '26, IntegraFin reported group revenue of GBP 85.8 million, up 11% year on year, average daily FUD of GBP 77.5 billion, up 17%, underlying profit before tax of GBP 43.9 million, up 16%, and underlying EPS of 10p per share, up 14%. Gross inflows were over GBP 6 billion, net inflows were GBP 2.4 billion, and the underlying PBT margin expanded to 51%. Platform revenue increased to GBP 83.2 million, including annual charge income of GBP 76.4 million and T4A revenue of GBP 2.6 million. The first interim dividend was raised 15% to 3.8p per share. Guidance was unchanged overall: admin expense growth remains targeted at 3% per year in FY '26 and FY '27, revenue and cost guidance were reiterated, net interest income is now expected to be GBP 10 million in FY '26 and GBP 11 million in FY '27, and net gain attributable to policyholder returns is expected to be around GBP 2 million per year.

Alexander Scott struck an upbeat tone, calling the results a step change in profitability and linking them to strong platform inflows, a resilient business model, and ongoing investment in technology and service. He said Transact is already well positioned for consolidators and large advice firms, and that the firm is selectively refining its model to become even more attractive as the market consolidates. He also framed AI and automation as supportive of efficiency, scalability, and better client service, while stressing that the company’s approach is to augment, not replace, its core proposition.

Euan Marshall focused on the financial mechanics behind the stronger earnings, citing average daily FUD of GBP 77.5 billion, revenue of GBP 85.8 million, underlying PBT of GBP 43.9 million, and EPS of 10p. He said recurring revenue remained dominant, with 99% of platform revenue from annual charge income and wrapper fees, and noted that platform revenue margin moderated by 1 basis point due to tiered pricing and the prior family-linked portfolio fee change. On costs, he said administrative expense growth was 4% in H1, headcount fell by 16 or 3%, the group remains on track for 3% admin expense growth in FY '26 and FY '27, and cash conversion was just over 100% with GBP 34 million of liquidity generated versus GBP 33 million of profit after tax. He also said net interest income expectations were raised to GBP 10 million for FY '26 and GBP 11 million for FY '27.

Analysts focused on cost discipline, client cash interest policy, transfer trends, sentiment, regulatory capital, dividend policy, and the consolidator opportunity. Management said it remains comfortable with low cost growth beyond FY '27, sees no meaningful change in client or adviser sentiment despite macro and political noise, and said the rise in regulatory capital requirements was not expected to continue at the same pace. On the dividend, Euan said the group is comfortable with current liquidity and still targets 60% to 65% of profit after tax over the two dividends, while noting the first interim dividend is typically around 35% of the prior year's total dividend. On consolidators, management said it does not do pricing deals and instead wins on value, service, technology, and product breadth; they also said consolidators increasingly recognize that running their own platform is harder than expected and are more open to panels and third-party platforms.