IntegraFin Holdings (IHP) H2 2025 earnings summary

Executive summary

• Delivered record net inflows of £4.4bn in FY25, up 76% year-over-year, representing 6.9% of opening Funds Under Direction (FUD), driven by platform enhancements and market share gains.

• Group revenue reached a record £156.8m, up 8% year-over-year, with underlying profit before tax up 7% to £75.4m.

• Underlying earnings per share rose 7% to 17.4p, and total dividend increased 9% to 11.3p per share.

• Strategic focus on digitalization, cost efficiency, and technology investment has positioned the business for sustainable future growth.

• Client numbers increased 5% to 246,000, with a 95% client retention rate.

Financial highlights

• Average daily FUD grew 14% year-over-year to £67.9bn, with a 10% CAGR since FY21.

• Platform recurring revenue accounted for 99% of total, with platform revenue representing 97% of group revenue.

• Cash generated during FY25 was £54.3m, equating to 94% of underlying profit after tax.

• Non-underlying expenses totaled £9.2m, including a £7.5m goodwill impairment and £1.1m in rental costs.

• Platform revenue margin for September 2025 was 21.9bps.

Outlook and guidance

• Underlying administrative expenses expected to grow at 3% per year in FY26 and FY27.

• Platform revenue margin attrition expected to slow, with future reductions mainly from tiered pricing and prior year price changes.

• Net interest income projected at around £9m per year; policyholder returns gain expected at £2m per year.