IntegraFin Holdings PLC (LON:IHP) saw profits slip in the year to end September 2020 even as funds on its investment platform rose 9% to £41.1bn.
Pre-tax profits dropped to £52.2mln (£57mln) though the company said this was a solid performance given the disruption from COVID-19.
Alex Scott, Integrafin’s chief executive, added: “Given the events that unfolded over the second half of our financial year, we are very pleased to deliver a robust set of results.”
Net inflows over the year rose by 3% to £3.59bn, though this reflected a slowdown in withdrawals in the second half of the year. Revenues for the year rose to £107mln from £99.2mln.
The group is one of the parties interested in making an offer for rival IFA platform Nucleus, which, if it happens, is likely to be in cash the group said.
“I am also pleased to advise that Transact [the platfrom] will be reducing charges again. These reductions will benefit the majority of Transact customers," Scott added.
Profit after tax for the year was £45.5mln, up 11%, while the dividend for the year rises to 8.3p per share from 7.8p.