Wrap platform Nucleus has reported posting its “strongest ever” set of results for the first half of a year as its operating profits increased 140% to £2.4m.
The IFP corporate member, which said it works with over 400 adviser practices across the UK, added over £1bn of new assets in the first six months of 2015 with inflows of £1,025m, up 5% on the same period in 2014 (£973m). Total AUA were up 22% at £8.8bn, from the H1 point last year (£7.2bn).

Turnover increased by 33% to £14.8m for the first half of the year, the company reported, up from £11.1m in 2014 to return operating profits for the firm of £2.4m in the first six months of 2015.

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In April, the firm announced operating profits climbed by 67% to £2.5m for its full year results, which ended 31 December 2014.

Those results also showed inflows totalled £1.9bn, up 12% from the same period in 2014 (£1.7bn).

The firm also reported that end of year assets under administration reached £8bn, up 27% from the same period in 2013 (£6.3bn).

The platform’s AUA hit the £9bn milestone this summer, coinciding with nine years of trading for Nucleus since its launch by founder and chief executive David Ferguson and a team of seven adviser firms in July 2006. The platform now boasts a user community of.

Mr Ferguson, said: “These set of H1 financial results only sharpen our focus to accelerate the momentum of our development programme and to move into 2016 delivering ever-improving service levels for our users.

“Nine years ago, Nucleus was set up with a clear vision to democratise financial services and that goal continues to drive us to this day. As an adviser-built and adviser-owned platform, these financial results for the first half of 2015 - against a backdrop of turmoil in our sector with large scale corporate withdrawals from the UK sitting alongside confirmed takeovers and rumoured sales – are further validation of the strength, value and absolute relevance of our business model.

“The past 12 months have been a really important period of learning and development for us, but with our direction remaining as clear as it ever did, we’re committed to investing even more in our core platform proposition.”