The group published the figures in its Q2 trading update today.

During the three month period, it said 5,400 gross new clients were added to the Transact platform. However at the same time the firm’s “recurring account closure exercise for clients who have only small residual balances” led to a reduction in client numbers of around 2,500.

Over the period 255 new advisers were registered, increasing the total number of registered advisers to 7,849. However the number of registered advisers fell 150 due to account closures.

Net inflows to the Transact platform during the three months were £790m, up from £268m, in the previous three months. Gross inflows for the period were £2.3bn, up from £1.7m in the three months to December 2023.

The company said there was a record quarter end in funds under direction (FUD) on the Transact platform of £61bn, up 13% over the past year from £54bn.

The average daily funds under direction (FUD) for the quarter was £58.6bn, up from £55.5bn at the end of December 2023 and up from £53.8bn in March 2023.

It said total group revenue is expected to be around £70m for the first half year, up from £66.5m a year ago.

Alex Scott, group chief executive, said: “The Transact platform continue to prove its resilience within the current market environment with another quarter of solid net inflows.

“Our continued focus on delivering good client outcomes and market leading customer service will ensure that the Transact platform continues to appeal to clients and advisers, thereby supporting the Group's long-term growth."

The group will announce its results for the six months ended 31 March on 22 May.