Integrafin, parent company of adviser platform Transact, has reported a 17% rise in funds direction (FUD) in 2024 to £64.1bn (FY23:£55bn) in its annual results today.

The rise in funds came despite a dip in net inflows to £2.5bn (FY23:£2.7bn), according to full year results released today.

Revenue for the year rose 7% to £144.9m (FY23: £134.9m), driven by higher average daily FUD on the Transact platform, the firm said.

Transact says it plans to change its charges next year to ‘share the benefits’ of scale. It will charge only one pension wrapper fee per pension type in family-linked portfolios, effective from 1 April (annualised cost of £2m) and reduce non-advised client charges from 1 January at a cost of £0.6m in FY25 (annualised cost of £1m).

Underlying pre-tax profit was up 12% to £70.6m (FY23: £63m) and underlying earnings per share grew 7% in FY24, despite the impact of the first full year operating with a 25% rate of UK corporation tax.

Transact platform clients grew by 2% to 234,998 and the number of platform registered advisers grew by 5% to 8,048.

The group said it had continued to invest in digitalisation of its processes in 2024 and the number of users of its CURO software rose 13% to 3,098.

The declared second interim dividend is 7.2 pence per ordinary share, resulting in a total dividend for the year of 10.4 pence per share (2023: 10.2 pence per share).

The company says that positive fundamentals continue to support the growth of the adviser platform market, with the macro-economic picture improving after the October UK Budget and US election.

In 2025 the group expects total administrative costs to rise by about 9%, exclusive of a one-off £2m cost associated with the relocation to a new London office in 2025. Increased staff numbers are part of the cost increase.

Alex Scott, Integrafin group chief executive, said: "I am pleased with the group's strong performance over the past financial year. We have delivered growth in our key performance metrics, including reaching record highs in average daily FUD, adviser numbers and client numbers. Growth in average daily FUD delivered a 7% uplift to revenue in FY24, helping increase underlying profit before tax to £70.6m.

“These results would not have been possible without the hard work of our employees across the group. Their diligent focus on customer service and enhancing platform functionality is essential to maintaining our leading market position. We continue to prioritise good customer outcomes across the business.”