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Nucleus doubles profit in first results as listed company

David Ferguson

Platform Nucleus has seen its post-tax profit double in its first results as a listed company.

The company reported profit after tax of £2.2m in the six months to 30 June 2018, compared with £1.1m in the first half of 2017.

Nucleus floated on the Alternative Investment Market with a market capitalisation of £139.9m on 26 July.

The business says a 4.5 per cent drop in gross inflows related to volatile market conditions and the introduction of Mifid II and GDPR regulation.

The business also reported a 14 per cent drop in net inflows.

The figures show assets under administration reached £14.3bn, up from £12.4bn in the same period last year.

Revenue increased 11 per cent to £21.6m.

The number of adviser users increased 7 per cent year-on-year to 1,357.

Advisers back Nucleus float to beat conflict of interest concerns

Nucleus chief executive David Ferguson says: “The growth in AUA and the number of active advisers, two of our key performance indicators, show that our adviser users continue to share our ambition of promoting transparency and improving customer outcomes.”

The listing on AIM cost the business £1.4m in the period.

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