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Nucleus reports record profit

David Ferguson

Platform Nucleus has reported a 19 per cent increase in operating profit to £5.1m for the 12 months to 31 December 2017.

The result is the platform’s sixth continuous year of growth in profits. The business’s 2016 profit was £4.3m.

Assets under administration increased by 22 per cent to £13.6bn from £11.1bn in 2016.

Gross inflows rose by 41 per cent to £2.6bn while net inflows increased by 72 per cent from £1bn to £1.7bn.

Nucleus chief executive David Ferguson says the business is set to take advantage of growth opportunities in the platform market.

He says: “We have invested heavily in large-scale infrastructure initiatives over the past three years to lay the foundations for the next stage of our growth.”

He says: “We are poised to accelerate this progress even further over the coming year by remaining fully committed to investing in next generation technology and enhancing a platform proposition that has been designed hand in hand with advisers, for the express benefit of them and their clients.”

In March reports emerged Nucleus was mulling listing on the London Stock Exchange and had appointed a broker to oversee an IPO.

Asked about plans to float in the coming year, Ferguson says: “I couldn’t comment around it. We have got a longstanding clause in our shareholder agreement to explore these matters from time-to-time and that is what we are doing.”

He adds: “We have sent letters out to shareholders to explore one such possibility but that doesn’t necessarily mean anything will happen.”

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