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Profits set to show 25% rise

Transact estimates it will see a 25 per cent rise in profits from £11.2m to £14m in its 2008/09 results, which are due to be published next week.

Managing director Ian Taylor said the forecasts are on the basis of unaudited results. The firm has seen a 19 per cent increase in new clients from 72,000 to 86,000 and says it is rapidly heading towards the 90,000 mark.

Annual transaction numbers on the platform are up by 11 per cent from 1.8 million to two million. The number of registered individuals has risen 3,300 to 3,800 while funds under direction have grown from £5.8bn to £7.2bn.

Taylor says: “We do not have any debt, the business is very secure and self-contained. The number of registered individuals is an impressive increase and the retail distribution review will push less willing RIs in our direction.”

Finance and Technology Research Centre director Ian McKenna says: “Any profit increase against the background of last year’s economic conditions must be applauded. Financial strength will continue to be a key consideration when selecting a platform for the foreseeable future so the stronger an organisation’s financial position, the more confidence that will bring to advisers.”

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