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Transact makes £14.7m profit and sees 14% adviser boost

Ian Taylor Transact 440
Transact managing director Ian Taylor

Profits at Transact remained flat in the year to September 2012 despite seeing the number of advisers using the platform increase by 14 per cent.

The platform’s annual results show Transact made a pre-tax profit of £14.7m last year, compared to a pre-tax profit of £14.6m in 2011.

Transact’s 2011 results were hit after it was fined £3.5m by the FSA in December 2011 over failures to protect client money.

Assets on the platform grew by 19 per cent in 2012 from £10.1bn to £12bn as at the end of September.

Over the period the number of advisers rose 14 per cent from 5,000 to 5,700, while the number of clients grew by 5 per cent from 94,000 to 99,000.

Despite the level profits, Transact has boosted its dividend by 25 per cent from £2 per share to £2.50.

Turnover and expenses both stayed relatively flat during the year, at £49.6m and £34.8m respectively.

Staff numbers rose 9 per cent from 300 to 328, with the number of customer services staff increasing from 156 to 169 and the number of technical and support staff going from 73 to 88.

The highest paid director, who is not named in the results, was paid £326,900 and received £55,900 in pension contributions, compared to a salary of £356,773 and pension contributions of 7,800 in 2011.

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