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Transact profits up 14% to £16.9m

Transact has announced pre-tax profits of £16.9m for the year to 30 September 2013, as assets under administration grew to £14.3bn.

The platform’s profits are up 14 per cent from £14.7m in September 2012.

Over the year AUA grew 20 per cent from £12bn to £14.3bn, partly due to growth in financial markets.

Administrative expenses increased 11 per cent from £34.7m to £38.7m, while turnover increased to £55.5m from £49.6m.

The number of registered advisers grew from 5,700 to 6,300, while client numbers rose to 106,000 from 99,000. 

Gross inflows averaged £185m per month in 2013, up 20 per cent form £152m in 2012.

Transact chief executive Ian Taylor says the business has benefited from being historically unbundled pre-RDR.

He says: “Over the year we have continued to build on our reputation and it has been a better year than 2012. After the RDR rules, more advisers have been looking for a platform that has experience of operating under post-RDR conditions. We have been working to RDR rules for the last 14 years.”

In December the company bought back 4 per cent of shares in the company for £4.5m. It says it has no further plans to purchase ordinary shares.

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