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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 the previous year.

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

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

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

Transact chief executive Ian Taylor 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 past 14 years.” 

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