Transact reports £17.8m profit as assets grow 20%

Transact has reported a pre-tax profit of £17.8m for the year to 30 September 2014, as assets under administration grew to £17.1bn.

The platform’s profit is up by 5 per cent compared to £16.9m in 2013.

Assets under administration increased by 20 per cent from £14.3bn in 2013.

Gross inflows averaged £259m per month in 2014, up by 40 per cent from £185m in 2013.

During the year to September, the number of registered advisers grew from 6,300 to 7,000 and the number of clients increased from 106,000 to 116,000.

Transact chief executive Ian Taylor says: “We are proud to have produced another set of solid results. During the year we continued to provide the best platform to advisers and clients whilst also sharing scale economies with clients by reducing charges.”

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