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Transact reports 43% surge in profits as float draws closer

Ian TaylorWrap platform Transact saw post-tax profits jump by 43 per cent last year, its latest accounts show.

For the year to 30 September 2017, profits reached £29.9m, according to statements for Transact’s parent IntegraFin Holdings.

Gross inflows rose by 49 per cent to £5.31bn and net inflows increased by 66 per cent over the 12-month period.

At the end of the year the business had funds under direction of £27.9bn, up 13.5 per cent on the year before.

There has also been a director change at the company with chair Michael Howard stepping down on 1 October 2017 and being succeeded by former Aviva UK chief executive Patrick Snowball. Howard remains a director of IntegraFin.

In his statement, Howard says plans for the company’s stock exchange listing in the first half of this year are on track.

He says: “As well as our business as usual operations, this has been another year of getting ready to list our company on the London Stock Exchange. So far, matters are progressing as we would hope, and we continue to be optimistic that conditions remain favourable and we plan to list in the first half of 2018.”

Transact reduces charges

Also writing in the report, chief executive Ian Taylor notes the July 2016 purchase of the software company that runs Transact’s technology, Integrated Application Development. Howard was one of the owners of that software company.

Taylor says: “This was the final step in our longer term plan to bring entirely within the group the ownership and control of the technology upon which we rely so heavily. This continues to contribute to the profits and will stand us in good stead as we prepare for listing.”

A focus on regulation will dominate the start of 2018 for Transact with the introduction of Mifid II, contributing to the FCA’s platform market study, and preparing for the General Data Protection Regulation.

Taylor says: “Nevertheless, there is no reason to think that the natural flow of business from old world administration and custody to new world administration and custody should slow down – and we will benefit from this.

“Our plan is simple – we will continue to drive organic growth and to provide the best adviser platform in the UK.”

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