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IntegraFin Holdings PLC on Thursday shared a gloomy outlook for the rest of its financial year, despite posting growth in the first half.
In its half-year ended March 31, the London-based investment platform reported revenue growth of 13% year-on-year to £67.0 million from £59.4 million. Pretax profit dropped 52% to £23.5 million from £49.0 million, though pretax profit attributable to shareholders grew 2% to £31.7 million from £31.2 million.
The growth was driven by its Transact investment platform, where funds under direction grew 14% year-on-year to £53.50 billion.
Despite the growth in a ‘challenging’ environment, the firm shared a note of caution about the climate for the rest of the year.
‘The general economic outlook has deteriorated from that prevailing this time last year...We are faced with major global uncertainty arising from Russia's invasion of Ukraine and the significant, resultant effects. When added to the existing inflationary pressures, these are negative drivers for Transact revenue, and for all round expenses,’ said Chief Executive Officer Alex Scott.
Shares in IntegraFin plunged 13% to 305.00 pence each in London on Thursday morning.
The negative impact of Ukraine and inflation was already seen in the first half, the firm said, as growth in revenue was damped by the fall in world equity markets, which also hampered growth in funds under direction. This was despite record net inflows, which grew 16% to £2.68 billion.
IntegraFin declared an interim dividend of 3.2 pence, up from 3.0p a year prior.
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