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Strong half-year trading

Nucleus sees profits uplift in first post-IPO figures

David Ferguson

David Ferguson: ‘strong results’ (pic: Terry Murden)


Nucleus Financial has reported a strong first half in its first trading figures since the Edinburgh wrap platform floated in July.

There was an increase in active advisers and customers during a period of market volatility and the introduction of new privacy legislation. A maiden dividend has been declared.

Net inflows for the six months to the end of June are 14.6% lower than the corresponding period last year but assets under management are up 15.6%.

Adjusted Ebitda rose 152% to £4.9m on an 11% rise in revenue to £21.6m.

Strong performance in 2017 allowed for the payment of a pre-admission dividend to ordinary shareholders totalling £2.7m, providing the group with an appropriate level of capital going forward.

Chief executive David Ferguson said trading was in line with expectations and the company’s ambitions.

“In these, our inaugural set of interim results presented as a quoted company, I am very pleased to report strong results for the first half of the year,” he said.

“The backdrop of increased financial market volatility and pause in momentum across the sector as advisers and platforms alike dealt with the twin introduction of MiFID II regulation and the new GDPR rules, makes these results more pleasing, and financial performance has remained in line with our expectations since the end of the period.

“The growth in AUA and the number of active advisers, two of our key performance indicators, show that our adviser users continue to share our ambition of promoting transparency and improving customer outcomes.

“We are greatly appreciative of the support we have received since our successful IPO in July. It was an exciting moment and an important milestone for Nucleus and we welcome our new investors to the share register. We continue to be confident in our ability to deliver on our ambitions for the business for the remainder of the year and beyond.”

Operational highlights

·      Increase in number of active advisers from 1,266 to 1,357, up 7.2 per cent over the past 12 months

·      Customer numbers at 30 June 2018 stood at 90,650, an increase of 5.9 per cent on H1 2017

·      Interim dividend of 1.4p per share declared and payable in October



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