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Delayed announcement

Nucleus joins FCA moratorium on year-end results

David Ferguson

David Ferguson: delayed

Nucleus, the financial wrap company, has become the latest to postpone its results following guidance from the Financial Conduct Authority.

The FCA has requested that listed companies delay the announcement of preliminary results for at least two weeks due to the challenges caused by the Covid-19 crisis.

It said investors in capital markets rely on trustworthy information on the companies whose instruments they trade. Current volatility has led a number of companies to state that they cannot provide reliable forecasts.

Edinburgh-based Nucleus, led by CEO David Ferguson, joins AG Barr, the Cumbernauld-based maker of Irn-Bru, among a number of companies which have delayed results due tomorrow.

Nucleus said the positive inflow momentum from Q4 continued into 2020, and there has been limited impact from Covid-19 on flows to date.

To end-February, year to date gross inflows were up 35% and net inflows were up 132% on the equivalent period in 2019, while in March both gross and net inflows continue to be well ahead of the prior year.

However, the value of most asset classes has fallen considerably in March, and, as the significant uncertainty continues, it is too early to estimate the impact of the pandemic on Nucleus’ performance.

Notwithstanding this uncertainty, the group has a  robust capital structure and solvency position, high conversion rate of profit to cash, no borrowings and available liquidity, including £18.5m of cash and cash equivalents at the end of the financial year.

The platform remains fully operational and the vast majority of Nucleus’s staff are working remotely with no meaningful impact on service at present.

The company’s performance in respect of the 2019 financial year is expected to be in line with market consensus.

It will release a further announcement with regard to the timing of the publication of its audited financial statements as soon as practicable.

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