No dividend for shareholders

Nucleus: ‘too early to assess impact of Covid-19’

David Ferguson

David Ferguson: ‘we were feeling good about life’

Nucleus Financial, the wrap platform, is hoping that a return to normality will build on the momentum of the past year.

However, chief executive David Ferguson cautioned that the impact of the Covid-19 virus was yet to be assessed and the board has decided not pay a dividend as a “prudent” measure.

“Inflow momentum has eased off in the last couple of weeks as the Covid-19 situation has developed.” said Mr Ferguson in a statement with the year end figures.

“It is too early to form a view on what the impact may be on the financial performance of the business over the full year.

“Notwithstanding the impact of external factors, whether related to market sentiment, the political environment or the current coronavirus pandemic, I believe the business is well-positioned to deliver on our plans and capitalise on the structural growth themes relating to our sector.”

Speaking to Daily Business, he expressed his confidence in the business, while admitting the outlook remained uncertain.

“It is frustrating. We were feeling good about life,” he said. “Hopefully, we will pick up on the momentum we have seen.”

The Edinburgh-based company enjoyed a lift in assets under administration (AUA) and pre-tax profits over the year to the end of December while customer numbers also increased.

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