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Rise in assets under administration for Nucleus Financial

Nucleus Financial has seen a 6.9% increase in assets under administration to £15.3 billion over the half year compared to a FTSE All-Share Index reduction of 3.5% year-on-year.

Net revenue at the Edinburgh wrap platform grew by 4.6% in the period, with blended revenue yield down slightly as expected, as a result of the impact of tiered fees on larger portfolios.

Adjusted EBITDA is in line with expectations at £4.6m, down by 5.8% following substantial planned investment in the product proposition.

There was a 1.9% increase in the number of active advisers using the platform to 1,383 and a 5.5% increase in customer numbers, which reached 95,657 over the last year.

Nucleus declared an interim dividend of £1.1m, equating to a payment of 1.5p per share, and a balance sheet showing £17m of cash holdings and no borrowings.

David Ferguson, founder and CEO of the AIM-quoted firm, said: “We anticipated that the change to our operating model in late 2018 would significantly accelerate our product development in future years and the first half of 2019 has borne this out.

“Substantial investment in the core platform has delivered improved efficiency, new functionality and new capabilities. We intend to continue developing our proposition to meet the needs of advisers and customers and expect this to give the platform an even wider market appeal over time.

“Alongside the progress in our product roadmap we continue to grow assets, revenue, profits, customers and advisers, all against a challenging market backdrop and I am excited by what we can achieve.

“Financial performance is otherwise expected to develop as planned as we look beyond short-term headwinds and toward the future with confidence.”

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