LONDON (ShareCast) - (Sharecast News) - IntegraFin shares tumbled on Thursday after the Transact owner struck a downbeat note on the outlook in its first-half results.
In the six months to the end of March, pre-tax profit ticked up 2% to £31.7m and net inflows grew 16% to £2.68bn. Revenue rose 13% to £67m.

Meanwhile, pre-tax profit for the Transact platform was ahead 10% at £33.7m and gross inflows for the first half year were a record £4.07bn.

Chief executive officer Alex Scott said: "We are pleased to announce our results for the first half of the year. In a challenging environment we have continued to grow group revenue and profits.

"Our Transact platform has delivered its highest ever gross and net inflows. This is despite reduced market confidence in the second quarter, driven by geopolitical events and rising inflation."

However, Scott also noted that the general economic outlook had deteriorated compared to the same period a year earlier.

"We have negotiated the safe return of staff to our offices and the implementation of flexible working plans, whilst continuing to deliver award winning services, but now we are faced with major global uncertainty arising from Russia's invasion of Ukraine and the significant, resultant effects," he said.

When added to existing inflationary pressures, these are negative drivers for Transact revenue and all round expenses, Scott said. IntegraFin's Transact investment platform is the primary driver of group revenue and profitability.

At 0935 BST, the shares were down 14% at 303.20p.

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