Nucleus, the Edinburgh-based fintech business for financial advisors, has revealed that unaudited revenue for the six months ending 30 June 2019 reached £25.2m, up 4% from the previous period of £24.2m.
Profit after tax for the period came in at £3.4m, up from £2.2m or 56.5% from the previous period.
David Ferguson, founder and CEO of Nucleus, commented:
“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.”
John Moore, senior investment manager at Brewin Dolphin, said: “Nucleus has produced another set of promising results against what has been a difficult environment for activity and competition. A modest increase in active users should help ease investors who may have been worried about the uncertain backdrop and the increase in dividend from 1.4p to 1.5p shows confidence backed up with cash of £17 million. From here, shareholders will be hopeful that the high levels of investment in the platform itself will continue to attract users in what is a competitive platform and advisor market generally.”