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IntegraFin Holdings PLC (GB:IHP)
LSE:IHP

IntegraFin Holdings PLC (IHP) AI Stock Analysis

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GB:IHP

IntegraFin Holdings PLC

(LSE:IHP)

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Outperform 72 (OpenAI - 5.2)
Rating:72Outperform
Price Target:
348.00 p
â–²(11.00% Upside)
Action:UpgradedDate:12/22/25
IntegraFin Holdings PLC shows strong financial performance with robust revenue growth and profitability, supported by a solid balance sheet. The technical indicators suggest a positive trend, and the earnings call provided optimistic guidance with strong growth in net inflows and earnings. However, the valuation indicates potential overvaluation, and operational efficiency needs improvement. Overall, the stock presents a stable investment with growth potential, but attention to operational challenges is necessary.
Positive Factors
Strong net inflows and FUD growth
Substantial and sustained net inflows plus rising funds under direction indicate durable demand for the Transact platform. Value‑based fees tied to AUA mean these inflows should translate to recurring revenue growth and scale benefits over multiple years, supporting long‑term platform economics.
Very high gross and healthy net profit margins
A very high gross margin and strong net margin reflect a scalable, low‑cost platform model with significant operating leverage. This margin profile supports sustained cash generation, dividend capacity and reinvestment into technology, making earnings resilient to moderate revenue variability.
Conservative balance sheet and strong cash conversion
Very low leverage and high cash conversion provide financial flexibility for technology investment, M&A or dividends without stressing liquidity. Strong operating cash relative to earnings reduces refinancing risk and supports durable capital allocation choices over the medium term.
Negative Factors
Declining EBIT and EBITDA margins
Material deterioration in operating margins signals structural cost or pricing pressure beneath headline profit. If operating margin contraction persists, it will limit earnings leverage from AUA growth and force tradeoffs between investment, pricing and shareholder returns over the next several quarters.
Platform revenue margin attrition from pricing changes
Tiered pricing and deliberate margin compression reduce revenue per AUA over time. While AUA growth offsets some impact, a persistent decline in platform revenue margin erodes the core unit economics and constrains long‑run profitability unless offset by material cost savings or higher volumes.
Rising administrative and employee costs
Sustained increases in administrative and staff costs pressure operating margins and require ongoing productivity gains to maintain profitability. Higher fixed costs reduce earnings sensitivity to revenue upside and increase the break‑even requirement for future growth initiatives.

IntegraFin Holdings PLC (IHP) vs. iShares MSCI United Kingdom ETF (EWC)

IntegraFin Holdings PLC Business Overview & Revenue Model

Company DescriptionIntegraFin Holdings plc, together with its subsidiaries, provides an investment platform for UK financial advisers and their clients. The company operates Transact platform that delivers an infrastructure, which enables advisers to implement financial plans, as well as provides real-time day-to-day and technical support services, as well as enables advisers to simplify management of the complex investment needs of clients. It also provides personal service to advisers and their clients; offers access to approximately 8,000 funds and assets listed on stock markets; and provides access to report and analysis tools, investment portfolio management, lifetime cash flow modelling, and other services. In addition, the company offers software development and maintenance; life insurance and assurance; consultancy; financial planning software; and investment administration services. IntegraFin Holdings plc was founded in 1999 and is headquartered in London, the United Kingdom.
How the Company Makes MoneyIntegraFin Holdings generates revenue primarily through platform fees charged to financial advisers and their clients for the use of its investment platform. These fees can include annual management fees, transaction fees, and other service-related charges. Additionally, the company may earn income from the administration of assets held on its platform, as well as from any ancillary services offered to advisers and clients. IntegraFin's revenue model is supported by a growing number of adviser partnerships, which enhance its market presence and customer base. The company's financial performance is also influenced by factors such as asset inflows, market conditions, and the overall growth of the investment platform industry.

IntegraFin Holdings PLC Earnings Call Summary

Earnings Call Date:Dec 17, 2025
(Q4-2025)
|
% Change Since: |
Next Earnings Date:May 21, 2026
Earnings Call Sentiment Positive
The earnings call highlighted strong growth in net inflows, revenue, and earnings, along with a significant dividend increase. The company demonstrated effective cost management and technological advancements. However, challenges include non-underlying expenses, revenue margin attrition, and increased administrative costs. Despite these issues, the positive aspects, particularly in growth and efficiency improvements, outweigh the negatives.
Q4-2025 Updates
Positive Updates
Impressive Net Inflows
IntegraFin attracted net inflows of GBP 4.4 billion, up 76% from FY '24, driven by record gross inflows and technological enhancements.
Revenue and Earnings Growth
Revenue increased by 8% to GBP 156.8 million, and underlying earnings per share grew by 7% to 17.4p per share.
Dividend Increase
The total dividend for FY '25 was raised to 11.3p per share, a 9% increase from the previous year.
Record Growth in Average Daily FUD
Average daily funds under direction (FUD) grew by 14% year-on-year to GBP 67.9 billion.
Cost and Efficiency Review Outcomes
The cost review program is expected to deliver GBP 4 million of annualized savings by FY '27.
Negative Updates
Non-Underlying Expenses
Non-underlying expenses totaled GBP 9.2 million, including a GBP 7.5 million impairment of goodwill related to T4A.
Revenue Margin Attrition
Platform revenue margin has moderated steadily and is expected to continue declining slowly due to pricing structure adjustments.
Administrative Expense Increase
Total underlying administrative expenses rose by 9% from FY '24, with employee costs increasing by 11%.
Company Guidance
During the fiscal year 2025 full-year results presentation, IntegraFin provided comprehensive guidance on their financial and operational performance. The company reported net inflows of GBP 4.4 billion, a 76% increase from FY '24, driven by record gross inflows of GBP 10.1 billion. Average daily funds under direction (FUD) grew 14% year-on-year, reaching GBP 67.9 billion. Revenue increased by 8% to GBP 156.8 million, while underlying earnings per share rose 7% to 17.4p. The company completed a cost and efficiency review, identifying GBP 4 million in annualized savings by FY '27, with underlying administrative expenses expected to grow at 3% per year in FY '26 and FY '27. Total dividends were raised by 9% to 11.3p per share. Looking forward, IntegraFin intends to sustain technology investments and enhance platform efficiencies to drive future earnings growth. They aim to maintain a platform revenue margin with a slight decrease expected due to tiered pricing structures. The company remains focused on organic growth, leveraging its market-leading Transact platform, and continues to explore inorganic opportunities for technology enhancements.

IntegraFin Holdings PLC Financial Statement Overview

Summary
IntegraFin Holdings PLC demonstrates strong revenue growth and profitability, supported by a robust balance sheet with low leverage. However, operational challenges are evident in declining EBIT and EBITDA margins. The company maintains strong cash flow generation, ensuring liquidity and financial flexibility. Overall, the financial health is stable, but attention is needed on operational efficiency.
Income Statement
65
Positive
IntegraFin Holdings PLC shows strong revenue growth with a 22.41% increase in the latest year, indicating robust business expansion. However, the company has experienced a significant decline in EBIT and EBITDA margins, turning negative, which suggests operational inefficiencies or increased costs. Despite this, the net profit margin remains healthy at 25.87%, supported by a substantial gross profit margin of 96.82%.
Balance Sheet
75
Positive
The balance sheet is solid with a low debt-to-equity ratio of 0.06, indicating conservative leverage and financial stability. Return on equity is strong at 22.81%, reflecting effective use of equity to generate profits. However, the equity ratio is low, suggesting a high proportion of assets are financed by liabilities.
Cash Flow
70
Positive
Cash flow analysis reveals a slight decline in free cash flow growth, but the company maintains a high operating cash flow to net income ratio of 7.88, indicating strong cash generation relative to earnings. The free cash flow to net income ratio is nearly 1, showing efficient conversion of earnings into cash.
BreakdownSep 2025Sep 2024Sep 2023Sep 2022Sep 2021
Income Statement
Total Revenue198.30M144.90M134.90M133.60M123.70M
Gross Profit189.10M141.90M131.00M90.00M150.62M
EBITDA-191.40M110.10M-153.70M-130.50M97.90M
Net Income51.30M52.10M49.90M44.00M51.10M
Balance Sheet
Total Assets34.08B29.16B24.71B22.43B23.29B
Cash, Cash Equivalents and Short-Term Investments268.40M200.70M200.30M186.10M1.45B
Total Debt20.00M9.40M1.10M2.80M7.36M
Total Liabilities33.85B28.95B24.52B22.26B23.12B
Stockholders Equity224.90M208.30M189.90M173.20M163.27M
Cash Flow
Free Cash Flow335.90M276.30M6.50M235.90M-56.90M
Operating Cash Flow340.50M277.20M7.20M236.30M-56.24M
Investing Cash Flow-28.40M29.40M-14.40M400.00K-9.35M
Financing Cash Flow-39.90M-36.80M-37.10M-37.90M-31.73M

IntegraFin Holdings PLC Technical Analysis

Technical Analysis Sentiment
Negative
Last Price313.50
Price Trends
50DMA
339.30
Negative
100DMA
341.31
Negative
200DMA
336.41
Negative
Market Momentum
MACD
-7.47
Negative
RSI
39.01
Neutral
STOCH
54.53
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:IHP, the sentiment is Negative. The current price of 313.5 is below the 20-day moving average (MA) of 321.25, below the 50-day MA of 339.30, and below the 200-day MA of 336.41, indicating a bearish trend. The MACD of -7.47 indicates Negative momentum. The RSI at 39.01 is Neutral, neither overbought nor oversold. The STOCH value of 54.53 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:IHP.

IntegraFin Holdings PLC Peers Comparison

Overall Rating
UnderperformOutperform
Sector (68)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
74
Outperform
£2.42B20.62-0.05%3.40%-28.04%-102.43%
72
Outperform
£1.04B22.3523.86%3.11%7.13%-1.52%
72
Outperform
£235.46M13.327.58%5.14%-13.29%63.87%
70
Outperform
£2.08B6.494.75%4.91%14.05%-3.07%
68
Neutral
$18.00B11.429.92%3.81%9.73%1.22%
67
Neutral
£2.19B52.21-3.61%1.03%16.90%-165.00%
65
Neutral
£1.72B10.2049.89%2.43%17.97%25.51%
* Financial Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
GB:IHP
IntegraFin Holdings PLC
313.50
9.14
3.00%
GB:BRK
Brooks Macdonald
1,525.00
145.12
10.52%
GB:RAT
Rathbones Group PLC
2,020.00
506.42
33.46%
GB:AJB
AJ BELL PLC
431.60
27.76
6.88%
GB:JTC
JTC PLC
1,296.00
356.98
38.02%
GB:QLT
Quilter
179.70
37.23
26.13%

IntegraFin Holdings PLC Corporate Events

Business Operations and StrategyExecutive/Board ChangesStock BuybackFinancial DisclosuresShareholder Meetings
IntegraFin Investors Back All AGM Resolutions, Bolstering Governance and Capital Flexibility
Positive
Feb 27, 2026

IntegraFin Holdings PLC reported that all resolutions at its 26 February 2026 annual general meeting were approved by shareholders via poll, including acceptance of the 2025 annual report and financial statements and a strong majority endorsement of the directors’ remuneration report. The meeting also confirmed the re-election of the full board, the election of a new director, the reappointment of Ernst & Young as auditor, and authorities for share allotment, buy-backs, disapplication of pre-emption rights and shorter notice for general meetings, reinforcing the company’s capital management flexibility and governance stability.

The remuneration report received more than 95% support, while all director elections and re-elections passed with clear majorities, signalling broad investor confidence in current leadership and strategy. Approval of authorities to allot shares, repurchase stock and disapply pre-emption rights equips IntegraFin with tools to manage its balance sheet and respond to market opportunities, which may influence future capital returns and funding options for shareholders.

The most recent analyst rating on (GB:IHP) stock is a Buy with a £347.00 price target. To see the full list of analyst forecasts on IntegraFin Holdings PLC stock, see the GB:IHP Stock Forecast page.

Executive/Board ChangesRegulatory Filings and Compliance
IntegraFin Awards Senior Executives Shares Under 2018 Incentive Plan
Positive
Feb 24, 2026

IntegraFin Holdings plc has reported routine share dealings under its 2018 Share Incentive Plan, with the scheme’s trustee acquiring ordinary shares on the market and allocating them to senior management. Chief executive Alexander Scott, executive director Thomas Dunbar and chief financial officer Euan Marshall each received 47 partnership shares and 94 matching shares at £3.18 per share, underscoring continued equity-based alignment between the board and shareholders.

The transactions, executed on the London Stock Exchange on 23 February and disclosed under UK Market Abuse Regulation, modestly increase the direct share interests of IntegraFin’s top executives. While limited in scale, these awards signal ongoing use of share schemes to retain and incentivise key leaders in a competitive UK wealth-platform sector, providing incremental reassurance to investors about management’s stake in the company’s long-term performance.

The most recent analyst rating on (GB:IHP) stock is a Buy with a £348.00 price target. To see the full list of analyst forecasts on IntegraFin Holdings PLC stock, see the GB:IHP Stock Forecast page.

Regulatory Filings and Compliance
IntegraFin Reports Share Purchase by Associate of CFO
Positive
Feb 12, 2026

IntegraFin Holdings plc disclosed a share transaction involving a person closely associated with a senior executive, in line with EU Market Abuse Regulation reporting requirements. Elisabeth Grey-Davies, who is closely associated with Chief Financial Officer Euan Marshall, purchased 4,000 ordinary shares in the company at £3.3909 per share on 12 February 2026 on the London Stock Exchange.

The disclosed dealing highlights internal confidence and maintains transparency for investors by formally recording insider-related share purchases. Such notifications are part of the company’s regulatory obligations and provide stakeholders with visibility into dealings by individuals connected to key management.

The most recent analyst rating on (GB:IHP) stock is a Buy with a £392.00 price target. To see the full list of analyst forecasts on IntegraFin Holdings PLC stock, see the GB:IHP Stock Forecast page.

DividendsRegulatory Filings and Compliance
IntegraFin CEO Receives Shares via Dividend Reinvestment Under Incentive Plan
Neutral
Feb 2, 2026

IntegraFin Holdings plc disclosed that its CEO, Alexander Scott, received an allocation of 413 ordinary shares through the company’s Share Incentive Plan, acquired via market purchase at £3.56 per share. The shares were purchased under the plan’s dividend reinvestment scheme, using the December 2025 interim dividend, underscoring IntegraFin’s ongoing use of equity-based incentives and adherence to EU Market Abuse Regulation disclosure requirements for senior management dealings in company stock.

The most recent analyst rating on (GB:IHP) stock is a Buy with a £392.00 price target. To see the full list of analyst forecasts on IntegraFin Holdings PLC stock, see the GB:IHP Stock Forecast page.

Executive/Board ChangesRegulatory Filings and Compliance
IntegraFin Awards Share Incentive Plan Shares to Senior Executives
Neutral
Jan 22, 2026

IntegraFin Holdings has disclosed that its share incentive plan trustee has acquired ordinary shares on the market at £3.49 each and allocated them to three senior executives: CEO Alexander Scott, Executive Director Thomas Dunbar and CFO Euan Marshall. Each received 43 partnership shares and 86 matching shares under the IntegraFin Share Incentive Plan 2018, a routine remuneration-related transaction that modestly increases direct equity participation by top management and is being reported in line with UK Market Abuse Regulation requirements.

The most recent analyst rating on (GB:IHP) stock is a Buy with a £392.00 price target. To see the full list of analyst forecasts on IntegraFin Holdings PLC stock, see the GB:IHP Stock Forecast page.

Other
IntegraFin Executives and Associated Party Increase Holdings Through Share Plan Awards and Market Purchases
Positive
Jan 13, 2026

IntegraFin Holdings plc has allocated 1,019 ordinary shares each to CEO Alexander Scott, executive Thomas Dunbar and CFO Euan Marshall under its 2018 Share Incentive/Performance Share Plan, with the shares acquired in the market at £3.53 apiece. In separate transactions notified under EU Market Abuse Regulation rules, CFO Euan Marshall purchased an additional 4,500 shares at £3.4997 per share, while a person closely associated with him, Elisabeth Grey-Davies, also bought 4,500 shares at £3.497, underscoring continued insider participation in the company’s equity and signalling alignment of senior management and related parties with shareholder value.

The most recent analyst rating on (GB:IHP) stock is a Buy with a £392.00 price target. To see the full list of analyst forecasts on IntegraFin Holdings PLC stock, see the GB:IHP Stock Forecast page.

Business Operations and StrategyFinancial Disclosures
IntegraFin posts record assets and inflows as Transact shrugs off UK Budget jitters
Positive
Jan 13, 2026

IntegraFin Holdings plc reported a strong start to its 2026 financial year, with Transact delivering net inflows of £1.0bn in the first quarter, up 11% year-on-year, and driving record funds under direction of £77.2bn alongside record average daily FUD of £76.1bn. Despite heightened inflows and outflows around the UK Autumn Budget due to pension-related activity, flows have normalised, and management reiterated cost guidance of roughly 3% annual growth in underlying administrative expenses for FY26 and FY27, stressing that a combination of robust revenue growth, ongoing digital improvements, and cost-efficiency initiatives should support accelerated earnings growth and reinforce Transact’s strong share of the adviser platform market.

The most recent analyst rating on (GB:IHP) stock is a Buy with a £392.00 price target. To see the full list of analyst forecasts on IntegraFin Holdings PLC stock, see the GB:IHP Stock Forecast page.

Financial DisclosuresRegulatory Filings and ComplianceShareholder Meetings
IntegraFin Publishes 2025 Annual Report and Sets Date for 2026 AGM
Neutral
Jan 9, 2026

IntegraFin Holdings plc has published its Annual Report and Financial Statements for the year ended 30 September 2025, together with the Notice of its 2026 Annual General Meeting (AGM) and Form of Proxy, which have been posted to shareholders. The AGM will take place on 26 February 2026 in London, and the key documents have been submitted to the UK Listing Authority’s National Storage Mechanism and made available on the company’s website, reinforcing regulatory transparency and providing investors with full access to the group’s latest financial and governance information ahead of the meeting.

The most recent analyst rating on (GB:IHP) stock is a Buy with a £394.00 price target. To see the full list of analyst forecasts on IntegraFin Holdings PLC stock, see the GB:IHP Stock Forecast page.

Business Operations and StrategyExecutive/Board Changes
IntegraFin Aligns Executives With Investors Through New Share Incentive Awards
Positive
Dec 24, 2025

IntegraFin Holdings has disclosed a series of management share transactions under its employee and executive incentive arrangements, with CEO Alexander Scott, CFO Euan Marshall and subsidiary executive director Thomas Dunbar receiving partnership and matching shares through the company’s Share Incentive Plan at £3.55 per share. In addition, the board has granted sizeable new conditional share awards for FY26 under its Combined Incentive Plan and confirmed the final share outturn for FY25 awards after assessing performance conditions, moves that further align senior executives’ remuneration with shareholder interests and reinforce the group’s commitment to performance‑linked, equity-based pay structures.

The most recent analyst rating on (GB:IHP) stock is a Buy with a £394.00 price target. To see the full list of analyst forecasts on IntegraFin Holdings PLC stock, see the GB:IHP Stock Forecast page.

Regulatory Filings and Compliance
IntegraFin Non-Executive Director Rita Dhut Buys Shares in the Company
Positive
Dec 19, 2025

IntegraFin Holdings plc has disclosed that non-executive director Rita Dhut purchased 5,570 ordinary shares in the company on 19 December 2025 at a price of £3.565 per share. The transaction, conducted on the London Stock Exchange and notified under EU Market Abuse Regulation rules, modestly increases insider ownership and offers investors additional transparency into board members’ confidence in the company’s prospects.

The most recent analyst rating on (GB:IHP) stock is a Buy with a £450.00 price target. To see the full list of analyst forecasts on IntegraFin Holdings PLC stock, see the GB:IHP Stock Forecast page.

Other
IntegraFin CFO Euan Marshall Buys Additional Shares in the Company
Neutral
Dec 18, 2025

IntegraFin Holdings plc disclosed that its chief financial officer, Euan Marshall, purchased 6,000 ordinary shares in the company on 18 December 2025 at a price of £3.541 per share. The transaction, carried out on the London Stock Exchange and notified under EU Market Abuse Regulation rules, signals additional equity exposure by a senior executive and provides investors with transparent insight into board-level share dealings.

The most recent analyst rating on (GB:IHP) stock is a Buy with a £440.00 price target. To see the full list of analyst forecasts on IntegraFin Holdings PLC stock, see the GB:IHP Stock Forecast page.

Business Operations and StrategyFinancial Disclosures
IntegraFin Holdings PLC Reports Strong Financial Growth in FY25
Positive
Dec 17, 2025

IntegraFin Holdings PLC reported strong financial results for the year ending September 2025, with a 7% increase in underlying profit before tax to £75.4 million and a 7% rise in underlying earnings per share to 17.4p. The company completed a cost review, identifying efficiency improvements to accelerate future earnings growth. The Transact platform saw a 16% growth in funds under direction to £74.2 billion, driven by significant net inflows and a 5% increase in its client base. The company is well-positioned to capture further market share in the UK adviser platform market, supported by its focus on digitalization and integration enhancements.

The most recent analyst rating on (GB:IHP) stock is a Buy with a £440.00 price target. To see the full list of analyst forecasts on IntegraFin Holdings PLC stock, see the GB:IHP Stock Forecast page.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Dec 22, 2025