Our customers recognise the value of our transparent and modern pricing model, which delivers clarity and long-term savings.
Richard Wilson, ii Chief Executive, says:
"I am pleased to report another quarter of consistent growth against a backdrop of uncertainty and a constantly-changing environment.
Revenue for the period was £32.8m, an increase of 29% on the same period last year. While down from the peaks we saw earlier in the year, trading volumes remain strong as we see sustained higher customer engagement levels, with customers taking advantage of our original insight and broad range of UK investments and worldwide market access. Our subscription-based fee income continues to increase as our customer base increases. Interest revenue continues to fall due to the impact of lower rates.
We welcomed 7,928 new customers onto our platform in the period, with net new business of £0.8bn as more customers recognise the value of simple flat fees, and consolidate their wealth with ii. Growth was mainly in our SIPP and ISA products and it is pleasing to see this accompanied by an increase in younger investors.
In this time of stress and uncertainty it is more important than ever to be able to trust the services we depend on. It is a privilege to lead an organization that has a culture rooted in service and a business model that continues to perform robustly in the most testing of circumstances.
Customers are at the heart of everything we do and despite these challenging conditions I am proud to say that our Trustpilot score has further improved to 4.7, the highest in the sector.”
*New customer and net new business numbers do not include customers and assets acquired as a result of the Share Plc acquisition in July this year.
To find out more about ii’s strong business model and how we have evolved as a business you can view our Q3 trading update, HY 2020 trading update, Q1 2020 trading update and results from the last three financial years below.