Interactive Investor

Results

Our increasing brand awareness is enabling more and more clients to realise the savings they can make by choosing ii as their investment platform.

Watch our latest customer update

- Richard Wilson, chief executive of interactive investor, shares a message with customers.

Richard Wilson, ii Chief Executive, says:

"I am pleased to report another period of strong and consistent growth against a backdrop of uncertainty and a constantly-changing environment. 

Revenue for the period was £76.1m, an increase of 19% on the same period last year (11% excluding revenue generated within The Share Centre). The main drivers of revenue growth were strong market activity, bringing increased transactional revenue and higher fee income from our organic client growth, and further M&A activity. Offsetting this was interest revenue which continued to fall due to the impact of lower rates.

Market activity over the period remained at elevated levels, particularly in the first quarter. Trading volumes began to reduce towards the end of the period and, while it is difficult to predict how volumes will react to the gradual lifting of Covid restrictions and the return to normality, our current expectation is that volumes will remain significantly above pre-Covid levels. The trend for our customers to increasingly invest in overseas markets has continued, with trades in international markets increasing 98% from the previous year. 

We welcomed 31,667 new clients onto the ii platform, an increase of 33% on the previous year, while retaining high levels of assets per customer, at an average of £135,000. In addition, we have experienced very strong growth in ISA and SIPP accounts. New ISA accounts grew 51% from the previous year and new SIPP accounts grew 72%. Our increasing brand awareness is enabling more and more clients to realise the savings they can make by choosing ii as their investment platform.

As well as driving increased client acquisition, our fixed-fee pricing encourages asset consolidation from our existing customers. These factors combined have driven net new business for the period to £3.6bn, an increase of 56% on the previous year. Similarly net new business in our ISA and SIPP products have been the main growth drivers, delivering growth of 76% and 119%, respectively.

We have supplemented our strong organic growth with further M&A activities. In February we migrated 61,000 customers from The Share Centre onto the ii platform following the acquisition of Share Plc last year. These customers are enjoying the additional features our platform offers, particularly in international trading where we have seen a strong uptake in our offering. In March we announced the acquisition of the EQi D2C business from Equiniti Group Plc and 59,000 customers were successfully migrated to the ii platform in June. 

In a period of continued difficult conditions and extremes of market volatility, during which we executed two major acquisitions, I am particularly proud that our Trustpilot score has remained at 4.7, the highest among our peers.  

We end the period with over 400k customers and assets under administration approaching £55bn. With a strong pipeline of future developments which include an improved mobile app for Android and iOS (currently in beta), a new-look website for customers, a referral programme, and ii Family, we are well positioned to further improve the service to our customers and deliver increasing value for our shareholders.”

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