Nucleus Financial Group delays preliminary results announcement

Edinburgh-based financial services company Nucleus Financial Group has announced that it will defer the publication of its audited results for the year ended 31 December 2019 on 24 March 2020 following the Financial Conduct Authority’s (FCA) request for delay issued yesterday. 

Nucleus Financial Group delays preliminary results announcement

David Ferguson, co-founder and CEO, Nucleus Financial Group

Yesterday, the FCA revealed that it had written to companies that it was aware were intending to publish preliminary financial statements in the next few days, urging them to delay their planned publications.

Providing some details on the firm’s financial performance, Nucleus Financial Group said that further to the company’s announcement on 31 January 2020, the positive inflow momentum from Q4 continued into 2020, and there has been limited impact from Covid-19 on flows to date.

To end-February, Nucleus’ year to date gross inflows were up 35% and net inflows were up 132% on the equivalent period in 2019, while in March both gross and net inflows continue to be well ahead of the prior year.

However, the value of most asset classes has fallen considerably in March, and, as the significant uncertainty continues, it is too early to estimate the impact of the pandemic on Nucleus’ performance.

Notwithstanding this uncertainty, the group has a  robust capital structure and solvency position (with £11.4m of capital in excess of the pillar I minimum regulatory capital requirement), high conversion rate of profit to cash, no borrowings and available liquidity (including £18.5m of cash and cash equivalents at the end of the financial year).

The company said that its highest priority is the health and wellbeing of its people, users and customers and it is taking every possible action to adapt to the situation. The Company remains in continual dialogue with users and material service providers.

Nucleus Financial Group’s platform remains fully operational and the vast majority of Nucleus’ staff are successfully working remotely with no meaningful impact on service at present.

The company’s performance in respect of the 2019 financial year is expected to be in line with market consensus.

Nucleus Financial Group will release a further announcement with regard to the timing of the publication of its audited financial statements as soon as practicable.

Share icon
Share this article: