FinTech: Nucleus Financial Group Postpones 2019 Annual Results on FCA Covid-19 Guidance

March 24, 2020 | FinTech

The UK’s FCA has requested listed companies to delay the announcement of results due to the coronavirus crisis.

Nucleus Financial Group (LON: NUC), a fintech that helps clients and advisers manage investments on a single platform, has put off the announcement of its annual results for 2019 planned for March 24. The firm complied with the FCA’s guidance in this regard. (DailyBusiness)

The FCA issued its diktat after several companies cited the challenges from the coronavirus crisis. Listed companies may, therefore, delay results by at least two weeks.

Earlier, AG Barr (LON: BAG), the maker of Irn-Bru, deferred its annual results, similarly planned for announcement on March 25.

Work from home regime at Nucleus

The Nucleus financial wrap platform is functional and most of its staff are working remotely. There appears to be no disruption, as yet, on the fintech’s service parameters.

On operations, the firm said the virus had a limited impact on its operations. Further, it was able to carry forward the growth momentum from 2019 to 2020.

Nucleus said gross inflows were up 35% and net inflows were up 132% as at end-February versus the corresponding period in the previous year.

Further, it had £18.5m of cash and cash equivalents at the end of the financial year.

A group of seven financial adviser firms launched the financial platform Nucleus in 2006. The firm had assets under administration of £15.3 billion as of June 30, 2019.

For the half-year ended June 30, 2019, Nucleus had reported adjusted pre-tax profits of £4.2 million.

Nucleus is viewed as a big success of Scotland’s fintech sector.

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