Coronavirus: Edinburgh-based fintech Nucleus delays publication of results

Edinburgh-based fintech Nucleus Financial Group has delayed the publication of its 2019 annual results but said its performance is expected to meet market expectations.

David Ferguson, founder and CEO of Nucleus. Picture: Lisa Ferguson.
David Ferguson, founder and CEO of Nucleus. Picture: Lisa Ferguson.

The firm said it noted the FCA's guidance requesting that listed companies delay the announcement of preliminary results for at least two weeks due to the challenges caused by the Covid-19 crisis. Nucleus had been set to update investors on 24 March.

The business said the positive inflow momentum from the fourth quarter continued into 2020, and there has been limited impact from Covid-19 on flows to date.

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Edinburgh fintech Nucleus posts market-beating gain in assets

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

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“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.”

Nucleus – which is led by founder and CEO David Ferguson – stressed that it has a “robust” capital structure and solvency position.

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“The platform remains fully operational… The company's performance in respect of the 2019 financial year is expected to be in line with market consensus.”

The delay in results publication follows a similar move by Irn-Bru-maker AG Barr.