The Edinburgh-based company yesterday announced its unaudited interim results for the six months ending 30 June 2019.

As well as a 6.9% increase in AUA, net revenue grew by 4.6% in the period, with blended revenue yield down slightly as expected, as a result of the impact of tiered fees on larger portfolios.

Adjusted EBITDA fell by 5.8%, which Nucleus said was in line with expectations, following substantial planned investment in the product proposition during the period.

At the end of the first half of the year, Nucleus had a strong balance sheet with £17 million in cash and no borrowings.

David Ferguson, founder and CEO of Nucleus, said: “We anticipated that the change to our operating model in late 2018 would significantly accelerate our product development in future years and the first half of 2019 has borne this out.

“Substantial investment in the core platform has delivered improved efficiency, new functionality and new capabilities. We intend to continue developing our proposition to meet the needs of advisers and customers and expect this to give the platform an even wider market appeal over time.

“Alongside the progress in our product roadmap we continue to grow assets, revenue, profits, customers and advisers, all against a challenging market backdrop and I am excited by what we can achieve.

“Financial performance is otherwise expected to develop as planned as we look beyond short-term headwinds and toward the future with confidence.”