Madison sale completion still slated for April
OneVue has signalled it is still on track to complete the sale of Madison Financial Group in April.
In an update released to the Australian Securities Exchange (ASX), OneVue said that the sale process was continuing and was expected to be completed in April.
“Preliminary bids have been received and we expect final bids to be submitted in the next two weeks,” the ASX announcement said.
The OneVue update to the ASX also painted the company as being in a healthy position to weather the current uncertainty with the balance sheet the best it has been in 12 months with and 96% recurring revenue.
It said that 63% of revenue was derived from the fund services business which was not impacted by significant market volatility.
Recommended for you
With HNW investors representing the largest market for alternative assets, Praemium and CoreData research underscores why this presents a compelling opportunity for advisers.
Having completed the successful integration of Diverger, Count has upgraded its forecast for expected synergy benefits achieved by the acquisition by a third.
Australia’s largest licensee has seen the biggest number of adviser losses over the past week, while the expected wave of new entrants has boosted overall adviser numbers.
Iress has increased its forecast adjusted EBITDA by $5 million for the 2023/24 financial year in light of the sale of its platform business to Praemium and hinted at a return to dividend payments.
