OneVue maintains revenue stability amid pandemic
OneVue has seen revenues decrease by 1% to $49.1 million in its FY20 results as a result of market volatility, lower interest rates and the new Protect Your Super legislation.
In an announcement to the Australian Securities Exchange (ASX), the firm said EBITDA was up 48% to $6.6 million with an EBITDA margin of 13.5%.
Its platform services, which represented 36% of total revenue, saw net inflows of $0.6 billion and average funds under administration rose 21%. Total platform funds under administration were $5.7 billion, a 2% rise.
On super member administration, funds under administration rose 6% to $5.6 billion despite the effects of the regulatory transfer of low balance accounts to the Australian Taxation Office under Protect Your Super legislation, COVID-19 early release payments and downturn in share markets.
Super members totalled 147,889 which was a drop of 6%, largely attributable to PYS measures.
During the period, it was announced the firm would be acquired by IRESS and OneVue said there was a “strong strategic fit” between the two firms.
Managing director, Connie McKeage, said: “Our diversification means over 60% of revenues are unaffected by market movements.
“It is incredibly pleasing that our strategy to deliver more efficient, lower cost and client-centric solutions to existing investors and members as well as new generations of investors has gained such traction with Investment Gateway achieving $1.4 billion in funds under management.
“It is alignment to this strategic industry vision that has led to Iress announcing an acquisition offer to purchase 100% of OneVue shares on issue for 40cps cash, a 66.7% premium to the closing price on 28 May, 2020.”
AUTHOR
Laura Dew
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