HUB24 posts first full year profit
Investment platform provider, HUB24 has reported its first full year of profit, announcing underlying net profit after tax (NPAT) of $3.9 million and underlying EBITDA of $5.1 million for the year ended 30 June.
Over the same period, funds under administration (FUA) increased by 66 per cent from $2.2 billion to $5.5 billion, with a further growth expected to more than double in the next three years to $12 billion.
At the same time, the company also saw record gross inflows of $2.6 billion and net inflows of two billion as well as platform revenue growth of 71 per cent with platform expense growth of 33 per cent compared to the prior year.
HUB24’s managing director, Andrew Alcock, said: “We are excited to report our first full year of profit for the company at the same time as delivering record growth.
“As our industry continues to shift we believe HUB24 has a great opportunity to lead change, connect customers with innovative solutions and create increasing value for our shareholders.
“Our acquisition of Agility Applications earlier in the year signalled and expanded direction for HUB24 and is a strategic investment in the future of our industry.”
HUB24 also said it managed to recruit five new advice practices during the year.
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