Organic growth and acquisitions drive MainstreamBPO results
Independent fund administrator, MainstreamBPO has reported a 56 per cent rise in revenue, to $29.3 million and a 38 per cent growth in net profit after tax (NPAT) for the full year ended 30 June, thanks to a combination of organic growth, new business wins and strategic acquisitions.
At the same time, funds under administration grew 35 per cent, counting year on year, and reached $88 billion while the number of funds administered grew from 435 to 667 funds.
During the reporting period, the company also completed three acquisitions, which included Fundadministration (USA), Galileo Fund Services business (Isle of Man) and the former European hedge fund business of Alter Domus (Malta), and announced it had two further acquisitions underway.
MainstreamBPO chief executive, Martin Smith, said: “Since listing in October 2015 we are very pleased with the achievement of doubling our annualised revenue to $29 million.
“This has been attained through a combination of organic growth, new business wins and strategiec acquisitions.
“Another pleasing outcome of this reporting period was our margin improvement of 2.2 per cent via the acquisition of higher margin businesses, restructuring of core software agreements and improved automation in key client process.”
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