HUB24 has posted a statutory net profit after tax of $8.2 million for FY20, up 15% from the previous year, and has appointed a new chief financial officer.
In an announcement to the Australian Securities Exchange (ASX), the firm said its earnings before interest, taxes, and amortisation (EBITA) was at $24.7 million, up 60%, and its underlying platform EBITA was at $28.7 million, up 59%.
Funds under administration (FUA) was up 34% on FY19 to $17.4 billion, and its platform revenue was up 37% to $74.3 million.
The platform said despite the COVID-19 pandemic the firm remained in a solid financial position, operating profitably, and was generating strong operating cash flows.
“Cash reserves remain significantly above regulatory capital requirements. Whilst net inflows were softer in April, as advisers adjusted to the COVID-19 environment, momentum improved towards the end of the year with the company achieving net inflows of $4.95 billion for FY20,” it said.
“Given the ongoing opportunities for growth the company remains focused on investing for the future and delivering on strategic objectives.”
The firm said it expected ongoing strong net inflows to the platform and was targeting a FUA range of $28 billion to $32 billion by 30 June, 2022.
HUB24 also announced the appointment of Kitrina Shanahan as chief financial officer (CFO) and joint company secretary, and would start the roles on 7 September.
Shanahan had 20 years of experience in finance and was most recently CFO insurance at Westpac. Prior to that she held roles across BTFG as deputy CFO and as group financial controller at Westpac.
