Financial platform provider HUB24, which completed an acquisition of Class Limited in February, has posted a 103% year-on-year growth to $14.2 million in its underlying net profit after tax (NPAT).
The firm also updated the target platform funds under administration (FUA) range to $83 – $92 billion for FY24, an increase from $63 – $70 billion for FY23.
At the same time, total funds under administration grew to $68.3 billion, with platform funds under administration (FUA) increasing by 128% to $50 billion from 1HFY21 and the group set a half year record for platform net inflows of $6.7 billion.
Also, the group reported statutory NPAT of $8.4 million in 1H22 included $5.8 million (after tax) of implementation costs and acquisition amortisation related to the Xplore Limited and Ord Minnett PARS acquisitions.
HUB24 said it expected the proposed acquisition of Class Limited would accelerate its platform of the future strategy, “consolidating the group’s position as a leading provider of integrated platforms, technology and data solutions for financial professionals” and would help empower better financial futures together.
HUB24 also announced further investments in its executive team, with Deborah Latimer joining in March 2022 as chief risk officer and a planned appointment of a chief growth officer.
“We’ve delivered record net inflows and strong financial results including an increase of 80% in group underlying EBIDTA, whilst continuing to deliver on our strategic objectives and ensuring we are well-positioned to capitalise on emerging opportunities.
“We are very excited about the recent acquisition of Class and how together we can lead change in the wealth industry and enhance value for our customers and shareholders,” HUB24’s chief executive and managing director, Andrew Alcock, said.
