HUB24 posts $5.4m underlying net profit
HUB24 has reported an underlying net profit of $5.4 million for fiscal 2018, up from $2.4 million in the prior year, while also declaring an inaugural dividend of 3.5 cents a share to be paid on 19 October 2018.
Funds under administration rose 51 per cent to $8.3 billion, while revenue rose 36 per cent to $84 million.
Underlying earnings before interest, tax, depreciation and amortisation rose 123 per cent to $11.4 million, while operating cash flows were up 201 per cent to $12.2 million.
HUB24 said it is well positioned to take advantage of key trends in the industry, including continued growth of managed accounts, increasing regulation and compliance for advice businesses, and increasing demand from advisers.
The firm said its investment in growing its distribution footprint has resulted in 61 new distribution agreements being signed with licensees, 310 new advisers being introduced to the platform and record annual inflows of $2.4 billion.
HUB24 managing director Andrew Alcock said the firm’s record annual flows and strong pipeline were a reflection of its continued investment in leveraging the opportunities that were emerging across the industry.
“Our focus is on continuous innovation so that we are delivering choice, superior outcomes and customer service excellence for our licensees, advisers and their clients,” Alcock said.
Recommended for you
It can be extremely hard to realise the gains from financial advice M&A, according to Peloton Partners’ Rob Jones, and more could be gained from firms looking inward at their own practice.
With platforms reporting their quarterly results, there is a clear divide in the adviser markets they are targeting, according to platform specialist Recep Peker, and which would be right for your clients.
The Federal Court has imposed a $10 million penalty on Macquarie Bank for failing to prevent and control unauthorised fee transactions by third parties including financial advisers.
A financial advice firm has seen a weekly decline of 10 advisers, with all moving to a new licensee, while Centrepoint Alliance continues its “growth story”.
