HUB24 posts strong profit on record inflows
Publicly-listed platform provider and financial services house HUB24 has recorded a 27 per cent increase in net profit after tax to $6.8 million in its full-year results released to the Australian Securities Exchange (ASX) today.
The result was achieved on the back of a 15 per cent increase in operating revenues to $96.3 million and record annual net inflows of $3.9 billion.
It said the record net inflows of $3.9 billion had been achieved in the context of structural change and distraction across the industry and that the company’s capability to assist advisers with bulk fund under advice (FUA) transitions had supplemented organic adviser flows to maintain growth.
The ASX announcement said that its financial planning licensee business, Paragem had contributed a slightly decreased $35.2 million in revenue which had resulted in some advice practices moving to self-licensing during the year.
However, it said the pipeline for future growth was strong due to the increasing migration of advisers away from institutional licensees.
Elsewhere in its ASX notification, the company pointed to a new leadership team having been appointed to Paragem with a refreshed strategy and broadened offer.
It referred to a recent period of transition for the license with the departure of three practices and the recruitment of 11 new practices.
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