Powered by MOMENTUM MEDIA
moneymanagement logo
 
 

OneVue maintains revenue stability amid pandemic

iress/OneVue/platform/pys/super/

27 August 2020
| By Laura Dew |
image
image image
expand image

OneVue has seen revenues decrease by 1% to $49.1 million in its FY20 results as a result of market volatility, lower interest rates and the new Protect Your Super legislation.

In an announcement to the Australian Securities Exchange (ASX), the firm said EBITDA was up 48% to $6.6 million with an EBITDA margin of 13.5%.

Its platform services, which represented 36% of total revenue, saw net inflows of $0.6 billion and average funds under administration rose 21%. Total platform funds under administration were $5.7 billion, a 2% rise.

On super member administration, funds under administration rose 6% to $5.6 billion despite the effects of the regulatory transfer of low balance accounts to the Australian Taxation Office under Protect Your Super legislation, COVID-19 early release payments and downturn in share markets.

Super members totalled 147,889 which was a drop of 6%, largely attributable to PYS measures.

During the period, it was announced the firm would be acquired by IRESS and OneVue said there was a “strong strategic fit” between the two firms.

Managing director, Connie McKeage, said: “Our diversification means over 60% of revenues are unaffected by market movements.

“It is incredibly pleasing that our strategy to deliver more efficient, lower cost and client-centric solutions to existing investors and members as well as new generations of investors has gained such traction with Investment Gateway achieving $1.4 billion in funds under management.

“It is alignment to this strategic industry vision that has led to Iress announcing an acquisition offer to purchase 100% of OneVue shares on issue for 40cps cash, a 66.7% premium to the closing price on 28 May, 2020.”

 

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

Significant ethical issues there. If a relationship is in the process of breaking down then both parties are likely to b...

2 weeks 6 days ago

It's not licensees not putting them on, it's small businesses (that are licensed) that cannot afford to put them on. The...

3 weeks 6 days ago

So we are now underwriting criminal scams?...

7 months ago

After last month’s surprise hold, the Reserve Bank of Australia has announced its latest interest rate decision....

3 weeks 1 day ago

WT Financial’s Keith Cullen is eager for its Hubco initiative to see advice firms under its licence trade at multiples which are catching up to those UK and US financial ...

3 weeks 5 days ago

While the profession continues to see consolidation at the top, Adviser Ratings has compared the business models of Insignia and Entireti and how they are shaping the pro...

1 week ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND