OneVue maintains revenue stability amid pandemic
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.”
AUTHOR
Laura Dew
Recommended for you
A strong demand for core fixed income solutions has seen the Betashares Australian Composite Bond ETF surpass $1 billion in funds under management, driven by both advisers and investors.
As the end of the year approaches, two listed advice licensees have seen significant year-on-year improvement in their share price with only one firm reporting a loss since the start of 2025.
Having departed Magellan after more than 18 years, its former head of investment Gerald Stack has been appointed as chief executive of MFF Group.
With scalability becoming increasingly important for advice firms, a specialist consultant says organisational structure and strategic planning can be the biggest hurdles for those chasing growth.
