It looks like wealth platform, Powerwrap Limited is still struggling but managed to exceed its forecast as it has reported its underlying net profit after tax (NPAT) loss of $5.4 million, against the forecast loss of $6.4 million forecast, for its full year results since listing.
Further to that, the firm said it reported a strong platform revenue result of $16.3 million for the year which was higher than $15.4 million forecast in the prospectus and 9% higher than a year before.
The funds under administration stood at record $8.1 billion, as of 30 June, thanks to net fund flows of $614 million.
The investment portfolio had average account balance of $2.4 million and invested in a broad range of assets, with almost 60% of accounts being self-managed super funds (SMSFs).
“We are building the business and investing now to ensure that we take advantage of the strong opportunities in our market,” Powerwrap’s chief executive, Will Davidson, said.
“The wealth advice industry is undergoing fundamental change that favours our model. We expect to see more advisers and adviser groups attracted to our high net worth model.
“The outlook for Powerwrap is strong, driven by organic growth through our existing clients as well as new business,” he said.