Powerwrap posts NPAT loss

Powerwrap/net-profit-after-tax/self-managed-super-funds/SMSFs/will-davidson/

2 September 2019
| By Oksana Patron |
image
image image
expand image

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.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

5 months 1 week ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

5 months 1 week ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

7 months 2 weeks ago

The RBA has handed down its much-anticipated rate decision, following widespread expectations of a close call....

4 days 3 hours ago

The FSCP has issued a written direction to an adviser who charged clients “extraordinary fees” for inappropriate and conflicted advice, as well as encouraged them to swit...

2 weeks 5 days ago

ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager. ...

4 weeks 1 day ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
2
DomaCom DFS Mortgage
95.46 3 y p.a(%)
5