Praemium sees solid FY24 growth amid high demand from HNW sector

Investment platform Praemium has reported strong 2024–25 financial year results, with large increases across a range of business metrics, which it credits to the firm’s strategy and high-net-worth focus.

In its full-year results announcement, Praemium noted that its statutory net profit after tax (NPAT) was up 55 per cent on FY24 to $13.6 million, while underlying EBITDA was up 31 per cent or $6.6 million to $28.1 million for the year.

Revenue from contracts with customers reached $103 million for the year to 30 June 2025, which signalled growth of 25 per cent compared with $82.7 million for the prior year. Praemium put the increase down to higher platform FUA at $30.7 billion, compared with $28.1 billion in FY24.

Praemium chief executive and executive director, Anthony Wamsteker, said it has been a “pivotal year” for the firm, “marked by disciplined execution on strategy that has delivered strong operational and financial progress”.

“We’ve scaled efficiently, with EBITDA growth outpacing revenue and a 130 bps uplift in margin, clear evidence of the leverage in our model,” Wamsteker said.

“Our leadership in the high-net-worth segment continues to build momentum, underpinned by significant enterprise client wins across Spectrum, SMA and Scope+.

“With the successful integration of OneVue well underway and continued investment in innovation, Praemium is exceptionally well-positioned to capture the long-term growth opportunity in the Australian wealth market and deliver sustained value for shareholders.”

According to both Wamsteker and chairman Barry Lewin, Praemium’s focus on the high-net-worth and ultra-high-net-worth market segment is paying dividends, as these clients seek “comprehensive advice and a total view of wealth”.

“The convergence of investor sophistication, demand for personalised high-touch advice, and the need for lean, scalable technology has created a compelling opportunity. Advice practices are demanding more sophisticated solutions, deeper integrations, customisation, and advanced reporting – areas where Praemium leads the market,” they said.

“Our platform is capable of servicing both custodial and non-custodial portfolios, enabling advisers to deliver a consolidated investment experience across the full breadth of asset classes with unified reporting and administration.”

Praemium’s results announcement also indicated a “strong balance sheet”, with the firm holding net assets of $112 million, with cash holdings of $41 million and no debt.

Wamsteker and Lewin added that its new Spectrum product has “further strengthened our leadership”.

In its Q4 results released last month, Praemium had highlighted the positive movement in its “next-generation” IDPS, Spectrum, which saw net inflows of $339 million that boosted its FUA to $2.4 billion.

“Early wins and a strong pipeline of opportunities have been very promising,” Wamsteker and Lewin said in its ASX release on Monday.

“More importantly, Praemium has secured three significant enterprise clients in our HNW target market, across our three key product categories: Spectrum – Euroz Hartley, SMA – Morgans, Scope+ - Bell Potter.

“These wins speak directly to Praemium’s strength in the important stockbroking segment. As this market transitions from traditional execution-based services to holistic advice models, Praemium is positioned to support this evolution.”