HUB24 NPAT up 20% in FY21

Platform provider HUB24 has posted a statutory net profit after tax (NPAT) of $9.8 million in financial year 2021, up 20% from FY20, and its platform inflows were up 82% to $8.9 billion.

In an announcement to the Australian Securities Exchange (ASX) HUB24 said its total funds under administration (FUA) was up 237% to $58.6 billion, and platform FUA was at $41.4 billion, up 141%. Underlying earnings before interest, taxes, depreciation, and amortisation (EBITDA) was at $34.1 million, up 2.8% from the previous year.

Its platform revenue was also up 36% at $101.1 million, and it would deliver a fully franked dividend of 10 cents per share for the year.

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HUB24 said its acquisition of Xplore and Ord Minnett portfolio administration and reporting service (PARS) delivered its FUA growth.

It noted its platform market share grew to 3.9%, up from 2.5% in FY20.

HUB24 managing director, Andrew Alcock, said: “We have tripled our platform market share to 3.9% over the last two years, and the current market dynamics provide significant opportunities for further growth. HUB24 is well-positioned for ongoing success”.

The platform noted it was targeting a FUA range of $63 billion to $70 billion by 30 June, 2023, excluding PARS FUA.

It said this was subject to consistent and stable investment markets, the ongoing impact of COVID-19, the global economy, regulatory and political changes, demand for competition of its products, and operational risk.

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