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.
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.
Recommended for you
Global asset manager BlackRock has identified bringing private markets to the wealth channel as a key business area for the firm that could generate US$500 million in revenue in the future.
Flows into cash and fixed income ETFs soared in May, rising from $366 million in April to more than $1.3 billion, data from Betashares shows.
Quinbrook Infrastructure Partners has promoted its Australian head to the role of chief executive of the global investment manager.
UK-based fund manager Royal London Asset Management has appointed a Sydney-based head of regional sales as it embarks on a multiyear plan to expand its presence internationally.