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.