HUB24 reports record first half

Financial services platform HUB24 has reported a 39% increase in group underlying net profit after tax (NPAT) compared to the H1 FY20 and a 41% increase of group underlying earnings before interest, taxes, depreciation, and amortization (EBITDA), for H1 FY21.

Platform funds under administration (FUA) had increased 39% to $22 billion and the group set a new half year record for platform net inflows of $3.1 billion, a 24% increase.

Total FUA, which included the recently acquired portfolio administration and reporting service (PARS) from Ord Minnet reached $31 billion for the half.

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It also noted its strategic transactions that strengthened the company’s position for 2021.

The acquisition of Ord Minnett PARS was completed at the end of November 2020, with the PARS team moving across to HUB24.

HUB24’s off-market proportional offer for one out of every three Easton Investments Limited (Easton) shares had closed, and as a result of this offer and the divestment of Paragem to Easton, HUB24 now owned 31% of Easton. 

The firm said its proposed acquisition of Xplore Wealth Limited by scheme of arrangement was on track to complete on 2 March, 2021.

The company expected to continue its growth momentum and with the inclusion of the Xplore acquisition it had increased the FY22 target platform FUA range to $43 billion to $49 billion.

Andrew Alcock, HUB24 managing director, said: “Given the acceleration of our organic growth and the completion of our merger and acquisition transactions, HUB24’s growth targets have been upgraded significantly to a target platform FUA range of $43 billion to $49 billion from $28 billion to $32 billion by the end of FY22”.

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