OneVue posts strong 1H17 results
OneVue has posted a net profit after tax increase of 117 per cent to $0.3 million for the half-year ending 31 December 2016.
In an announcement to the Australian Securities Exchange (ASX), OneVue said its total revenue increased by over 50 per cent over the prior corresponding period by $6.1 million to $18.5 million.
Operating expenses increased by 33 per cent to $17.5 million, driven mainly by acquisitions, and ongoing investment in growth.
During the same period, its earnings before interest, tax, depreciation, and amortisation (EBITDA) increased by 212 per cent to $0.9 million.
OneVue said its unity registry funds under administration (FUA) increased by $23 billion for the half, closing at $436 billion, with transactions up 76 per cent. Fund services superannuation services FUA increased by 53 per cent and reached $1.7 billion.
Platform services delivered a record gross inflow of $616 million, up 27 per cent, taking FUA to $3.8 billion for the same period. Superannuation trustee services signed a new managed account client whilst funds under trusteeship grew by $443 million to $8.9 billion since the acquisition of Diversa in October 2016.
OneVue managing director, Connie Mckeage said: “This is an exciting phase for the company as the benefits of having diversified our operations and revenue streams begin to flow through to our bottom line”.
“All divisions without exception performed strongly, with recurring revenue now representing over 90 per cent of the total revenues,” she said.
Recommended for you
Bell Financial Group has appointed a chief investment officer who joins the firm from Clime Investment Management.
Private markets funds with “unattractive practices” could find themselves facing enforcement activity with ASIC chair Joe Longo stating he cannot rule it out in the future.
Despite ASIC concerns about private credit funds being accessed via the advised channel, there are questions regarding how high its usage actually is among financial advisers.
Challenger has looked to the superannuation industry for its appointment of a group chief investment officer, a newly-created role.
