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
Outflows have doubled in the property and infrastructure space to $1.3 billion with advisers instead favouring private markets as Morningstar data finds active property funds are struggling to outperform.
Fund manager HMC Capital is seeking to expand fundraising for its private equity vehicle into wholesale platforms now that it has achieved a three-year track record, while scrapping plans for a second fund.
Former Platinum co-founder James Simpson will take up a non-executive role at Income Asset Management as two directors retire.
Bell Financial Group has announced a 44 per cent decline in half-year net profit after tax but record funds under advice as it transitions into a diverse wealth management business.
