OneVue revenue growth offsets small loss

25 August 2015

Listed platform and technology services provider, OneVue, has posted a small net loss after record growth in revenue and funds under administration.

In an announcement released to the ASX, OneVue stated revenue had nearly doubled to $25.4 million, an increase of 92 per cent for the past financial year, while funds under administration reached $3.05 billion.

Underlying earnings before income tax, depreciation and amortization (EBITDA) was $704,000, with OneVue stating this was 56 per cent above the prospectus forecast of $450,000.

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At the same time, the net loss suffered by the group was reduced more than 20 fold from $5.23 million to $220,000 and came after non-recurring items of $600,000 mainly related to acquisition and related restructuring costs.

Within the group's separate business segments, Platform Services, which provides online reporting and transaction capabilities for superannuation funds, increased revenue by 143 per cent from the 2014 financial year, moving from $7.35 million to $17.9 million and contributing 70.4 per cent to group revenue.

OneVue stated this part of the business would continue to grow on the back of further scale in existing businesses, by building on existing and new intermediary relationships and through its recently established relationship with Eureka Report's brightday and the Fat Prophets.

Fund Services, which provides outsourced unit registry and installed software, increased revenue by 29 per cent from $5.83 million to $7.52 million, contributing 29.6 per cent to group revenue, and would grow through a five year contract with BNP Paribas for the provision of unit registry back office services.

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Companies like this and Praemium fascinate me. They never make any money, run at losses. If I ran my company that way I wouldn't eat. DO advisers who place their clients funds their have confidence these companies will be around in the future? Best Interests? Even if the funds are with a custodian, imagine the mess of untangling the structure and stress to a client. There seems to be so many new boutique platforms these days they can't all survive.

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