HUB24 loss still a gain on last year
Investment platform HUB24 has reported a $5.8 million loss, which still marks a significant improvement on its 2012 results.
The company lost $4 million after tax when it divested its stockbroking business in February this year.
"Operating losses are to be expected as the HUB24 business focuses on attracting and servicing new clients to increase in scale," chairman of directors Bruce Higgins and CEO Andrew Alcock said in a report to members.
"We anticipate that these losses will continue to narrow as the platform business grows."
The business lost $2.201 million on the sale of Wilson HTM Investment Group Ltd, which it sold to consolidate its focus on the investment platform.
This deficit still paled next to last year's $30.5 million net loss after income tax, which was largely attributed to amortisation and impairment charges from the closure of former entity Alert Trader.
Alcock said the next priority for the business was client base expansion.
"Our outlook for the coming year is positive," he said.
"We expect continued strong growth in funds under administration due to the rapid increase in advisers selecting HUB24 for the clients. Our recently announced agreement with leading financial planning groups is also expected to bolster this growth," he added.
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