OneVue Holdings Limited announces full year 2014 results

– Total revenue of $13.7 million for FY2014 compared to forecast $13.4 million and significant growth from $5.0 million in FY2013
– Operating expenses of $18.1 million, marginally higher than forecast but in line with increased revenue
– EBITDA of ($4.4) million, compared to forecast ($4.5) million
– Net (loss) after tax ($5.2) million
– No dividend has been declared
– OneVue’s previously stated standalone FY2015 forecast is unchanged

Segment performance
– Fund Services revenue of $5.8 million for FY2014 ($0.7 million FY2013) with growing contribution from administration fees
– Platform Services revenue of $7.8 million for the full year ($4.2 million FY2013) with consistent net positive retail flows and FUA growth

– Increased revenue diversification year on year

OneVue Holdings Limited (ASX: OVH) (OneVue) today announced its full year results for the year ended 30 June 2014, which met prospectus forecasts and demonstrated the Company’s strategy to build the business by organic growth, targeted acquisitions and extended client relationships.Total revenue grew significantly to $13.7 million. This was achieved by organic growth of 28% and by acquisitions that contributed growth of 148%.
Fund Services, which offers outsourced registry and licenced unit registry software, completed the acquisition of Computershare Fund Services in September 2013. This contributed to significant increased revenue year on year with revenue for FY2014 of $5.8 million or 43% of total revenue.Platform Services, which offers online reporting and transaction capabilities across the superannuation sector, completed the acquisitions of MAP and SMSF Managers in February and May 2014, respectively. These helped to boost the revenue year on year with revenue for FY2014 of $7.8 million or 57% of total revenue.

Diversity in the type of revenue within each business unit also improved during the year.

The net loss of ($5.2) million included non-recurring costs of $2.6 million. These costs comprised acquisition and related restructuring costs of $1.8 million and expensed IPO costs of $0.6 million.

“The market is changing quickly and because of this fundamental shift in thinking we continue to see great opportunities in the financial services sector, both on the fund services side of the business and in platform services. This year has been a big year for us however it has set the foundation for the years ahead. Becoming a public company and the acquisition of Select have been the first two steps taken in this new financial year.“

OneVue’s growth objectives

OneVue expects to continue to grow revenue organically and by targeting acquisitions that are earnings accretive and add strategic capabilities.

Specifically, Fund Services is focused on organic growth, capitalising on the trend to outsource back office functions, supporting the ASX mFund initiative and deepening existing custodian and investment management relationships.

In Platform Services, growth will be achieved from further scale in SMSF administration, building existing and new intermediary relationships and gaining a larger share of total FUA, and increasing the OneVue footprint in the digital investor market.

As part of its acquisition strategy, OneVue recently announced it had acquired the Select Group (ASX release: ‘OneVue acquires Select Asset Management and Select Investment Partners’), which is expected to be accretive on an EBITDA per share basis for FY2015. The acquisition is strategically important in delivering value added services to both OneVue’s Fund Services and Platform Services’ clients.

FULL STATEMENT