HUB24 Limited (HUB24, the company) today released the FY2015 Annual Report for the Company. Following on from record quarterly net inflows at 30 June 2015, HUB24 has continued its strong growth trajectory with an additional $230m of net inflows to date for Q1 FY2016. Total FUA at 28 August 2015 is now over $1.9bn and the company expects to reach $2bn in FUA in the coming weeks.
Key achievements noted in the annual report are:
• Strong growth in Funds under Administration (FUA) from $854 million at 30 June 2014 to $1.9bn as at 27 August 2015;
• Gross Profit improvement of 3000% to $4.8m up from prior period loss of $0.1m;
• Platform Operating EBITDA for the year up by 94% with positive Operating EBITDA for the second half FY2015;
• Total group revenue of $29.3 million up 626%. Platform segment revenue growth of 151% with direct platform expenses increase of 45%;
• Strong balance sheet with $12.1 million of cash reserves and no debt as at June 30, 2015;
• Increasing industry recognition withHUB24 achieving first place for both Value for Money, and Ease of Use awards in the Investment Trends 2015 Planner Technology Report (see note 1).With increasing revenues and operating scale benefits the company now expects to be cash flow positive on a monthly basis within the next two quarters, presuming the continuation of normal market conditions.Throughout the year the company continued to invest in developing the HUB24 platform having released several new features including:
• A new streamlined user interface with full mobile device capability;
• Non-custody reporting service consolidating external cash and share holdings;
• The launch of SupportHUB providing service and efficiency benefits for advisers.
• Strong growth in Funds under Administration (FUA) from $854 million at 30 June 2014 to $1.9bn as at 27 August 2015;
• Gross Profit improvement of 3000% to $4.8m up from prior period loss of $0.1m;
• Platform Operating EBITDA for the year up by 94% with positive Operating EBITDA for the second half FY2015;
• Total group revenue of $29.3 million up 626%. Platform segment revenue growth of 151% with direct platform expenses increase of 45%;
• Strong balance sheet with $12.1 million of cash reserves and no debt as at June 30, 2015;
• Increasing industry recognition withHUB24 achieving first place for both Value for Money, and Ease of Use awards in the Investment Trends 2015 Planner Technology Report (see note 1).With increasing revenues and operating scale benefits the company now expects to be cash flow positive on a monthly basis within the next two quarters, presuming the continuation of normal market conditions.Throughout the year the company continued to invest in developing the HUB24 platform having released several new features including:
• A new streamlined user interface with full mobile device capability;
• Non-custody reporting service consolidating external cash and share holdings;
• The launch of SupportHUB providing service and efficiency benefits for advisers.
Andrew Alcock, Managing Director, commenting on the release of the company’s results said “this was a very significant year for HUB24 having achieved outstanding growth at the same time as delivering valuable improvements to our platform. Our focus on innovating for advisers and their clients to provide the very best platform technology is validated by our rapid growth and exceptional industry recognition”.
Further details are set out in our Annual Report and Financial Statements filed today.
Note 1: Results from Investment Trends 2015 Planner Technology Report, based on an online survey of over 890 financial planners.
Source: HUB24
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