Praemium reports $6.2m loss
Financial planning platform provider Praemium Limited has reported a net loss of $6.296 million for the six months ended December 31.
The company told the Australian Securities Exchange today that the loss compared to a loss of $3.459 million in the previous period.
However, it said that operational revenues for the six months period were $2.9 million, an increase of $1.2 million over the previous corresponding period, and that the group’s cash position at the end of the period exceeded $10 million.
Praemium said the value of funds under management recorded on its SMA platform was $323 million, up from $193 million at the beginning of the financial year and that the Australian V-Wrap business was now consistently profitable on a standalone basis.
In an overview of the results, the directors said that the group had now achieved its resource requirements for its current markets and they were confident Praemium could continue to grow its business, revenues and market share as well as continue its development programs.
It said that the opportunities for the business in the United Kingdom were significant and that the business was poised to move quickly when authorisation of its unique SMArt Fund was obtained from the UK Financial Services Authority.
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Mike Taylor
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