Powerwrap posts NPAT loss
It looks like wealth platform, Powerwrap Limited is still struggling but managed to exceed its forecast as it has reported its underlying net profit after tax (NPAT) loss of $5.4 million, against the forecast loss of $6.4 million forecast, for its full year results since listing.
Further to that, the firm said it reported a strong platform revenue result of $16.3 million for the year which was higher than $15.4 million forecast in the prospectus and 9% higher than a year before.
The funds under administration stood at record $8.1 billion, as of 30 June, thanks to net fund flows of $614 million.
The investment portfolio had average account balance of $2.4 million and invested in a broad range of assets, with almost 60% of accounts being self-managed super funds (SMSFs).
“We are building the business and investing now to ensure that we take advantage of the strong opportunities in our market,” Powerwrap’s chief executive, Will Davidson, said.
“The wealth advice industry is undergoing fundamental change that favours our model. We expect to see more advisers and adviser groups attracted to our high net worth model.
“The outlook for Powerwrap is strong, driven by organic growth through our existing clients as well as new business,” he said.
AUTHOR
Oksana Patron
Recommended for you
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.
A $3.5 million settlement for victims of Melissa Caddick has been approved by the Federal Court following an initial agreement last December.
The Reserve Bank of Australia has delivered its first rate decision since the introduction of a new board structure last month.
Digital advice provider Otivo has launched an interactive tool, powered by artificial intelligence and Otivo’s own advice engine, to help answer client questions.
