Praemium explains outflow
Financial advisory platform provider Praemium Limited has issued an explanation to the Australian Stock Exchange relating to a nearly $1 million outflow during the December quarter.
The explanation related to a net operating outflow of $971,000 more in the December quarter than in the preceding quarter.
It said this was due to staff annual bonuses along with corresponding PAYG and payroll tax payments, which amounted to approximately $1 million, and additional expenses in the United Kingdom associated with the extended due diligence of the company’s UK operation by the proposed trustee, which amounted to approximately $500,000.
However, on the upside, the company said that December quarter revenue had been $1,651 million with funds under administration having reached $28.5 billion.
Today’s explanation to the ASX follows the company’s statement in October explaining what it described as a “marginal decrease in revenue for the September quarter”.
That statement said that revenue for the quarter was down by $17,000 on the previous quarter and that this was “due to timing considerations on the invoicing of some major clients”.
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Mike Taylor
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