Profits soar as HUB24 reports strong growth in FUA
Financial services provider, HUB24 has reported a gross profit improvement of 3000 per cent in its latest annual report.
Results announced on Friday, revealed the company's funds under advice (FUA) had more than doubled since 30 June 2014, from $854 million to $1.9 billion.
HUB24 managing director, Andrew Alcock, said the business had seen significant growth over the last 12 months, reporting its platform operating EBITDA (earnings before interest tax depreciation and amortisation) was up 94 per cent.
While total group revenue jumped 626 per cent to $29.3 million.
"This was a very significant year for HUB24 having achieved outstanding growth at the same time as delivering valuable improvements to our platform," he said.
"Our focus on innovating for advisers and their clients to provide the very best platform technology is validated by our rapid growth."
AUTHOR
Nicholas O'Donoghue
Recommended for you
Three of Australia’s largest financial advice groups have shared their thoughts with Money Management on whether they would include crypto on their approved product lists.
Shadow treasurer Angus Taylor has vowed to introduce a bill to legislate a raft of financial services reforms if the Coalition is elected.
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.
