Tough quarter for Praemium
Specialist financial services technology provider Praemium has reported a June quarter in the red, despite growth in funds on its platforms in both Australia and the United Kingdom.
In documentation filed with the Australian Securities Exchange (ASX) today, Praemium reported net operating cash flows for the 12 months to the end of June that were in negative territory. Receipts from customers for the period stood at $10,999,000, while costs stood at over $11 million.
In additional information filed to the ASX following lodgement of its quarterly report, Praemium noted net operating cash flow for the quarter was $876,000. This was driven primarily by continued growth in UK revenues, and the receipt in the quarter of an instalment from ETrade Australia following the completion of the development and launch of its premium tax reporting offerings.
Praemium said strong growth had continued in UK funds on platforms, but that while Australian V-Wrap portfolio numbers had continued to grow by a further 520 during quarter, the Australian Separately Managed Account funds under management (FUM) and V-Wrap FUM had fallen as a result of significant Australian market declines during the quarter.
AUTHOR
Mike Taylor
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