HUB24 boosts FUA by 24%, notches record platform net inflows
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The news: Wealth platform HUB24 boosted its funds under administration by 24% in FY24 as it reached record annual platform net inflows.
The numbers: HUB24 reported statutory net profit after tax of $47.2 million, up 24% year on year.
Underlying group EBITDA was up 15% to $118 million while underlying platform EBITDA was up 21% to $103 million and underlying tech solutions EBITDA was up 1% to $22.1 million.
Total funds under administration (FUA) grew 30% to $104.7 billion. This comprised platform FUA, which increased 35% to $84.4 billion, and portfolio, administration and reporting services FUA, which rose 15% to $20.3 billion.
The company notched record annual platform net inflows, up 62% to $15.8 billion. HUB24 said it expects ongoing strong net inflows, targeting platform FUA in the range of $115 billion to $123 billion by FY23.
The company's directors declared a fully franked final dividend of 19.5 cents per share, bringing the full year dividend to 38 cents per share, up 17% on last year.
The context: HUB24 said it delivered a number of enhancements during the year to increase productivity and provide advisers with a range of solutions to service needs across the customer lifecycle. This included the launch of Discover on the HUB24 platform, providing a solution for advised clients with less complex needs, and the addition of AGILE, a new retirement income solution.
What they said: HUB24 CEO and managing director Andrew Alcock said: "As a result of our focus on delivering innovative products and solutions and customer service excellence, we've achieved industry-leading and record platform net inflows and increased market share".
The source: ASX announcement
