Hub24 rallies after posting 60% net profit boost in HY
Make us a preferred source
Make us a preferred source on Google
More news: Shares in Hub24 rallied in early trade after the company posted a 60% increase in half-year underlying net profit.
Shares rose 15.04% to $99.21 at 11:24am AEDT.
Hub24 posts 60% uplift in half-year underlying profit
The news: Investment platform Hub24 reported a 60% increase in half-year underlying net profit after tax to $68.3 million amid record half-year net inflows.
The numbers: The underlying net profit figure is ahead of consensus estimates of $60.3 million, according to Visible Alpha.
First-half net inflows hit $10.7 billion, up 13% on the previous corresponding period.
The company’s half-year underlying earnings before interest, tax, depreciation and amortisation was up 35% year on year to $104.9 million.
The company declared a fully franked interim dividend of 30.6 cents per share, up from 24 cents the year prior and below consensus estimates of 31.5 cents.
The context: Hub24 CEO Andrew Alcock said the strong performance was driven by continued momentum and solid progress in the company’s strategy to create value for customers.
The company upgraded its FY27 platform FUA target range to between $160 billion to $170 billion.
The source: ASX
