HUB24 CEO Andrew Alcock yesterday announced the March quarter update for the company and the innovative platform provider recorded Net Inflows for the period of $108.7m, including a record Net Inflow of $49m in March.
Commenting further on the results, Alcock said, “This boosted FUA at the end of the quarter to $730.2m, and represents a growth rate of 120% over the past 12 months. This strong growth continued into April with FUA reaching $781m and Net Inflows of $47.6m for the month”.
“These increased flows are from HUB24’s existing client base, as well as initial new flows from the white label IDPS versions of the platform launched in December 2013 for Premium Wealth Management, Interprac and Total Financial Solutions. Inflows are expected to accelerate for these groups as the superannuation white labels were launched during April and the full HUB24 product suite is now available for advisers to meet client needs”.
“Revenue associated with our increasing FUA has allowed HUB to achieve its maiden month of positive Gross Profit in March 2014. Gross Profit is defined as per the company’s statutory annual accounts and represents the profit from platform revenue after direct platform operating costs”.
Highlights of HUB24’s results for the March 2014 quarter were –
- Record Net Inflows[1] in the March quarter of $108.7m.
- FUA growth of 120% from $332.2m at 31 March 2013 to $730.2m at 31 March 2014.
- Momentum of Net Inflows continuing in April with FUA at $781m.
- Positive Gross Profit for March.
- HUB24 ranked 3rd for Product Offering in the latest Investment Trends Platform Benchmarking Report.
- R&D Tax Incentive refund of $414k received from the ATO.
- Cash and cash equivalents of $14.9m (as at 30 April 2014 unaudited). The company has no plans to raise any additional capital.
1.Net Inflows represents gross inflows during the period and does not include any market movement