HUB24 generates record profits and growth

HUB24 reported an underlying NPAT of $35.9 million, up 133% from the prior year.

Reporting today, it also had Underlying Group EBITDA of $70.4 million (up 92% from FY21) and Underlying Platform EBITDA of 62. $3 million (up 64% from FY21).

HUB24 saw record net inflows of $11.7 billion on the platform, up 32% from the previous year. At the same time, total funds under administration (TFA) increased by 12% to $65.6 billion.

HUB24 said its business footprint continues to evolve with the acquisition of Class Limited (Class), which provides new opportunities to leverage the group’s collective capabilities.

Additionally, HUB24 said the acquisition of Class will enable the group to provide products and solutions that enhance value for existing and new customers, while increasing market share and growing the SMSF market.

The market share of the HUB24 platform increased from 3.9% to 5.1% (an increase of 31%).

The company’s organic growth reached record levels in FY22, with the number of advisors using the platform rising to 3,486, up 14% from the prior comparative period. 112 new distribution agreements were also signed.

“The company remains focused on our strategy to continue to lead the heritage industry as the best provider of integrated platforms, technologies and data solutions by developing innovative products and solutions that enhance customer value, create opportunities for growth and advancing our vision for the platform of the future,” HUB24 said.

However, given the negative market developments in FY22, the company revised its FUA 24 forecast to a range of $80 billion to $89 billion.

HUB24 Managing Director Andrew Alcock commented: “HUB24 has achieved record levels of organic growth, while completing the acquisition of Class. The HUB24 platform continues to be recognized by the industry and our customers.

Following the announcement, at the time of writing, HUB24’s share price remained flat, down 0.2% today.

Year-to-date, HUB24’s share price has fallen 14.46%.