top of page

HUB24 jumps on FY21 profit growth

HUB24 shares received a boost on Tuesday after the financial services platform provider announced its results for FY21, reporting underlying NPAT of $15 million, which was up 53% on FY20. Underlying Group EBITDA came in at $36.2 million, also up significantly on FY20, increasing 47%.

HUB24’s platform market share has continued to grow to 3.9% up from 2.5% last year. HUB24’s footprint in financial services has also grown considerably through FY21, as the company completed a series of strategic transactions which delivered increased scale, provided new client relationships, and enhanced product capability to access new client segments.

The company achieved record levels of organic growth during FY21. Its distribution team, whilst actively pursuing new relationships, focused on working with large national licensees and their advisers to leverage existing growth opportunities within the network. During FY21 the number of advisers using the platforms increased by 997, up 48.3% on the prior comparative period, and 117 new distribution agreements were signed.

Throughout the year HUB24 strengthened its financial position, operating profitably with a strong balance sheet, and generating strong operating cash flows. Cash reserves remain significantly above regulatory capital requirements.

The company also reported that market conditions continue to be favourable for HUB24 given the ongoing transformation of the Australian wealth management landscape, and that it is well-placed to pursue further growth opportunities.

Given the company’s strong performance the directors have determined a final fully franked dividend of 5.5cps, up 57% on the pcp.

Andrew Alcock, HUB24’s Managing Director commented “FY21 has been an extremely successful year for HUB24, delivering record platform net inflows of $8.9 billion, a 47% increase in Group Underlying EBITDA to $36.2 million, and fully franked dividends totalling 10 cents per share for the year. HUB24 is well-positioned for ongoing success.”

bottom of page