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HUB24 reports record first half

Shares in HUB24 jumped 5% on Tuesday after it announced its results for the first half of FY22.

The financial services provider reported group underlying NPAT of $14.2 million, more than double the first half of FY21. Total Funds Under Administration also grew to $68.3 billion, with Platform FUA increased by 128% to $50 billion and the group set a new half year record for Platform net inflows of $6.7 billion.

During the half, HUB24 completed the acquisition of Class Limited which is expected to accelerate its platform of the future strategy. The move helped to consolidate the group’s position as a leading provider of integrated platforms, technology and data solutions for financial professionals.

HUB said it expects to continue its growth momentum and has updated the target Platform FUA range to $83-$92 billion for FY24 which is an increase from the previous target range of $63 -$70 billion for FY23.

Given the opportunities available for further growth, HUB also said it is investing for the future and continuing to expand the executive team. The appointment of a Chief Growth Officer is planned who will be responsible for leading the company’s distribution and marketing functions and working with the team to develop integrated growth strategies across the broader group.

HUB24 CEO and Managing Director Andrew Alcock commented ‘’We’ve delivered record net inflows and strong financial results including an increase of 80% in Group underlying EBITDA, whilst continuing to deliver on our strategic objectives and ensuring we are well-positioned to capitalise on emerging opportunities.”

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