HUB24 reports record net inflows

HUB24 reported its net profit after tax increased 103 per cent to $14.2 million in half-year ended 31 December, while underlying EBITDA added 80 per cent to $29.7 million.

The company announced a fully franked half-year dividend of 7.5¢ per share to be paid on 18 April.

HUB24’s total funds under administration (FUA) expanded to $68.3 billion, with platform funds under administration increasing by 128 per cent to $50 billion when compared to the first half of 2021.

Platform net inflows hit a new half-year record reaching $6.7 billion.

“We’ve delivered record net inflows and strong financial results including an increase of 80 per cent in group underlying EBITDA, whilst continuing to deliver on our strategic objectives and ensuring we are well-positioned to capitalise on emerging opportunities,” said HUB24 chief executive and managing director Andrew Alcock.

HUB24 recently announced the proposed acquisition of Class Limited, which is expected to accelerate the company’s future strategy.

“We are very excited about the recent acquisition of Class and how together we can lead change in the wealth industry and enhance value for our customers and shareholders,” Mr Alcock said.

The investment platform now expects platform FUA to land in the range of $83-$92 billion for financial year 2024, which is an increase from the previous target range of $63-$70 billion for 2023.

HUB24 also announced the appointment of Deborah Latimer as chief risk officer from March. Ms. Latimer will join HUB24 following four years at Deloitte as a partner and lawyer in the governance, regulation and conduct practice.