Advisers using HUB24 up 14% in first half FY24–25

In its first half results announcement on the ASX on Tuesday morning, HUB24 said that as at 31 December 2024, 4,886 advisers were using the platform.

This was an increase of 361 advisers, up 14 per cent compared with the prior corresponding period, and followed the completion of 84 new distribution agreements over the period.

“We’ve delivered strong financial results for 1HFY25 with an increase of 25 per cent in group revenue to $195.2 million and 40 per cent in underlying NPAT to $42.6 million over the prior corresponding period. Given this strong performance, we have announced a fully franked interim dividend of 24.0 cents per share (up 30 per cent on pcp),” HUB24 chief executive and managing director Andrew Alcock said.

The group also reported an underlying EBITDA of $77.6 million (up 41 per cent on 1HFY24), while its statutory net profit after tax (NPAT) of $33.2 million in 1HFY25 was up 54 per cent.

Total funds under administration (FUA) grew to $120.9 billion as at 31 December 2024, with platform FUA increasing to $98.9 billion, though the firm noted that this has since grown further to $102.6 billion as at 13 February 2025.

The growth was on the back of “record half-year platform net inflows”, which hit $9.5 billion, representing a 31 per cent increase on pcp.

HUB24 also said it had grown its platform market share to 7.9 per cent, adding that it is the seventh largest platform on the market.

The firm also said it expected an additional $1.3 billion of FUA, subject to client retention and market movements, to be migrated in the second half of the financial year as a result of HUB24 Super being selected as the successor fund for ClearView WealthFoundations.

“Given strong net inflows and market movements during 1HFY25 and a pipeline of opportunities across all customer segments, the Platform FUA target has been upgraded to a range of $123 billion to $135 billion for FY26 (from $115 billion to $123 billion),” HUB24 said.

Additionally, HUB24 said its enhanced client reporting functionality, called Engage, is now in pilot, and will enable advisers to “efficiently deliver increasingly customised and engaging client reporting”.

“The wealth management landscape is continuing to evolve, and financial professionals are seeking solutions that enable productivity so they can empower better financial futures for their clients,” Alcock said.

“With significant opportunities from existing and new customers across the group, we expect strong growth and increasing profitability. By leveraging our unique group capabilities, we will continue to drive industry transformation while enhancing value for our customers and shareholders.”