Publicly-listed platform provider, HUB24 has continued its rise and rise reporting a 46 per cent increase in net profit after tax to $3.1 million on he back of a 46 per cent increase in funds under administration to $10 billion.
Releasing the results, the company told the Australian Securities Exchange that it had maintained its strong growth trajectory while continuing to investment to capture increasing market opportunities.
In doing so, it said HUB24 was well-positioned to move forward in the aftermath of the Royal Commission and expected to benefit from the removal of grandfathered commissions, the potential opening up of institutional approved product lists (APLs) and the need for ongoing annual client engagement from advisors.
“Collectively, these are anticipated to encourage the adoption of modern platform and investment solutions and the transfer of FUA from institutional platforms to platforms such as HUB24,” the company said.
The directors declared a first half dividend of two cents per share unfranked.