HUB24, a technology and data provider to the wealth industry in Australia, reported a total revenue of $327.3 million for the fiscal year ended June 30, marking a 17% increase from the previous year.
Underlying EBITDA rose 15% to $118 million, and underlying NPAT also increased 15% to $67.8 million.
The growth is attributed to a rise in funds under administration to $104.7 billion, with platform funds under administration climbing 35% to $84.4 billion.
Net inflows reached a record $15.8 billion, boosted by strong customer relationships and innovative product offerings.
"Our platform market share continued to increase, driven by growth from both new and existing licensees and advisers," said Andrew Alcock, managing director of HUB24.
"During FY24, HUB24’s commitment to delivering customer service excellence and innovative solutions that create value for advisers and their clients continued to be recognised," he added.
HUB24 announced a fully franked final dividend of 19.5 cents per share, taking the total FY24 dividend to 38 cents per share, up 17% from the previous year. The final dividend is payable on Oct. 11.
HUB24 also launched several new initiatives in FY24, including the ‘Discover’ product, targeting clients with less complex needs.
The company expanded its high net wealth capabilities with new non-custodial administration and reporting functionality, complementing existing PARS capabilities.
The acquisition of myprosperity in FY23 enhanced HUB24’s offerings, providing a comprehensive wealth management view for advisers and accountants.
The report concludes that HUB24 is well-positioned for continued growth into FY25, with positive business momentum and a focus on empowering financial futures through integrated platform solutions.