26 February 2017 By Mike Taylor
Investment platform, HUB24 has reported its maiden profit, returning a net profit after tax of $1.3 million for the half-year ended 31 December.
The company said profit had been achieved off the back of net inflows of $1.6 billion over calendar year 2016 with platform revenue growing by 70 per cent.
Commenting on the result, HUB24 managing director, Andrew Alcock said he believed the company’s focus on delivering a superior full-function platform was resonating with advisers and their clients.
“HUB24 was the first platform to launch International Managed Portfolio capabilities last year, in direct response to growing demand for greater access to global diversification,” he said.
“Our acquisition of Agility Applications also signalled an expanded direction for the company as well as bolstering our offering for the growing number of wealth managers and stockbrokers expanding their advice offering.”
The company’s announcement to the Australian Securities Exchange (ASX) said momentum was continuing into the third quarter with retail funds under administration increasing a further $255 million to $4.4 billion and with the average monthly net flow trend for the first half continuing into January and February.