HUB24 announces $50m buy-back
After posting a 64% increase in full-year net profit after tax to $58.8 million, HUB24 has embarked on a $50 million on-market share buy-back.
It said the buy-back would be funded from existing cash reserves claiming that it would deliver “shareholder returns whilst retaining flexibility to take advantage of strategic growth opportunities.
At the same time, the company upgraded its forecast for platform funds under administration (FUA) to a range of $92 billion to $100 billion.
The directors declared a final dividend of 32.5 cents per share fully ranked.
While the company told the ASX that platform net inflows were down 17% to $9.7 billion it said that this was an industry leading position in the context of ongoing market volatility and uncertainty in the macroeconomic environment.
It said there had been a strong start to current financial year inflows which were ahead of the final quarter run-rate for 2023.
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