HUB24 positions for growth after stellar half

Mike Taylor

Managing Editor/Publisher, Financial Newswire

21 February 2023

Platform provider HUB24 has reported a strong first half with an 85% increase in net profit after tax to $15.5 million.

The company also reported that earnings per share increased 59% to 18.9 cents per share leading the directors to determine a dividend of 14 cents per share fully franked.

The company told the Australian Securities Exchange (ASX) that total funds under management grew to $73 billion with platform funds under administration growing to $55.8 billion.

The ASX announcement also pointed to the company achieving 58 new distribution agreements and signing 206 new advisers to its platform, stating that it expected the growth momentum to continue towards its FUA target of $80 – 89 billion for FY24.

Commenting on the result, HUB24 chief executive, Andrew Alcock said the company was in a unique position to build on its success by leveraging is group capabilities and strong relationships to grow market share.

Within its investor briefing, HUB24 pointed to growth areas, including leveraging its investment in Class and NowInfinity to deliver SMSF access.