HUB24 reports strong half, positions for more growth

Leading platform provider, HUB24 has reported a 103% increase in first half net profit after tax and group underlying EBITDA of $29.7 million.

It said that total funds under administration had grown to $68.3 billion, with platform funds under administration increasing by 128% to $50 billion with the group posting a new half-year record for platform net inflows of $6.7 billion.

The company announced that it would be expanding its executive team with the appointment of a Chief Growth Officer responsible for leading the company’s distribution and marketing functions.

It said it had appointed Deloitte partner, Deborah Latimer as Chief Risk Officer and she would be joining the firm in March.

Commenting on the results, HUB24 chief executive and managing director, Andrew Alcock said HUB24 had delivered record net inflows and strong financial results including an increase of 80% in Group underlying EBITDA, while continuing to deliver on its strategic objectives.