Praemium half explains OneVue investment

The strategic value of acquiring the OneVue Platform business from Iress was driven home by Praemium’s half-year results yesterday revealing a 56% decline in net profit after tax despite better operating cash flows.

Praemium reported a 56% decline in net profit after tax to $4 million and, not unlike, Iress signalled that it was in a transitionary period looking to realise the benefits of recent investments.

Praemium chief executive, Anthony Wamsteker said the company had made the investments in capability and risk mitigation necessary to realise the full potential of its platforms and portfolio services.

The company had made investments in information technology and risk mitigation.

The company said expenses increased 15% to $34.2 million attributable to significant increases in the cost of outsourced administration exacerbated by rising employee expenses.