HUB24 H1 profit up 90% on ‘record’ growth

HUB24 has upped its interim payout as an increasing market share helped it lift first-half profit almost 90 per cent to $6.03 million.

The investment and superannuation platform increased funds under administration by 58 per cent to $15.8 billion at December 31, up from $10 billion a year ago in what the company called a “record first half”. 

Revenue rose by 11.1 per cent, or $5.4 million, to $54 million in the six months to December 31 as the firm’s market share increased to 1.6 per cent to September 30, from 1.1 per cent the year before.

“Advisers and their clients are increasingly choosing specialist platforms as they provide enhanced functionality and choice to better meet client needs,” the company said in its release to the ASX. 

“The HUB24 platform is becoming available to an increasing number of advisers given the transition away from institutional alignment towards alternative licensee model.” 

The company announced an unfranked dividend of 3.5 cents per share, up from 2.0 cents per share the year before. 

Hub 24’s stocks had dropped by 2.71 per cent, or 29 cents, to $10.38 at 1018 AEDT amid a wider downfall. 

AAP

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