Half year profit rises for HUB24 (ASX:HUB)

Company News

by Lauren Evans

Wealth platform HUB24 (ASX:HUB) has posted its half year results for the six months ending December 31.

The company's statutory profit lifted 37 per cent to $8.4 million, while its revenue increased 70.5 per cent to $80.3 million and its underlying EBITDA rose 80 per cent to $29.7 million.

Total funds under administration rose to $68.3 billion, while platform funds under administration increased by 128 per cent to $50 billion. The group set a new half-year record for platform net inflows of $6.7 billion.

‘’We’ve delivered record net inflows and strong financial results including an increase of 80 per cent in group underlying EBITDA, whilst continuing to deliver on our strategic objectives and ensuring we are well-positioned to capitalise on emerging opportunities,” said chief executive officer Andrew Alcock.

“We are very excited about the recent acquisition of Class and how together we can lead change in the wealth industry and enhance value for our customers and shareholders.”

HUB24 declared an interim fully franked dividend of 7.5 cents per share, up 67 per cent and will be paid on April 18. 

Shares in HUB24 (ASX:HUB) are trading 5.9 per cent higher at $24.94. 

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