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HUB24 posts 61 per cent FUA growth
HUB24 posted a 61 per cent growth in funds under administration (FUA) to $619 million for the half year ending December 31, 2013.
It said it expects growth to continue due to growing support from current advisers and the launch of three new white labels in December last year.
Revenue from platform solutions grew 251 per cent compared to 12 months ago. The company raised $10.6 million capital in October last year in a bid to support growth and innovation.
“Since January this year we have seen further significant growth and we are excited about the second half,” CEO of HUB24 Andrew Alcock said.
“We are continuing to develop the platform to extend our leadership and are targeting new opportunities.”
The company reported cash of $16.52 million with no debt, while the number of advisers using the platform grew by 30 per cent.
“I am pleased our significant revenue growth and well controlled operating expenses have proved the platform to be highly scalable,” Alcock said.
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