The company’s annual report also revealed “a Gross Profit improvement of 3,000 per cent” up from the prior period loss of $0.1 million.
Total group revenue hit $29.3 million, which was up 626 per cent. There was also platform segment revenue growth of 151 per cent with a direct platform expenses increase of 45 per cent.
“With increasing revenues and operating scale benefits the company now expects to be cash flow positive on a monthly basis within the next two quarters, presuming the continuation of normal market conditions,” the annual report said.
The company has a balance sheet with $12.1 million of cash reserves and no debt as at 30 June 2015.
Andrew Alcock, Hub24 managing director, said “this was a very significant year for Hub24, having achieved outstanding growth at the same time as delivering valuable improvements to our platform. Our focus on innovating for advisers and their clients to provide the very best platform technology is validated by our rapid growth and exceptional industry recognition”.
[quote name=”RT”]Well done Andrew and your team. It’s often said that one can learn more from others mistakes than their successes. Your time under a restrictive VI model proved to be a great university.[/quote]
The university champion (Eco or LLB) was stuffed by the five move check mate from Talbot via way of Caratias. Vol Index is extreme at the moment in NY.
Kind regards,
Adrian Totolos.
Business Analyst.
Further to my previous email, I note that HUB24 had said that Profit after income tax for 1 half of 2015 would be $2,956,826 (expected), as per the Half yearly report 2014. Is there a issue with the decimal point in total group revenue in your report ???
Please confirm.
Kind regards,
Adrian Totolos.
Business Analyst.
Very interesting results.
Cash flow positive on a month by month basis is to be congratulated, but a constant worry to management and company investors.
Kind regards,
Adrian Totolos.
Well done Andrew and your team. It’s often said that one can learn more from others mistakes than their successes. Your time under a restrictive VI model proved to be a great university.