• subs-bellGet the latest news! Subscribe to the ifa bulletin

Hub24 sees surge in FUA and profits

Financial services group Hub24 has seen its funds under administration climb from $854 million at 30 June 2014 to $1.9 billion as at 27 August 2015.

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".