Praemium announces ‘record’ half-year results
Fintech company Praemium has announced record half-year results as the company looks to continue “maintaining growth momentum for the 2017 financial year and beyond”.
In a statement yesterday, Praemium announced record Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) of $2.6 million - a 39 per cent increase on H1 FY16.
The firm also recorded revenue and other income of $17.2 million - a 16 per cent increase on H1 FY16.
Revenue for Praemium's Australian business increased 15 per cent on the first half of FY16, while global FUA increased by 29 per cent to $5.4 billion at 31 December 2016 following record inflows for the half, Praemium said.
“Record inflows to our SMA investment platform resulted in a 27 per cent increase in SMA revenue, and portfolio services revenue increased 9 per cent, with the migration of the new institutional client to V-Wrap on schedule,” the firm said.
Further, EBITDA for the Australian business was $4.6 million, compared to $4.5 million for the first half of FY 2016, Praemium said.
“Headcount in sales, marketing and implementation teams increased almost 30 per cent to support the considerable pipeline of new business and accelerating inflows. This investment to support revenue-generating opportunities is expected to drive earnings growth into the future,” Praemium chief executive Michael Ohanessian said.
“I’m very pleased with the progress across all our key markets. In Australia, the SMA market is expanding quickly now, and in the UK revenue is growing strongly relative to expenses,” Mr Ohanessian said.
“Our results reflect the delivery of our strategy to provide a fully integrated and value-enhancing solution to financial advice businesses. We are focused on maintaining our growth momentum for the 2017 financial year and beyond.”
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