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Netwealth profit and FUA surges

Netwealth profit and FUA surges

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In its first public result since listing on the ASX in November, Netwealth has reported a profit increase of 59 per cent alongside an uptick in funds under administration.

Netwealth has posted a net profit after tax of $14.1 million for the 2017-18 first half, up 59.3 per cent from the prior corresponding period

The newly listed company is expecting a full-year net profit of 3-5 per cent above the IPO prospectus forecast.

Netwealth's funds under administration increased 21 per cent (or $2.7 billion) compared with the 2016-17 first half, and net inflows were $1.8 billion.

The firm's managed account saw its funds under management grow to $1.4 billion in the six months to 31 December 2017 – up 107 per cent from the prior corresponding period.

Commenting on the result, Netwealth joint managing director Michael Heine said, "We are very pleased with the growth of the business and our successful IPO in 2017.

"The Netwealth team continues to do a great job delivering on our strategy to provide market-leading technology and service, and this is reflected in our share of industry flows and profitability, which are both at an all-time high."

Netwealth profit and FUA surges
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