Platform provider Netwealth saw its net profit after tax grow 72.7 per cent in the past financial year, the company has reported.
The company, which listed on the ASX on 20 November 2017, reported a statutory net profit after tax (NPAT) of $20.8 million, which included IPO transaction costs of $8.7 million.
Additionally, Netwealth reported its pro forma NPAT to be $29 million, 6.3 per cent above the company’s prospectus forecast.
Commenting on the results, Netwealth joint managing director Michael Heine said the company was “pleased” with its performance.
“We are experiencing significant structural changes in the wealth management industry in Australia,” he said.
“Many of these changes are benefiting Netwealth and will continue to accelerate as many institutions review their wealth management businesses and advisers demand greater flexibility in their choice of platform.”
Mr Heine said Netwealth will have an ongoing focus on “platform technology and functionality”, as well as administration and customer service.
The company said it expects future NPAT to be driven by funds under administration, pricing, cost management and “seeking new sources of revenue”.
The regulator has banned a financial adviser for five years and cancelled his firm’s AFSL. The Australian Securities ...
The lack of visibility and consistent regulatory instability are stopping prospective talent from entering the advice ...
The introduction of Rhombus Advisory has caused a shift in the top advice licensees as Insignia separates its advice ...
Never miss the stories that impact the industry.
Get the latest news! Subscribe to the ifa bulletin