Bravura eyes digital advice as chair exits

Quinn will step down after the firm’s 2025 annual general meeting, the date of which is yet to be confirmed but it was held on 30 October last year. He became chair in June 2023, taking over from Andrew Russell who moved into the CEO role.

His decision follows the announcement in April that Russell will be departing after less than two years in the role, having assumed it in July 2023.

Both Quinn and Russell previously worked together at SMSF administrator Class as chair and chief executive, respectively, before joining Bravura.

In its results, Bravura said the search for the CEO replacement is “well underway” but did not detail who will take over as chair.

For its results for FY2024–25, it said underlying net profit after tax (NPAT) is $24.4 million, while EMEA revenue is $186 million and APAC revenue is $73 million.

Its Midwinter Digital Advice solution is now available to 6 million members and it is working on developments of workplace pensions, employer engagement and annuity functionality in the UK.

In Australia, a priority is to build new functionality in digital advice, it said, as well as partnerships with administration providers.

“We are in early stages of partnership discussions in Australia and the UK to partner with a provider who will enable us to offer administration capabilities in conjunction with one of our platforms,” it said.

Future growth is expected to come from existing clients, it said, which it hopes will offset negatives from exiting clients, with one who generated $10 million in revenue expected to complete its migration away in FY25–26.

Interim chief executive Shezad Okhai said: “We are expecting growth within our existing customers. We are forecasting winning some new business, but predominantly our growth will come from existing customers in EMEA and APAC.

“That growth is driven by growth in volumes, expansion – clients grow and we grow with them as we build enhancements for our clients, and we are looking to close on some cross-selling opportunities too.”

It will distribute a final FY24–25 dividend of 2.92 cents per share and a special dividend of 1.79 cents per share, which relates to the NPAT of the perpetual licence agreement with Fidelity.