Platform provider OneVue has reduced its net loss for the year end 30 June 2015 to $220,000 from $5.23 million for the previous financial year.
Although OneVue recorded total revenue of $25.42 million for the year end, the company recorded a net loss of $220,000.
The firm’s total revenue represents an increase of 92 per cent from $13.21 million for 2013-14, but was counterbalanced by a 62 per cent increase in operation expenses of $24.72 million.
In a statement issued by OneVue, the company said its net loss was a “significant improvement” and was largely due to non-recurring items such as acquisitions and restructuring costs.
The platform services sector of OneVue – which contributed 70.4 per cent to the company’s revenue – completed the acquisition of Select Investment Partners.
OneVue group managing director Connie Mckeage said: “It is pleasing to see that the Select acquisition was earnings accretive and assisted in building revenue.”
The group’s fund services, which offer outsourced unit registry and installed software, delivered revenue of $7.52 million, up 29 per cent on the previous year.
“The growth in fund services revenue demonstrates the company’s growing strength in servicing the back-office of institutions as evidenced by the increasing confidence of local and global investment managers who are using our services,” Ms Mckeage said.
According to OneVue, the platform provider expects to continue growing revenue organically and through further acquisitions that add strategic capabilities.
Goldman Sachs’ recent $1 billion acquisition of United Capital marks the beginning of a new M&A boom for the wealth management industr...
Westpac’s chairman has made a series of apologies to the bank’s shareholders in a statement to the ASX accompanying the interim divide...
An executive board member of APRA has told delegates that failing to take action on climate change now will lead to much higher economic co...