Boutique platform provider Hub24 has announced its first full-year profit after a year of “record growth”.
The company achieved a net profit after tax of $3.9 million for the 12 months to 30 June 2017, with funds under administration growing 66 per cent to $5.5 billion over the same period of time.
The platform’s revenue grew by 71 per cent over the course of the year, while expenses grew 33 per cent in the same period.
“We are excited to report our first full-year of profit for the company at the same time as delivering record growth,” said Hub24 managing director Andrew Alcock.
“As our industry continues to shift we believe Hub24 has a great opportunity to lead change, connect customers with innovative solutions and create increasing value for our shareholders.”
The company also intends to grow its funds under administration by more than double to $12 billion in the coming three years.
Mr Alcock said the Hub24’s investment in Agility Applications had supported the business’ strategy, and that it would continue to focus on strengthening its offering.
“Our acquisition of Agility Applications earlier in the year signalled an expanded direction for Hub24 and is a strategic investment in the future of our industry,” he said.
“We are already seeing improved delivery for our existing customers as well as significant new client activity; we will continue to move quickly, innovate and invest in our market leading technology to make a real and positive difference for our customers and our business partners.”