In an ASX announcement on Tuesday morning, Praemium chief executive Anthony Wamsteker said “greatly improved” organic growth has bolstered the business’ results for the first half of FY2024–25.
Praemium’s funds under administration (FUA) reached $62.1 billion as at 31 December, up 29 per cent compared with the prior corresponding period, while its platform FUA passed $30 billion on the back of improving Powerwrap flows.
Half-yearly net flows across the business were $510 million, with $426 million coming from Praemium’s SMA business, while Powerwrap saw a significant reversal in fortunes from the $385 million net outflow it registered in the first half of FY23–24, showing a net inflow of $18 million for 1H25.
“This is an outstanding continuation of the momentum built through the 2024 financial year,” Wamsteker said.
“We have greatly improved our organic growth, repriced our core SMA to reflect its top tier market position, rebounded from the impact of adviser exits, launched a market leading IDPS with Spectrum, restructured operations offshore and returned earnings to shareholders.
“I look forward to the added value to come from fully integrating our OneVue acquisition, repricing our market dominant non-custodial Scope solutions and gaining further growth from Spectrum.
“As always, I recognise that these important benefits to shareholders are the product of incredible work from our people, the choices our advisers and their clients make and the privilege it is to serve to them. I thank all our key stakeholders for their contributions and the remarkable results they have helped produce.”
Net platform inflows for the December 2024 half-year were augmented by $1.6 billion in positive market movements, which Praemium noted were consistent across the previous two quarters.
The December quarter saw $784 million and the September quarter saw $837 million in positive market movement. It is also considerably higher than the half-year to 31 December 2023, which saw $696 million in positive market movement.
“The market movement for the half-year to 31 December 2024 represents approximately 5.8 per cent of the value of Platform FUA as at 30 June 2024,” Praemium added.
Praemium declared a fully franked interim dividend of 1 cent per share to be paid on 21 March 2025.
Along with the results, Praemium also announced that chief financial officer David Coulter has resigned effective 7 March 2025, adding that he will continue to provide “investor relationship services to Praemium on a consulting basis”.
“I would like to thank David for his contribution to Praemium and the work to restructure and align our business, particularly with regard to the divestment of the international business and the OneVue acquisition,” Wamsteker said.
“An interim chief financial officer will be appointed shortly and announced prior to David’s departure, who will work with David to ensure an orderly transition.”
