The group reported a loss of $788,000 in 2012 but reported a profit after tax of $857,000 for the 2013 financial year. Its revenue also jumped from just under $9 million in 2012 to almost $23 million in 2013.
Rubik said the primary driver of the uplift in earnings and revenue was the acquisition of COIN software in August 2012.
Underlying operating earnings before interest, taxes, depreciation and amortization (EBITDA) in 2012 amounted to a loss of $59,000, but in 2013 was $5.82 million in the positive.
The group reported total assets of $48 million and total liabilities of almost $22 million.
The company divided its reported operations into wealth, corporate and shared services, and banking.
“The wealth segment contributed revenues of $12.6 million and EBITDA of $6.5 million for the year as a result of the acquisitions made during the year,” the group stated.
The reporting period included Rubik’s acquisition of 100 per cent of the share capital of Provisio Technologies for a total consideration of $4.46 million.
Reported acquisition costs for the period were $469,000. The acquisition, completely on 28 June just two days before the end of the reporting period, did not contribute any revenue or profit for the period, Rubik stated.
COIN’s institutional software business was acquired on 8 August 2012 and the related independent financial adviser contract was purchased on May 31.
Rubik said in its 2014 outlook it expects to achieve a “material increase” in underlying operating EBITDA to around $8 million. “The uplift is primarily driven by the full-year ownership of the wealth business acquisitions and the expected implementation completion of a core banking system,” the group stated.
