Praemium posts 25% growth in FUA
Praemium has reported a 25 per cent increase in platform funds under administration (FUA) to a record $9.5 billion, with the Australian platform’s FUA going up 24 per cent to $6.9 billion thanks to net inflows of $1 billion.
At the same time, net profit after tax for the full year ending 30 June grew by 80 per cent to $2.5 million and was helped by a major upgrade to its integrated managed accounts platform, record gross international inflows of $850 million as well as the addition of 22 new firms to Praemium’s planning software, the company said.
Driven by platform revenues, which were up by 25 per cent, Australian revenue increased 14 per cent over FY2019 to $31.4 million while Australian EBIDTA grew by 21 per cent to $15.2 million.
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