Wealth managers deliver $90m for Aussie fintech

 

Wealth management has been a key driver for an Australian financial services technology firm, which boosted group net profit after tax by 15 per cent over the six months to 31 December 2018.

ASX-listed Bravura Solutions Limited increased group revenue by 24 per cent to $127.4 million over the half, while the company’s NPAT increased 15 per cent to $16.3 million.

Wealth management was a significant revenue driver for Bravura, which also provides software solutions to the life insurance and funds administration industries.

Revenue from wealth management increased 24 per cent to $90.4 million in 1H19, up from A$72.8 million in 1H18. EBITDA increased 36 per cent to $29.4 million.

In a trading update this week, the company noted that strong revenue growth resulted from two new Sonata contracts, expanding project work and increasing demand from existing clients.

Sonata is the group’s flagship wealth management system.

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Source: Wealth managers deliver $90m for Aussie fintech – InvestorDaily