HUB24 said it delivered record net inflows of $7.2 billion during the first half of the financial year, including the $1.8 billion transition of Insignia Financial to a private label (Rhythm) administered on HUB24.

This represented a 26 per cent increase in the first half of FY2023. HUB24 added that is now the seventh-largest platform and continues to gain market share, which increased to 6.7 per cent from 5.7 per cent.

In its headline financial numbers, HUB24 reported group underlying EBITDA of $55.0 million, which is up 10 per cent on the prior corresponding period, and group underlying net profit after tax of $30.4 million, representing a 14 per cent increase on the first half of FY23.

The company reported an even larger increase in its statutory NPAT, which grew 39 per cent year on year to $21.5 million, and underlying diluted earnings per share of 36.2 cents per share, up 12 per cent, which the company said reflected the group’s ongoing strong performance.

Total funds under administration grew to $91.2 billion, with platform FUA increasing to $72.4 billion ($74.8 billion as at 15 February 2024) and portfolio, administration and reporting services FUA of $18.8 billion.

The company also announced a fully franked interim dividend of 18.5 cents per share (up 32 per cent on 1HFY23) to be paid on 16 April 2024.

HUB24 chief executive and managing director Andrew Alcock commented: “As well as achieving record net inflows, we have continued to deliver innovative products and solutions that enable financial professionals to empower better financial futures for their clients. We are delighted to have once again been recognised as Australia’s best platform and reclaimed the Best Platform Managed Accounts Functionality award.

“With significant opportunities from existing and new customers across the group, we expect strong growth and increasing profitability going forward. By leveraging our group capabilities and strong relationships, we are in a unique position to continue to drive industry transformation while enhancing value for our customers and shareholders.”

Total revenue was up 14 per cent on the first half of FY23 to $156.7 million, which HUB24 said was driven by strong growth in the platform segment and consistent growth in tech solutions.

It also spruiked its continued investment to support growth, attributing group operating expenses of $101.7 million (up 16 per cent on 1HFY23) to its “investment in our people” and the myprosperity acquisition.

Looking ahead, HUB24 said that it has a “strong pipeline” across both existing and new advisers and expects to continue to deliver growth in market share and “remain on track to meet our platform custody FUA target range of $92 billion to $100 billion for FY25”.

The announcement follows HUB24 reporting its Q2 numbers last month, in which it detailed that the number of accounts across Class Super, Class Portfolio, and Class Trust products had increased to 203,860 (up 2.6 per cent on PCP), with document orders on NowInfinity increasing to 182,204 (up 2.0 per cent on PCP).

It added that the number of companies using Corporate Messenger increased to 697,573 during the quarter (up 12.2 per cent on PCP).