Full Year 2024 Hub24 Ltd Earnings Call Transcript
Key Points
- HUB24 Ltd (ASX:HUB) reported a 17% increase in group revenue, reaching $327 million.
- The company achieved a 15% growth in underlying EBITDA, totaling $118 million.
- Statutory NPAT rose by 24% to $47 million, while underlying NPAT increased by 15% to $67 million.
- Record inflows of $15.8 billion were reported, including significant large transitions.
- The company continues to be recognized as Australia's best platform, winning multiple industry awards.
- The underlying EBITDA margin decreased by 0.5% year-on-year to 36.1%, primarily due to deposit impacts.
- Operating expenses increased by 18%, slightly outpacing revenue growth.
- The average cash balance as a percentage of custody FUA decreased to 7% in the second half, impacting revenue margins.
- The company is 12 to 24 months behind its initial revenue targets for the myprosperity acquisition.
- There is uncertainty regarding the sustainability of the strong start to the year, with potential macroeconomic factors affecting future performance.
Good morning, everyone, and welcome to our FY24 full year results briefing. It's great to have you all with us, and thank you for your interest. We're very, very pleased to update you on what's been a remarkable year in many respects HUB24 in terms of our performance, our strong prospects for our ongoing feature and our strategy to continue to transform and change this great industry. We're looking forward to briefing you.
And today, with me, I've got Kitrina Shanahan as always, our CFO. I would like to try and maximize our time. We always say this, but trying to keep as much time as possible for questions. So we'll fly through some of the slides and pause where we need to. But absolutely keen to maximize the opportunity for those to ask questions.
In terms of our highlights and operating view. And before we turn to the financial highlights, I thought it would be good to talk about how focused we are at HUB24 on empowering better financial futures together. It's our purpose. It underpins how we operate, it underpins how we
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