In its full-year results announcement on the ASX on Tuesday morning, HUB24 announced that its total assets under administration (FUA) grew to $104.7 billion as at 30 June 2024, a 30% increase on the 2022-23 financial year .

Breaking the figure down, platform FUA increased 35 percent to $84.4 billion, with HUB24 noting that it has since reached $87.1 billion as of August 14, 2024, while Portfolio, Administration and Accountability (PARS) FUA has grown to $20.3 billion, a growth of 15 percent in FY 2022–23.

In FY23-24, HUB24 delivered record net inflows of $15.8 billion, which includes major migrations (a 62 percent increase over FY22-23). The platform also boasted “the largest quarterly and annual organic market share gains of any platform provider”, increasing market share to 7.3 percent (from 6.1 percent in FY22-23) and ranked at seventh place overall.

In FY23-24, the number of active advisors using the platform increased to 4,525 (up 13 percent from FY22-23) on the back of 141 new distribution agreements.

"Our strong financial performance in FY24 delivered underlying group EBITDA of $118 million - up 15 per cent, underlying NPAT of $67.8 million - up 15 per cent, and a fully franked final dividend of 19.5 cps, resulting in total dividends of FY24 of 38 cps, up 17 percent,” said Andrew Alcock, CEO and Managing Director of HUB24.

Group core EBITDA of US$118.0 million was largely driven by a 21% increase in core platform EBITDA to US$103.0 million, while technology solutions core EBITDA was up just 1% over FY22–23 years to US$22.1 million.

The group's statutory NPAT also rose 24 percent to $47.2 million.

Total revenue for the financial year rose 17% to $327.3 million, which HUB24 said was driven by strong growth in the platform segment and continued growth in technology solutions.

Operating expenses of $209.3m were also up 18% on the previous financial year, which the firm attributed to lower vacancy rates and the acquisition of myprosperity.

"We are proud to have consolidated our position as Australia's best platform and are committed to providing a better financial future for more Australians," Alcock said.

“As a result of our focus on delivering innovative products and solutions and excellent customer service, we have achieved industry-leading and record platform net flows and increased market share.

"As we move into FY25, we are well-positioned to extend our market leadership across our core offerings while maximizing our unique capabilities to leverage opportunities to deliver strong growth and value for our customers and shareholders."

Based on its expectation of continued strong net inflows, HUB24 forecasts a platform FUA range of $115-123 billion by FY25-26 (excluding PARS FUA).