Announcing its full-year results on Monday, Praemium said net flows to its platform in the 2021 financial year were $3.8 billion, up 111 percent from the previous year.

Funds under administration on the platform also rose 163 percent to $23.4 billion, the group said.

While revenue rose 37 percent in Praemium’s Australian business to about $53 million for the year, earnings before interest, tax, depreciation and amortization fell 2 percent to $19 million, compared with $19.4 million for 2020 .

"This is from the transition of the Powerwrap cost base and some cost expansion to support growth and service in sales, marketing and operations," the group said.

“EBITDA margins were 36 percent of revenue, down from 50 percent in the prior year. These growth investments and the benefits of scale from Powerwrap's synergies will lead to improved earnings in FY22.”

“The financial year 2021 was an excellent year for Praemium. Highlights include the successful acquisition of Powerwrap and the exceptional growth achieved in each of our core operating segments,” said Praemium CEO Anthony Wamstecker.

“Underlying EBITDA was very similar to last year in both the Australian and international segments. This result was achieved despite a significant increase in the company's cost base."

After Praemium noted it would sell its international business following the completion of a strategic review earlier this year, Mr Wamstecker said the coming year would "produce some dramatic positive changes to our business".

"I believe the steps we are taking will build on a proud heritage and ensure we are in a position to realize the potential of businesses that are just starting to take advantage of the wonderful opportunity presented by the investment platform market segment," he said.