By Alice Uribe
SYDNEY– Hub24’s share rose early Tuesday after the company announced its annual net profit more than doubled and a rise in total funds under administration.
The Australian investment platform company’s shares rose 12% to 31.40 Australian dollars (US$20.14), after earlier hitting a high of A$31.64. It is one of the best performers on the ASX 200 so far this session.
Hub24 reported net profit of A$38.2 million for the 12 months to June, up from A$14.7 million in the previous year. At the same time, the company’s total FUA rose 23% to A$80.3 billion.
Hub24 noted that it had a strong start to FY 2024, with net flows ahead of its fourth-quarter run-rate of around A$700 million per month.
“We see potential for the shares to outperform today on the strong start to FY24e and FY25e guidance,” said Citi analysts noting that fiscal year 2025 FUA guidance was in line with expectations.
Hub24’s shares are up around 18% so far this year.
Write to Alice Uribe at [email protected]
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