HUB24 (ASX:HUB) is on rise today after update on Q1 performance

Highlights 

  • HUB24 releases Quarter 1 FY22 market update along with business updates.
  • Updates lead to the increase in the share prices in afternoon.
  • The company reported record inflow for the month of Septembers and overall as well.

Share price of financial firm HUB24 Limited (ASX:HUB) is up by 8% as the Company has released a market update on its quarter 1 FY22 performance.

Now, let’s look at the announcement that has attracted the interest of investors.

What are the financial performance updates by Hub24?

HUB24 reported strong growth in Q1 by delivering a net inflow of AU$3 billion. It is a record inflow for the month of September and overall as well.

Average monthly net inflows are up by 61% for FY22 to date.

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Management feels that the record inflow is a testament to the leadership position gained by HUB24 and the company’s focus on delivering excellent customer services and innovative solutions. Moreover, HUB24 is the first choice amongst the platform advisers.

As of 30 September 2021, the total funds under administration (FUA) have increased to AU$63.2 billion. The Portfolio, Administration and Reporting services (PARS) is up by 3% from last quarter and is AU$17.8 million in value.

What business update is released by HUB24?

30 licensee agreements were signed during the Q1 FY22, it includes agreements with advice aggregators, boutiques and self-licensed advisers.

The initial phase of Xplore integration with HUB24 is complete. To ensure positive sentiments among the clients and businesses, teams are engaged in advisers and key licensees on the integration strategy.

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To support the capitalisation of the ongoing market opportunities and maintaining the Company’s growth, members of 10 new distribution teams have been recruited.

Bottom Line

HUB24 reported a record net inflow of AU$3 billion for the first quarter of FY22 along with the growth in the funds under administration to AU$63.2 billion and a 3% increase in the PARS. HUB24 informed the market regarding competition of the initial phase of Xplore integration and the recruitment of members for new distribution teams.

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