Hub24 (ASX:HUB) reports Q4 FY22 results; shares close in red

July 19, 2022 06:28 PM AEST | By Ritwika

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Hub24 (ASX:HUB) reports Q4 FY22 results; shares close in red — Image source: Image source: © Lovelyday12 | Megapixl.com

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Highlights:

Hub24 delivered AU$11.7 billion of platform annual net inflows in FY22.

The company’s Class Limited experienced a ‘strong’ June quarter (Q4 FY22).

Hub24’s shares declined by almost 5% on the ASX today.

Australian diversified financial firm Hub24 Limited (ASX:HUB) shared operational and financial performance updates of the June quarter, i.e. Q4 FY22, on the ASX today. The company announced it has achieved ‘record’ platform net inflows in the same quarter.

However, the shares of the company ended 4.974% lower at AU$22.54 per share on the ASX.

Details of Hub24’s financial and operational performance in Q4 FY22:

Hub24 is an investment and superannuation platform services provider. The company has shared its Q4FY22 results on the ASX today, featuring platform annual net inflows worth AU$11.7 billion. Hub24’s platform annual net inflows increased by 31.7% in FY22 compared to its previous corresponding period. While in Q4 FY22, Hub’s platform net inflows were worth AU$2.5 billion.

Hub24 reported AU$65.6 billion as its total Funds Under Administration (FUA) at the end of FY22 (30 June 2022). It comprised of:

Platform FUA is worth AU$49.7 billion, up by 19.9% from the previous corresponding period.
Portfolio, Administration and Reporting Services (PARS) FUA is worth AU$15.9 billion, down by 7.7% compared to the previous corresponding period.

Hub has also informed that it has focused on supporting its clients through recent market volatility and also ensured that they meet their regulatory obligations for ongoing advice fee consent requirements, which are now in force.

Furthermore, the company announced that Class Limited experienced the strongest June quarter for total account growth since 2019. Hub also informed that it has appointed Tim Steele as the CEO of Class Limited. Tim will be officially joining Class on 1 August 2022.

Hub24’s share price performance on the ASX:

The shares of Hub24 have shown a disappointing performance on the ASX owing to the COVID-19 lockdown and market volatility. Hub24’s share price has declined almost by 11% on the ASX in a year. Meanwhile, Hub24’s YTD-based share price dropped almost by 23% on the ASX today (19 July).

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