Praemium (ASX:PPS) shares skyrocket 19% on March quarter update

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Praemium (ASX:PPS) shares skyrocket 19% on March quarter update

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Praemium Limited (ASX:PPS) shares
Image source: © Stevanovicigor | Megapixl.com

Highlights

  • In its March quarter update, Praemium reported net inflows of AU$725 million, up 82% from its pcp.
  • On the back of the news, the company’s shares today zoomed 19.35% during intraday trading session from its previous close.
  • Praemium is a global leader in managed accounts, investment administration, and financial planning technology platforms.

Financial and investment technology platform provider Praemium Limited (ASX:PPS) today (April 19) shared its March 2022 quarter update.

On the back of the news, Praemium shares have zoomed up and were trading 19.35% higher on ASX at AU$0.74 each at the time of writing this article.

Key highlights of the quarter

  • The company reported net inflows of AU$725 million, up 82% from its pcp.
  • Praemium said that its financial year to date net inflows of $AU3.6 billion increased 112% from AU$1.7 billion in pcp.
  • The company's total funds under administration (FUA) for the period was AU$47.7 billion (pcp $37.9 billion, up 26%).
  • The FX impact of a higher Australian Dollar to Pound Sterling exchange rate and unfavourable market movements on FUA offset strong net platform inflows for the March 2022 quarter.

Image Source: © 2022 Kalkine Media ®

Data Source- Company announcement dated 19 April 2022

About Praemium

Praemium is a global leader in managed accounts, investment administration, and financial planning technology platforms. Praemium manages over 300,000 investor accounts with a total value of over $200 billion for over 1,000 financial institutions and intermediaries around the world. Some of the world's largest financial institutions are among them.

Image source: Hanson L, Shutterstock.com

Last year in December, the company had signed deal with Morningstar, Inc. (Nasdaq: MORN), to sell its international operations for a cash consideration of AU$65.1 million.

Stock performance: Although, Praemium's shares are skyrocketing today, the company has recorded a negative growth of over 50% YTD, and 11% in the last one year.

Commenting on the quarter update, Praemium CEO Anthony Wamsteker, said:

Image Source: © 2022 Kalkine Media ®

Bottomline

Praemium would continue to generate higher-than-expected FUA net inflows across all products, and with a solid pipeline of new business prospects, the company expects continued FUA and revenue growth for the rest of FY2022. Praemium has continued to develop market-leading capabilities in the key areas prioritised by advisers to support a targeted expansion strategy.

Also Read: Praemium (ASX:PPS) to sell its overseas biz to Morningstar

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