Investment platform Netwealth has posted a record profit of more than $67 million for the past financial year, a result close to a 21 per cent increase on the previous year as funds under administration (FUA) passed $70 billion at 30 June.
The company, which offers SMSF administration services, investor-directed portfolio services for SMSF and non-super investments, managed accounts, and superannuation and managed fund products, delivered a profit of $67.2 million for the 2023 financial year, a 20.9 per cent increase from 2021/22.
At the same time, FUA grew by 26.2 per cent across the same period to $70.3 billion, while total income increased by 21.6 per cent to $214.7 million and earnings before interest, tax, depreciation and amortisation rose by 46.9 per cent to $100.7 million.
Netwealth chief executive and Matt Heine said: “Financial year 2023 was another fantastic year for Netwealth with many strategic and financial milestones met and exceeded thanks to the outstanding performance of our team.
“Throughout the year we successfully expanded our platform products and services and introduced a raft of new product features, including the launch of our new non-custodial administration service.
“We are also excited to be relaunching an upgraded core product next month, targeting cost-conscious investors who still seek the benefits of a broad investment menu and market-leading technology.
“Our core product complements our other offerings, including our premium offer and our recently upgraded wealth accelerator multi-asset portfolio service.
“As we enter FY2024, our current FUA is at an all-time high, our market share is continuing to increase, our sales pipeline is strong and diverse, both geographically and across market segments, and we have successfully secured several important new licensee relationships that have begun transitioning and funding new accounts.”
