Praemium's Half-Year to 31 December 2023 Financial Results

Praemium Limited (ASX: $PPS) has reported its half-year financial results for the period ending 31 December 2023. The company achieved $39.7 million in revenue and other income, with a strong 10% revenue growth. Praemium also saw a 12% 5-year CAGR for SMA and a market-leading $25.3 billion VMAAS non-custody solution. Additionally, the company completed a $7.5 million buy-back in HY24, totaling $19 million buy-back up to 21 December 2023. Praemium's scalable FUA reached $48.3 billion, showing a 12% increase, with SMA at $10.4 billion, up by 16%. The company also announced the acquisition of Iress OneVue Platform Business, adding $4.0 billion funds under administration to Praemium's Platform business.

Executive Commentary on HY24 Financial Results and Iress OneVue Platform Business Acquisition

Anthony Wamsteker, CEO of Praemium, highlighted the strong financial performance in the HY24 results, emphasizing the 10% revenue growth and the company's market-leading VMAAS non-custody solution. David Coulter, CFO, discussed the financial aspects, including the $39.7 million revenue and the $48.3 billion scalable FUA. Wamsteker also provided insights into the strategic acquisition of Iress OneVue Platform Business, emphasizing the $4.0 billion funds under administration added to Praemium's Platform business and the pre-tax synergies of at least $3.0 million driven by migration to Praemium technology and associated scale benefits.

Summary of Praemium's Financial Results and Strategic Acquisition

Praemium's HY24 financial results showcased a strong performance with $39.7 million in revenue and a 12% increase in scalable FUA, reaching $48.3 billion. The company's acquisition of Iress OneVue Platform Business is expected to add $4.0 billion funds under administration to Praemium's Platform business, with pre-tax synergies of at least $3.0 million. Praemium's strategic approach focuses on developing unique offerings, growing market share, and delivering improvements to outshine existing alternatives. The company aims to continue growing and scaling its business to benefit clients, shareholders, and employees. Looking ahead, Praemium is set to consolidate the Iress OneVue Platform Business into its award-winning technology platform, targeting low-risk client migration within 18 months and capitalizing on future growth opportunities.