Praemium's 2024 Half-Year Financial Results

Praemium Limited (ASX: $PPS) has released its financial results for the half-year ended 31 December 2023. The company reported a 10% revenue growth to $39.7 million, supported by a $5.6 billion increase in Funds Under Administration (FUA). Key financial highlights include a 10% increase in revenue and other income compared to the prior comparative period, higher average Platform FUA, and growth in non-custodial portfolios in VMA and VMAAS.

Executive Commentary on 2024 Half-Year Results

Praemium's CEO and Executive Director, Mr. Anthony Wamsteker, expressed satisfaction with the company's investments in capability and risk mitigation, emphasizing the potential of their high-net worth platforms and portfolio services. He highlighted Praemium's position as a Top 3 service provider in Investment Trends rankings and the acquisition of the Iress OneVue Platform Business, which is expected to significantly enhance the company's scale and operating leverage. Mr. Wamsteker also acknowledged the dedication of the staff, clients, and shareholders.

Summary of Praemium's 2024 Half-Year Results

Praemium's 2024 half-year results reflect a 10% revenue growth, reaching $39.7 million, driven by a $5.6 billion increase in Funds Under Administration. The acquisition of the Iress OneVue Platform Business is anticipated to bring substantial benefits to Praemium, enhancing its scale and operating leverage. Despite a slight decline in platform margins and an increase in underlying expenses, the company maintains a strong balance sheet. Praemium's CEO, Mr. Anthony Wamsteker, expressed confidence in the company's investments and the potential of its specialized high-net worth platforms and portfolio services. The company's overall rating in Investment Trends rankings improved to 90%, positioning Praemium as a leading service provider in the industry.