Site menu

Search by ticker code:
Generic filters

Menu

Search by ticker code:
Generic filters

Search by ticker code:
Generic filters

Praemium Ltd’s Profit Just Popped 26%

Melbourne-based financial technology company Praemium Ltd (ASX: PPS) released its half year report to the ASX on Monday, revealing a 26% jump in statutory profit.

Praemium is a $300 million financial technology business specialising in creating platforms which are used by financial advisers for investments and reporting.

Here is the key news from Praemium’s half-year report:

  • Revenue up 25% to $20.5 million
  • Profit from normal activities, up 87% to $3.3 million
  • $7.4 billion of funds on platform
  • $1.5 billion of gross fund inflows

“I am pleased with the financial improvement across all of our core markets in the half,” Praemium CEO Michael Ohanessian said.

“Revenue growth of 25% helped fund further investments in growth while still delivering a record profit outcome. The decision to expand our global technology development team reflects our commitment to building highly efficient, integrated solutions that we believe will accelerate growth in the years to come.”

Praemium operates primarily in Australia and the UK.

In Australia, revenue increase 21% for the half, with EBITDA rising 19% to $5.7 million (what the heck does EBITDA mean?).

In the UK, revenue rose 34% and the business narrowed its losses to $0.4 million.

“Internationally, to support our UK pensions strategy, we created an on-line account opening process for our SIPP product,” Mr Ohanessian added. “We remained focused on maintaining our strong momentum to drive the international business toward profitability.”

Before midday Monday, Praemium shares were trading 3.7% lower at $0.65.

Join Rask’s Investor Club Newsletter Today

You can join Rask’s FREE investor’s club newsletter today for all of the latest news and education on investing. Join today – it doesn’t cost a thing. BUT, you’ll need a good sense of humour and a willingness to learn.

Join today.

Keep Reading

 

Disclaimer: This article contains general information only. It is no substitute for licensed financial advice and should not be relied upon. By using our website you agree to our Disclaimer & Terms of Use and Privacy Policy.

$50,000 per year in passive income from shares? Yes, please!

With interest rates UP, now could be one of the best times to start earning passive income from a portfolio. Imagine earning 4%, 5% — or more — in dividend passive income from the best shares, LICs, or ETFs… it’s like magic.

So how do the best investors do it?

Chief Investment Officer Owen Rask has just released his brand new passive income report. Owen has outlined 10 of his favourite ETFs and shares to watch, his rules for passive income investing, why he would buy ETFs before LICs and more.

You can INSTANTLY access Owen’s report for FREE by CLICKING HERE NOW and creating a 100% FREE Rask Account.

(Psst. By creating a free Rask account, you’ll also get access to 15+ online courses, 1,000+ podcasts, invites to events, a weekly value investing newsletter and more!)

Unsubscribe anytime. Read our TermsFinancial Services GuidePrivacy Policy. We’ll never sell your email address. Our company is Australian owned.

Information warning: The information on this website is published by The Rask Group Pty Ltd (ABN: 36 622 810 995) is limited to factual information or (at most) general financial advice only. That means, the information and advice does not take into account your objectives, financial situation or needs. It is not specific to you, your needs, goals or objectives. Because of that, you should consider if the advice is appropriate to you and your needs, before acting on the information. If you don’t know what your needs are, you should consult a trusted and licensed financial adviser who can provide you with personal financial product advice. In addition, you should obtain and read the product disclosure statement (PDS) before making a decision to acquire a financial product. Please read our Terms and Conditions and Financial Services Guide before using this website. The Rask Group Pty Ltd is a Corporate Authorised Representative (#1280930) of AFSL #383169.

Skip to content