In an ASX filing this morning Netwealth Group Ltd (ASX: NWL), the financial technology business which provides platforms for investors, released its 2018 full-year financial results to the ASX.
Netwealth reported pro forma profit of $29 million, which it says was around 73% higher than last year. Statutory profit, which includes the costs to list its shares on the ASX ($8.7 million), was $20.8 million.
Netwealth had almost $18 billion of client funds using its platforms, up 41%.
Netwealth’s joint managing director, Michael Heine, said he was pleased with the first round of full-year results since listing on the ASX. He said his company is seeking to be the number-one provider of financial platforms.
“Netwealth continues to be very focused on ensuring ongoing leadership in platform technology and functionality and the delivery of market leading administration and customer service,” Heine said.
According to data collected by Bell Potter, analysts were expecting Netwealth to report a profit of $29 million. Therefore, it appears the result was in-line with expectations.
Looking towards the future, Netwealth said the financial services industry in Australia is, “experiencing significant structural changes” but many of the changes, “are benefitting Netwealth.”
The company said growth in profit will be driven by funds under management. Although it expects more pricing competition, Netwealth says it is in a strong position to “compete and succeed.”
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