OneVue reports positive earnings

02-Mar-2015

By Julie May

Email Article Print Article

Platform and fund services provider OneVue has reported its first positive period of underlying earnings before interest, taxes, depreciation and amortisation (EBITDA).

OneVue chief financial officer Brett Marsh told financialobserver EBITDA for the half year ending 31 December was $22,000, which was in line with expectations amid the completion of several large projects over the six months.

“In the same period, funds under administration (FUA) in platform services rose 45 per cent [from $1.94 billion to $2.82 billion] which was a consequence of net funds flow and the Select [Asset Management] acquisition [in August],” he said.

Marsh also pointed to success within the group’s fund services’ outsourced unit registry business, which administers over $145 billion in funds, in addition to the money managed by third parties via its installed unit registry software.

He said that figure was up about 10 per cent over the period and demonstrated the size and scale of the OneVue fund services business.

The group’s results presentation showed that the rise in both fund services and platform services was a result of organic growth as well as various business purchases.

Acquisitions contributed $6.202 million to the revenue growth compared with the half year ended December 2013, and organic revenue growth was 11.4 per cent over the same period.

The company said operational efficiencies were being gained through synergy benefits from the integration of acquisitions and through advancement in technology.

OneVue chief executive Connie Mckeage highlighted a number of milestones achieved over the six-month period, starting with OneVue listing on the ASX in July following the successful completion of a $14 million capital raising.

She said another achievement was the delivery of a private label digital direct platform, brightday, launched for self-directed investors and subscribers of the News Corp-owned Eureka report.

Further, the business established connectivity to the ASX’s mFund Settlement Service, with clients Allan Gray and AMP Capital launching funds via the service in August and December respectively.

OneVue also joined Calastone’s global funds transaction network, created a private label platform for financial services firm Spring FG, and partnered with software provider Oracle to extend its fund services offering to international investment managers and custodians.

« Back to Articles