The second half of the financial year (January to June 2019) pulled in A$521m, compared to A$328m in the first six months.
The firm saw its funds under administration (FUA) grow by 29% to A$2.6bn (as of 30 June 2019), compared to A$2bn in the previous year.
Aiming for profit
International revenue, which includes the UK and Asia business units, declined by 12% to A$13.7m; with the UK business impacted by declines in global equity markets and outflows in the Smartfund range of managed funds.
This was partly offset by growth in Asia, however, with revenue increasing 19% to A$800,000. This stemmed from a 33% uplift in users over the past 12 months, the firm said.
Chief executive Michael Ohanessian commented: “I’m delighted to say that our international business is now growing strongly and is on target to become profitable next year.
“We have hoped to achieve this milestone sooner, but challenging trading conditions in the UK interrupted our momentum in the early part of the finncial year.”
Year of growth
“The last 12 months represents a real step change for Praemium in terms of our success in our UK and international markets,” added Mark Sanderson, general manager of Praemium’s UK and international business.
“We have managed to stay ahead of the competition by making sure we have our people in the markets where our clients are, and we will continue to expand our local presence in key international markets to meet increasing demand.
“We never stop developing our award-winning technology. Having full control of your development by using proprietary technology is going to be the key differentiator in this new era of platforms in international financial services. Those who rely solely on third-party tech are going to be left behind.”
Overall, the firm’s revenue went up by 5% to A$45.1m.
Profit before tax and net profit after tax increased by 11% (A$5.4m) and 80% (A$2.5m), respectively.
The Austalian platform also had a record year, reporting a 24% rise in FUA to A$6.9bn from net inflows of A$1bn.