The HUB24 Ltd (ASX: HUB) share price is trading lower on the day of its annual general meeting.
In afternoon trade the investment platform provider's shares are down 0.25% to $20.70.
What happened at the HUB24 annual general meeting?
Management began the virtual event by taking investors through its performance in FY 2020.
During the 12 months ended 30 June, HUB24 continued its impressive form and delivered further strong growth across all key metrics.
Group revenue increased 14%, Platform revenue increased by 37%, and underlying earnings before interest, tax, depreciation and amortisation (EBITDA) jumped 60% to $24.7 million.
HUB24's chairman, Bruce Higgins, commented: "In an environment of continued disruption in the financial services industry and a global pandemic we have continued our strong growth trajectory since the last Annual General Meeting. This disruption including the incumbents divesting of their wealth businesses, continues to create significant opportunity for HUB24 to continue to grow."
The good news for shareholders is that this positive form has continued in FY 2021.
Management advised that market conditions continue to be favourable for its ongoing growth and, together with its recently announced acquisitions, it is looking forward to continuing to deliver on its strategic objectives.
Outlook.
While no guidance was provided for FY 2021, the company's chairman revealed that HUB24 is targeting very strong inflows over the next two years for its existing business.
Mr Higgins commented: "We are targeting strong net inflows in the FUA range of $28 billion to $32 billion by 30 June 2022 and, subject to any unexpected impacts arising from the pandemic or broader economy, our profitable growth trajectory to continue. These expectations do not include contributions from the recently announced proposed M&A transactions and are based on our existing operations."
This compares to FUA of $17.2 billion in FY 2020 and $19 billion at the end of September. The high end represents an increase of 86% on FY 2020's numbers.
