Netwealth profits surge as industry consolidates

Netwealth profits surge as industry consolidates
Netwealth profits surge as industry consolidates
The listed platform group posted a healthy increase in profit for the first half of the 2021 year as it continues to benefit from changing advice sector dynamics.
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Netwealth posted a net profit after tax of $27.6 million for 1H21, a $7.1 million increase, or 34.5 per cent up from the previous corresponding period.
The group’s earnings before interest, tax, depreciation and amortisation (EBITDA) came to $30.5 million for the first half, a 30.1 per cent rise from 1H20.
Funds under administration (FUA) as at 31 December had risen by 23.2 per cent during the half-year to $38.8 billion. While there were net inflows of $4.5 billion, Netwealth also saw positive market movements of $2.8 billion during the six months. 

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