Key Highlights
• Secured an outsourced unit registry contract with third major global custodian
• Placement of $12.5 million well supported adding 10 new institutional shareholders to the register and Share Purchase Plan substantially oversubscribed with $5 million of cash received in January 2016
• One-off Fund Services transition costs expended in first half to deliver over $2 million in recurring annual revenue from December 2015.
• 150 new funds established and 9 new fund managers onboarded delivering substantial scale and operating leverage to the business
• Fund Services pipeline of new transitions higher than expected
• Total Fund Services Funds Under Administration (FUA) grew $58 billion to $413.2 billion or 16% over the period and total number of transactions processed increased by 19%
• Completed earnings accretive acquisition of Super Managers (renamed OneVue Super Services) creating immediate superannuation administration growth opportunities
• More than 150 new adviser registrations since the launch of the LUMINOUS platform
• Record Retail FUA of $3.247 billion and Total OneVue FUA of $4.957 billion
• Cash at 31 December 2015 $18.4 million
• Cash flow breakeven for H1
• Both operating businesses now profitable
The OneVue Group reported an underlying EBITDA result of -$0.839 million for the half year ended 31 December 2015, after an intense half year of transitions were executed creating additional annual recurring revenue of over $2.0 million from December 2015.
The cash flow for the half year was breakeven.
OneVue’s Fund Services business is experiencing significant growth with existing clients establishing new funds, additional clients being transitioned and a long term substantial pipeline being secured.
The total number of transactions in the Fund Services business increased 19% over the half with Calastone transactions increasing 82% and mFund transactions increasing 97%. Automation has continued to increase across Fund Services with the number of straight through transactions (STP) increasing from 50% last half to 82% over the period.
Responsible Entity (RE) Services experienced growth of 54% with an unprecedented pipeline of new funds.
In OneVue’s Platform Services business momentum continued to grow around the new LUMINOUS platform launched late September. OneVue achieved record retail FUA of $3.247 billion with net fund flows of $210 million for the half.
Over 150 new advisers signed up for LUMINOUS over the period and two new white labels were launched during the half with Sentry Group the third largest independent dealer group with approximately 300 advisers and FUA of $5 billion today signing to launch a LUMINOUS white label.
LUMINOUS was also a SuperRatings finalist for its rising star award recognising how the product has excelled in terms of enhancing its value proposition to members through significantly improved services and benefits.
Model portfolios were delivered over the period and international capability will go live this month.
The recently acquired superannuation administration business is exceeding growth expectations and is poised to capitalise on any further consolidation opportunities.
Further information:
Ash Fenton
Chief Financial Officer & Company Secretary
(+61) 2 8823 2539
Connie Mckeage
Group Managing Director
0403 609 965