Powerwrap posts strong first result

Powerwrap's first full year results as a listed company have exceeded the forecasts listed in its prospectus.

The high net-worth platform provider excelled in a number of areas in its first full year results since listing, beating its prospectus forecasts for revenue, underlying EBITDA, loss and funds under administration.

The firm made a $4.9 million loss across the financial year though was expecting a hit to the tune of $6.8 million. Similarly, revenue rose above prospectus forecast, reaching $16.3 million, 9% higher than last year's $14.1 million result.

Funds under administration were around $600 million above the prospectus target too, sitting at $8.1 billion on  June 30, almost $1 billion above its position in 2018.

Powerwrap chief executive Will Davidson said the result was solid and confirmed the platform's strategy was on track to deliver growth for shareholders.

"We are building the business and investing now to ensure that we take advantage of the strong opportunities in our market," Davidson said.

"The wealth industry is undergoing fundamental change that favours our model. We expect to see more advisers and adviser groups attracted to our high net-worth model."

Davidson said the platform's outlook was "strong" and pointed to the pipeline of new business set to be introduced on the back of the growth of Escala Partners, Powerwrap's largest platform client.

Read more: PowerwrapWill DavidsonEscala Partners
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