HUB24, page-3

When i look at these results it seems they have circa. 2 years left to make it to scale.They making a net loss of approx $4m on an annual basis at current FUA levels and have $10m in cash. At there current growth rate you would assume they would make it into the black before their cash reserves run out.. But its a bit of a punt on assuming the advisers will continue to transfer business onto this platform.

I haven't done a full analysis - but if you look at the FUA growth its a mix of organic/inorganic and corporate vs licencee channels each with their own business model. Theres still a reasonable amount of FUA required to make to profitability (i'd guess atleast $1bn) and lots more required to make it to a decent ROE.

Any views on HUB24's longer term advantages over the big bank platforms such as BT Panorama?