Novia has published its results for 2022 which show “robust growth” despite a reduction in assets under administration (AUA).
The platform saw revenue grow by more than 25 per cent to £36mn in the year to December 2022, while earnings before interest and tax (Ebitda) was up 21 per cent at £9.1mn.
It also increased customer numbers by 11 per cent, up to 67,682, and saw £1.0bn of new money flow onto the platform.
The company said global market volatility meant assets under administration (AUA) reduced by 2.4 per cent down to £8,732mn in 2022, with the platform calling it a challenging year for investors.
Novia CEO, Patrick Mill, said: “We delivered robust growth in 2022, despite the wider market challenges that the industry faced.
"This year we continue to focus on, and invest in, transforming our service, so that we can lead the next generation of platforms which will provide true digitisation and deeper connectivity.”
Novia said it included a provision of £11.6mn relating to legacy assets bought on the platform prior to 2017 that "affected a small number of clients" and the company said it would claim on its PI insurance should the liability crystalise.
Mill is the CEO of Novia Financial, Wealthtime, and Copia Capital which are all owned by private equity firm AnaCap.
Amber Financial Investments, which was acquired by AnaCap in 2020, was successfully migrated onto Novia’s platform in Q1 2022.
In January this year, Novia reduced its rates from 0.50 per cent to 0.30 per cent for firms with more than £10mn of assets on the platform. And from July 2023, clients with under £10mn of assets on the platform were due to see the same reduction.
tara.o'connor@ft.com
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