HUB +4.9%: a new all-time high for the investment platform today, HUB’s 1H result was better than expected thanks to higher margins. Revenue was up 14%, however this was in line with expectations of $157m, but EBITDA of $55m was ~2% ahead of consensus. Management had flagged an increase in costs with a higher headcount to be factored into FY24, however, EBITDA margins of 35% were ahead of expectations. The company also reaffirmed FY25 Funds Under Advice (FUA) targets stating advisor onboarding had remained strong, likely leading to upgrades to expectations.
MM has no interest in chasing HUB here
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