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Netwealth (NWL) $13.40

NWL -9.76%: shares in the independent platform were smashed today following a soft first half. While fund flows remain robust and revenue follows, margins have been crunched by increasing costs for each of the players in the space. Operating expenses (excluding share based payments) were up around 30% on 1H21 and NPAT margins fell from 38.2% to 32.4% with earnings falling despite revenue up 17%. Netwealth talked to investment in people and technology as short term pressures however the story has been about operating leverage which hasn’t shown up this half. The numbers also weighed on peers HUB24 (HUB) and Praemium (PPS).

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Netwealth (NWL)
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