OneVue reports another loss
SMSF services provider OneVue has reported a net loss of $220,000 for the 2014-15 financial year.
The result was still an improvement on last year, however, when the company suffered a net loss of $5.23 million.
The most recent loss mainly comprised “acquisition and related structuring costs”, OneVue said.
The company also reported that revenue from platform services, including online reporting and transaction capabilities across the superannuation spectrum, was up by 143 per cent on last year, jumping from $7.35 million to $17.9 million.
OneVue said this was partly the result of OneVue’s acquisition of Select Investment Partners and the launch of the company’s robo-advice solution guru.ybr.com.au through Yellow Brick Road.
OneVue group managing director Connie McKeage said the funds raised during the initial public offering have helped to finance the acquisition of new business and extend service offerings.
“It is pleasing to see that the Select acquisition was earnings accretive and assisted in building revenue – this is in addition to the strong organic revenue growth,” said Ms McKeage.
The company stated it will continue to look for further acquisitions that are “earnings accretive and add strategic capabilities”.