Page 27 - OneVue Annual Report 2015

Review of operations

Performance compared with the prior year

Year ended 30 June ($’000) 2015 2014 Change %
Revenue 25,402 13,202 92%
Other income 144%
Operating expenses 22 9
EBITDA (24,720) (15,292) (62%)
Depreciation & Amortisation (2,082) 134%
EBIT 704 (1,344) (62%)
Interest (2,179) (3,426) 57%
Non-recurring expenses (1,475) 167%
Profit (loss) before tax (73) 76%
Tax 49 (2,557) 66%
Net Profit (loss) After Tax (623) (6,056) 123%
(2,049) 96%
1,829 819
(220) (5,237)

Total Revenue grew by $12.2 million or 92%. This was Service capabilities. Platform Services also expanded
achieved by growth from the current year Select Group intermediary relationships and gained a larger share
acquisition of $7.5 million or 61%, growth from the full of total funds under advice. Other highlights during
year effect of prior year acquisitions of $3.5 million or the year included Yellow Brick Road’s launch of
29%, and organic growth of $1.2 million or 10%. OneVue’s robo advice solution guru.ybr.com.au and
the strengthening of the MAP Superannuation
The Board uses underlying EBITDA (earnings before offering with SIP appointed to manage its
interest, tax, depreciation and amortisation) as a Superannuation investments. Platform Services
principal profit and cash measure. Adjusted for non- contributed $17.9 million or 70% of total revenue
recurring items, the underlying EBITDA for the year from continuing operations compared to 57% of total
ended 30 June was a profit of $0.7 million which was an revenue from continuing operations in the prior year.
improvement of $2.8 million over the prior year. The $10.6 million or 143% growth was driven by the
Select Group acquisition, MAP and digital.
The current year EBITDA excluded non-recurring
expenses of $0.6 million (FY14: $2.6 million) including Diversity of revenue within each business unit also
acquisitions, IPO and restructuring costs. The improved during the year.
depreciation and amortisation expense of $2.2 million
(FY14: $1.3 million) was driven by acquisitions and The net loss of $0.2 million was a $5.0 million or a
increased capitalised development. 96% improvement from last year’s loss of $5.2
million. A large contributor to this result was the
Fund Services revenue grew by $1.7 million or 29% research and development tax benefit for innovation
from the prior year. A large portion of this growth was development of $1 million (FY14: $0.8 million). In
from the full year effect of the prior year Computershare addition OneVue recognised a $0.8 million tax
Fund Services (“CFS”) acquisition. There was also growth benefit (FY14: Nil).
from new RE clients cross sold into unit registry services.
OneVue has no external bank borrowings.
During the current year, Platform Services broadened
the service offering with the acquisition of Select Further details about the business are contained in
Investment Partners (SIP) adding Customised Portfolio the business overview section.

ONEVUE ANNUAL REPORT - 27