Page 4 - OneVue Annual Report 2015

Letter from the Chair
Dear Shareholders,
On behalf of the Board of OneVue Holdings Limited, we
are pleased to present OneVue’s 2014/15 Annual
Report. As we close out our first year as a publicly listed
company we have not only exceeded the prospectus
forecast but also continued to build the business
through strong organic growth and targeted
acquisitions.
Financial Highlights for the Year
The past 12 months have been challenging for many
organisations due to volatility and uncertainty in global
and domestic markets, nevertheless OneVue has
delivered not only on its growth targets but has
continued to build scale, won significant new
institutional client business and received market
recognition.
In the last 12 months total revenue has grown by 92%,
30% more than the operating expenses. The underlying
EBITDA for the year improved by 134% delivering a
positive $0.7 million EBITDA compared to a $2.08
million loss last year.
Importantly, the net loss after tax improved 96% from a
$5.23 million loss in 2014 to a small loss this year of
$0.22 million with the second half of the year producing
a net profit after tax of $1.42 million up 187% over the
first half of the 2014/15 financial year.
Business Highlights for the Year
We have two operating businesses Platform Services
and Fund Services and both businesses have grown
considerably over the last year.
Platform Services
At the close of June 2015, Platform Services Funds
Under Administration ( FUA ) was $3.075 billion which
represented an increase of $1.135 billion or a 58% over
the year. Revenue for the full year at $17.89 million
represented an almost 2.5 times increase on the prior
corresponding period. We also went live with the digital
direct offering launching brightday with Eureka and
SuperProphets with Fat Prophets. We were able to
leverage the significant investment that was made in the
digital offering to create the new adviser and
accountant platform, LUMINOUS, which is being
launched on 28 September 2015. This year will be an
4 - ONEVUE ANNUAL REPORT
exciting one for Platform Services as we continue to
look for accretive acquisitions and drive momentum
with LUMINOUS whilst continuing to white label the
digital direct offering for third parties.
Fund Services
Fund Services revenue for the full year at $7.5 million
represented an increase of 29% over the prior
corresponding period. OneVue not only secured a 5
year contract with BNPP in FY2015, with material
transitions phased over the next 18 months but also
added a significant pipeline of institutional revenue. We
have begun to transition a further $2.0 million of this
revenue which will have a positive impact on Fund
Service’s financial results both from a revenue and an
EBITDA perspective. This is a scale business and this
year we will create genuine operating leverage with
significant increases in revenue and proportionately
lower increases in costs. Our objective remains to
become the Australian unit registry utility servicing both
domestic and global trustees, custodians and
investment managers. This year we have made
enormous strides towards that goal.
Recognising our shareholders, supporters
and staff
We could not have achieved what we have this year
without the support of our shareholders. As a
shareholder myself I know how important it is to invest
in the right companies and back the right people.
OneVue is a company that is acutely aware of the need
to look after its staff and to deliver value to
shareholders. The Board recognises the contribution
made by its incredibly dedicated staff. OneVue could
not have achieved its high growth objectives without
their unwavering and consistent focus on delivery.
We look forward to working with all our stakeholders in
what is expected to be a very exciting year ahead.
Yours sincerely,
Gail Pemberton
Chair