MainstreamBPO, one of Australia’s largest independent fund administrators, has announced an after-tax profit of AUD1.4 million for the twelve months to 30 June 2017, an increase of 38 per cent over the prior corresponding period. Revenue was up 56 per cent to AUD29.3 million.
MainstreamBPO services to 192 fund managers and superannuation trustees.
During the reporting period, funds under administration rose 35 per cent during the year to AUD119 billion, from AUD88 billion as at 30 June 2016. Over the same period, the number of funds administered grew from 435 to 667 funds.
Chief Executive Officer Martin Smith (pictured), says: “Since listing in October 2015 we are very pleased with the achievement of doubling our annualised revenue to AUD29 million. This has been attained through a combination of organic growth, new business wins and strategic acquisitions.
“Another pleasing outcome of this reporting period was our margin improvement of 2.2 per cent via the acquisition of higher margin businesses, restructuring of core software agreements and improved automation in key client processes.”
Following completion of three acquisitions during the reporting period; namely Fundadministration, Inc (USA), Galileo Fund Services business (Isle of Man) and the former European hedge fund business of Alter Domus (Malta), MainstreamBPO now has global operations in six countries and 180 employees.
The group has two further acquisitions underway. The acquisition of Trinity Fund Administration (Ireland and Cayman Islands), pending regulatory approval, will deliver established operations in two key fund domiciles. The integration of part of IRESS’ superannuation administration business (Australia) is expected to build scale and capability in the group’s superannuation administration business, SuperBPO.