Key figures:
\u2022 EBITDA of \u00a39.1m, up 21.1%
\u2022 Revenue grew by 25.7% to \u00a336.0m
\u2022 \u00a31.0bn gross inflows
\u2022 Customer numbers up by 11% to 67,682
\u2022 Market movement reduced AUA by 2.4% to \u00a38,732m
Novia Financial, the adviser-focused platform business, delivered robust growth in 2022, despite ongoing market turbulence, reporting \u00a39.1m earnings before tax and interest, and revenue growth which was up 25.7% on the prior year. In its financial results for the year to 31 December 2022, Novia reported its earnings before interest, tax, depreciation and amortisation (EBITDA) were up 21.1% from 2021 to \u00a39.1m and revenue grew to \u00a336.0m. The platform also increased customer numbers by 11%, up to 67,682, and saw \u00a31.0bn of new money flow onto the platform.<\/p>\n\n\n\n
Market movements meant AUA reduced by 2.4% to \u00a38,732m in 2022, in what was a challenging year for investors, following global market volatility.
Novia also included a provision of \u00a311.6m relating to legacy assets bought on the platform prior to 2017 that affected a small number of clients. The company has PI insurance in place and expects to make a claim should the liability crystalise.<\/p>\n\n\n\n
Patrick Mill, CEO at Novia, said: \u201cWe delivered robust growth in 2022, despite the wider market challenges that the industry faced. This year we continue to focus on, and invest in, transforming our service, so that we can lead the next generation of platforms which will provide true digitisation and deeper connectivity.\u201d<\/p>\n\n\n\n