Novia Financial, which was acquired by private equity firm AnaCap in April last year, reports that it is thriving under its new owners with new leadership and promises continued focus on market-leading service delivery and technology enhancements, to put it at the forefront of next-generation platforms in the years ahead.
Novia Financial, the adviser-focused platform business, has reported strong growth in assets under administration (AUA) which was up by 6 per cent, adjusted EBITDA up 31 per cent, and revenue up 14 per cent year on year to end December 2021.
Assets under Administration
Total AUA increased to GBP8,951 million at the year-end, an increase of GBP522 million in the year.
Revenue has risen to GBP27.8 million, representing an increase of 14 per cent on the previous year figure of GBP24.3 million.
Adjusted EBITDA is up 31 per cent to GBP6.7 million. This is the key profitability metric that management use to measure the performance of the business.
Patrick Mill, Group CEO, commenting on the results, says: “We’re investing for growth and to increase our capability and overall proposition for our advisers and their clients, which will allow us to evolve to secure our position at the forefront of the next generation of platforms set to revolutionise the UK market.
“Since the acquisitions of the Novia, Wealthtime and Amber platform businesses by AnaCap, the Group has undergone a transformation, building on the strong foundations that were already in place. Under Mill the business has been preparing the ground for what it says is a third era for platforms, differentiating on true digitisation and deeper connectivity.
“These next-generation platforms will bring superior, adviser-centred technology and customisation to the market. Our ongoing investment in technology, operations and support functions is in anticipation of being one of the leaders of that third wave. New winners will emerge, and we believe we have the right technology model to capitalise on these changing market dynamics to deliver continued robust growth in 2022 and beyond.” Mill says.