FNZ doubles profits after scoring big name platform projects

Tech-Technology-Computer-Pound-700x450.jpg

Platform technology provider FNZ has reported an increase in post-tax profit to £28.7m in the year ended 31 December 2016, up from £12.5m the previous year.

FNZ completed platform launches for Barclays, HSBC and Santander over the year.

It also took over Old Mutual Wealth’s replatforming project from IFDS and is working on Aviva’s replatforming.

Its software runs the Vanguard direct-to-consumer platform that launched in May.

According to FNZ’s annual statement, the business reported platform revenues of £89.4m, which rose from £72.3m in 2015.

The report breaks down the platform revenue result into implementation fees of £57.5m (2015: £46m) and asset servicing fees of £31.8m (2015: £26.3m).

Assets under administration stood at £74.4bn for the year, which was a 46.8 per cent increase from 2015.

On the platform revenues and operating profit of £29.5m, FNZ says: “These results were achieved through a combination of significant new client projects and platform launches, combined with disciplined cost control and the natural operating leverage of the business, which continues to deliver margin expansion with increasing scale.”