Ladies and gentlemen, thank you for standing by, and welcome to the Annual General Meeting of Bruvura Solutions Limited. I would now like to hand the conference over to Chairman, Niu Braukhausen. Thank you. Please go ahead.
Thank you. Good afternoon, ladies and gentlemen. My name is Neil Bruckhausen, the Chair of Riviera Solutions. And on behalf of the Board, I would like to welcome all shareholders and guests to our 2020 Annual General Meeting. It's now 4 p.
M, and there being a quorum present, I declare the 2020 Annual General Meeting of BRABURA Solutions now open. I'm joined today by other members of the Board, including Tony Klim, Martin Deida, Alexa Henderson, Libby Roy and Peter Mann. And I'm also joined by Revura's auditor for the 2020 financial year, Gamini Martinus from Today, we are pleased to welcome you to our 1st virtual meeting platform provided by our share registrar, Link Market Services. Due to the current COVID-nineteen pandemic, we felt it prudent to hold this AGM online for our collective safety. You'll be able to listen in real time, submit questions online in writing, and shareholders, proxy holders and shareholder company representatives may vote online.
At the bottom of the shareholders screens are 3 indicative interactive boxes that allow shareholders to get a voting card, ask questions or download relevant AGM documents. Only those who have logged on to the meeting as shareholders will have the ability to vote and ask questions. Please note that eligible voters can submit questions at any time beginning now. You may vote at any time during the meeting, and voting will close 5 minutes after the formal items of business. A timer at the top of the online meeting platform will count down to the close of voting.
In addition, a guide to the online virtual meeting was lodged with the AFX and was also made available on the Investor Center on our website. The agenda for the meeting will include the Chair's speech, CEO's speech and the formal business of the meeting, which includes the resolutions of the meeting. Please also be advised that the Chairman and the CEO's speeches have been released to the market, and you can find copies of them on the ASX platform. Welcome to the Prevura Solutions 2020 AGM. Despite the COVID-nineteen pandemic and market volatility, Prevura has enjoyed another successful year with solid operating and financial performance recorded across the business.
This means we have now reported 4 consistent years of excellent full year results since our IPO in November 2016. Under the leadership of Tony Klim and his experienced executive team, Brabura continues to advance towards its long term strategic goals and take advantage of a significant and growing addressable market. During the financial year, Brabura extended its product suite with the acquisition of Midwinter Financial Services and Finacomp, boosting our technical capability and providing greater coverage of the financial services value chain. Both businesses are delivering strong sales pipelines with active cross sell opportunities significant combined offerings across our product suites already in flight. In October 2020, bravura also announced the acquisition of Delta Financial Systems, which has broadened bravura's product offering in the UK complex pensions administration market.
With a solid balance sheet position, an extended and complementary product suites and increasing scale benefits, BRAVURA is well placed to continue its growth trajectory and capitalize on its significant long term sales pipeline. Moving on to our financial results. I am pleased to report that bravura continued to deliver growth in revenue as well as expand our operating leverage. In FY 2020, the business recorded revenue of AUD 274,000,000 representing growth of 6% over FY 2019. Group EBITDA grew by 19% to $57,800,000 compared to $49,100,000 in the previous period.
Group NPAT increased by 22% to $40,100,000 up from $32,800,000 in the prior corresponding period. As at June 30, the company had a solid net cash position of AUD 99,100,000 The Board is pleased to declare a final unfranked dividend of 0 0.055 dollars per share for the year, Prevura enhanced its product suite by acquiring cloud based SaaS provider Midwinter Financial Services for AUD 50,000,000 Midwinter's leading financial planning software offers our clients self directed digital advice capabilities and advisor administration. Having now successfully integrated the Midwinter organization into Brabura, we have already seen a number of existing clients expressing strong interest in Midwinter's product offerings. Given Midwinter's software solutions are a natural extension to Brabura's existing product suite, we remain confident that there is a long growth runway trajectory ahead for Midwinter that can deliver excellent results for Brabura shareholders. In October 2019, Brabura further enhanced its product suite by acquiring leading microservices provider, FinaComp, for AUD 25,000,000 FinaComp is an Australian software company servicing the UK market and builds a registry agnostic and highly flexible products and services that can be independently deployed to solve specific business challenges.
As more wealth management providers transition to agile and cost effective technology ecosystems, this acquisition will allow Brabura to drive more of our clients' mission critical operations. Subsequent to the year end, in October this year, we also announced the acquisition of Delta Financial Systems for a total consideration of up to AUD 41,500,000 Delta is an award winning U. K. Software company that provides technology to power complex pensions administration in the U. K.
Market. The acquisition broadens bravura's product suite in which Delta's products represents a natural extension to bravura's core SANASA offering. The acquisition also provides opportunity to offer Brabura's other products to Delta's client base. At Brabura, our mission is to deliver innovative technological solutions that power the world's financial institutions. Our purpose is to make our customers successful by providing a broad suite of global software solutions and services that drives the success of their businesses.
Our technology is the essential administration engine that powers the wealth management and funds administration industries across the APAC and EMEA regions. Brewer proudly boasts a long standing international client list that includes some of the world's largest blue chip financial institutions, including Fidelity International, Bank of New York Mellon, JPMorgan, Mercer, Westpac New Zealand, AFP Bank, Tau, Suncorp, Stanlib, Legal and General, Schroders, Lloyds and FITI to name but a few. The strong demand for Brigora's broad and growing product range is driven by clients' needs for speed to market, enhanced digital capabilities and navigating maturing and evolving financial regulation and extracting operational efficiencies. Amid the COVID-nineteen pandemic and market volatility, Brabura remains committed to supporting our clients through these evolving industry trends and will continue to invest in enhancing the functionality of our product range to grow our market offering. During the FY 2020, BRAVURA enjoyed growth across both our Wealth Management and Funds Administration business units.
Our clients have more than AUD 4,000,000,000,000 of asset under administration on BRAVURA Technology directly or on behalf of their customers. BRABURA's steady financial performance in such uncertain times is testament to the strength of the business and the value of our product suite. We've invested over A210 $1,000,000 in our flagship product, Sonata. This investment has positioned Sonata as a market leader in our key regions and has delivered excellent returns for our shareholders. In FY 2020, we invested an additional AUD 36,000,000 in our product suite to further enhance digital functionality across our offerings.
This includes the development of Sonata Alta, our new cloud based operating model that gives our clients the agility to plug and play best of breed technology solutions to achieve the functionality that they need. Our solid balance sheet and skilled management team, combined with the long term nature of our client relationships, positions the company for significant growth. Libby brings her extensive experience and experience in wealth management, super Libby brings her extensive experience and experience in wealth management, superannuation and financial planning to the Board and the business. I'll just hand over to Libby to say a few brief words. Libby?
Thank you, Neil. I'm delighted to join the Board and serve our shareholders. I have 20 years experience in financial services and technology space, including AMP, AXA, PayPal and Optus, which I look forward to leveraging at bravura on behalf of our shareholders and to deliver on bravura's mission. Thanks, Neil.
Thank you, Libby. Bravura remains also well positioned to maintain its upward growth trajectory, supported by our new Sun Ulta proposition and our recent acquisitions. While there has been a significant lengthening of the sales cycle due to COVID-nineteen, Privura has a strong long term sales pipeline, including significant opportunities to attract new clients across key markets and increase technology spend among existing clients. With increased global demand for personalized digital experiences, self-service capabilities and lower operating costs, Probuora's market leading solutions are well placed to meet these client needs. We continue to invest and enhance the Probuora product suite to take advantage of the strong demand in our current geographies as well as for future growth in adjacent markets and regions.
On behalf of the Board, I would like to thank our valued shareholders for their commitment to PREBURA Solutions over the past financial year. I welcome our new shareholders who have invested in our business for the next stage of bravura's growth journey, and we appreciate the trust you have placed in us to deliver on our business goals. Under the strong leadership of Tony Clem and his executive team, we remain confident in delivering on our strategic objectives for the year and on our ambitions for continued growth into the future. Finally, I would like to thank take this opportunity to thank Tony and the more than 1400 Privora staff located around the world for their efforts and commitment during the year. The company's many achievements would not have been possible without the hard work and commitments of every member of the Privura team.
We continue to develop and deliver innovative and world class solutions that meet our clients' needs. I will now hand over to our CEO, Tony Klim, to discuss gravurea's operational highlights and growth strategy in more detail. Thank you, Tony.
Well, thank you, Neil, and good afternoon. It has been another solid year for gravurea with robust performance reported across the business. I'd like to take this opportunity to share with you the progress we have made and why I believe gravurea is well positioned to continue its trajectory of sustainable growth. For the 4th consecutive year, bravura's performance across key metrics exceeded that of the previous year. These strong results can be attributed to several key drivers, including an enhanced and growing gravure product suite, continued demand for professional services from existing clients and a solid base of long term client contracts.
This highlights the valuable relationships we build with our clients and the importance they place on our technology to run their business. We continue to strive towards our mission of developing innovative technology solutions that power the world's financial institutions. Both Wealth Management and Fund Administration delivered solid results for the year. SunOpta continued to drive growth as well as additional project work from existing clients. Funds administration also delivered growth following increased implementation and development work across its client base.
The enhancement of our product ecosystem with our acquisitions of Midwinter and PhenoCom further contributed to this growth. Despite the lengthening of sales cycle caused by the heightened uncertainty from COVID, sales opportunities in both segments continued to develop. Revura's Wealth Management division achieved a sound financial result in the year, which was largely driven by the extended adoption of Sunnata across global markets. The segment recorded revenue growth of 2% to AUD180.4 million, while the division's EBITDA was down by 2% to AUD 52.9 million. In APAC, leading New Zealand's outsourcer, trustees, executives extended its longstanding partnership with Privira that will see them upgrade to our digital and managed cloud services solutions.
Another key highlight is our ability to quickly deliver to our Australian superannuation clients the capacity to automate the bulk handling of early release requests arising from COVID-nineteen legislative changes. In EMEA, SunOpta continues to drive growth through project work from existing clients. Fidelity successfully completed their self invested personal pension migration onto SunOpta. Legal and General launched a workplace individual savings account on the solution. And Prudential reached in excess of £19,000,000,000 worth of assets with our self invested personal pension and proof funds on Sonata.
This reinforces Sonata as the market leading agile business solution. Our plant administration division enjoyed strong results in FY 2020, driven by license renewals and growth in professional services. The segment recorded revenue growth of 16% to A93.8 million dollars while the division's EBITDA saw a 33% increase to reach A43 million dollars Key divisional highlights include product enhancements that enable greater digital self-service and operational efficiency for our clients, as well as continued investment in the regulatory currency of our transfer agency software. We also made significant developments to our hosted services infrastructure in response to COVID, the strength in performance, data security and disaster recovery capabilities. Our 3rd party administration clients also continued to grow their portfolios across our solutions.
Riviera remains a leader in the fund administration market for its digital solutions and straight through messaging capabilities. Amid COVID-nineteen market volatility, our award winning STP engine, Fable, experienced a 40% increase in trading volumes in FY 2020, demonstrating scalability and resilience. We're very pleased with the performance recorded in the segment and expect demand to continue as clients seek to enhance their digital capabilities. Among other sales, PhenoCom signed a new contract with a new client, a U. K.
Investment platform to implement a broader suite of microservices to replace their existing core platform technology. And bravura continues to evaluate a healthy pipeline of acquisition opportunities, while ensuring we leverage shareholder capital in the most efficient and value maximizing way. Robura ended the 2020 financial year with a net cash position of AUD 99,100,000, part of which was deployed into the acquisition of Delta Financial Systems. We remain well positioned to fund further growth opportunities, both organic and acquisitive, as they arise. Turning to acquisitions.
In FY 2020, Bravura also acquired 2 strategic market leading businesses, Midwinter and PhenoCon, boosting our technology capability and providing greater coverage to the Financial Services value chain. We have now successfully integrated the Midwinter organization into Privira and are seeing significant interest from our existing clients in how Midwinter Software Solutions can support their business. Its leading financial planning software Advice OS powers back office administration for financial advisors and drives online self directed digital advice portals for superannuation funds in Australia. By providing BRAVURA with a competitive edge, the solution is attracting interest from the New Zealand advice market and positioning us to capitalize on changes in the Australian advice market. Proveura's product ecosystem has been further enhanced by our acquisition of PhenoCom in October 2019.
PhenoCom has built a suite of highly flexible and registry agnostic data analytics and performance reporting software that services some of the world's leading financial services customers. We're seeing high demand in the U. K. For Phenocom's market leading products as more wealth management providers transition to agile technology ecosystems that solve business challenges in a more cost efficient way. As mentioned, PhenoCom signed a new contract with a new client, a UK financial services provider, to implement a broader suite of microservices to replace an existing platform.
We also recently announced the acquisition of U. K. Software firm Delta Financial. Delta's highly regarded products support the administration of self invested personal pensions and small self administered schemes, including the full range of complex client drawdowns options available under the pensions freedom legislation. Delta's technology currently supports the needs of more than 30 of the UK's leading financial services companies.
Our businesses have complementary products that together provide a compelling offering to support the mission critical operations of wealth management firms in the UK. I'd now like to take a moment to talk about the global COVID-nineteen pandemic. Proveura's key focus during this time has been on the health and well-being of its people. As a technology led organization, Proveura employees were able to transition to remote working smoothly. We maintain our ability to implement health and safety measures as required in the jurisdictions in which we operate.
I'm also pleased to report that despite the global pandemic, operations have remained uninterrupted and we have been able to continue supporting our clients during this time. We maintain confidence in our ability to provide our products and services remotely across all locations to enable operations to continue regardless of any lockdowns. We maintain a good pipeline of client implementation work and client tenders for new sales continued, albeit with a lengthening of the sales cycle, particularly in the U. K. I'd now like to talk briefly about the market in which we operate and the drivers for growth in our business.
Proveura's clients operate in the Wealth Management, Life Insurance and Fund Administration segments. Our clients in these segments face a growing set of challenges. The Financial Services industry is characterized by complex and continually changing regulatory requirements. And while 2020 saw a delay in new regulatory changes due to the COVID-nineteen pandemic, financial institutions still face the same pressures to meet customer demand and achieve operational efficiency. The onset of the COVID-nineteen pandemic has increased the importance financial institutions have placed engaging more closely with their customers.
Revura has developed enhanced digital applications that allow our clients to meet this demand. Our technology platforms address the key issues faced by the world's financial institutions. I'd now like to spend a moment taking a closer look at Probura's growth outlook. A healthy sales pipeline from existing and new clients and across multiple geographies presents a significant opportunity to grow our business. Our strategy continues to focus on the following drivers of growth.
Firstly, extension of the Probuura product range. Probuura has invested over AUD 210,000,000 in developing its flagship product, Sonata. Sonata is now well established and well regarded in the market as a product with rich functionality that can support a wide range of financial services products. In FY 2020, we made some significant enhancements to the platform, which included improving its digital functionality, tax capabilities, legislative programs and capacity to service diverse income streams. Now importantly, we also launched Sonata Alta, a flexible best of breed operating model that capitalizes on the substantial benefits of cloud computing, artificial intelligence and automation.
Powered by Sonata, Alta's agile cloud based enterprise architecture supports machine learning and analytics, plug and play microservices and intelligent automation. These are key tools for achieving digital first customer experiences and exceptional operational efficiencies. The solution can be componentized in support of front, middle and back office operations, providing clients with flexibility to value source the functionality they need to maximize differentiation, reduce cost to serve and improve customer outcomes. We continue to invest in the development of our existing product suite as well as we look to acquire organizations with new products that complement and enhance our offering and expand our total addressable market. Looking at the 2nd driver for growth, new geographies.
There are a number of adjacent geographic markets that are currently demonstrating or likely to demonstrate in the near term market characteristics similar to the ones in which Probuero currently enjoys success, particularly in Continental Europe. While COVID-nineteen is making this more difficult, we continue to evaluate potential opportunities to move into new geographies through acquisition or to support the needs of existing clients seeking to expand into these regions. A third product of growth is our adjacent markets. We continue to explore a pipeline of acquisitive and organic growth opportunities in our current markets as well as those adjacent to us. We look for acquisitions that bring complementary technology that enhance our current offering as well as opening up new markets for Brugu Hero.
Fourthly, a 4th driver, product development. Our market leading products have demonstrated that years of investment and development activity in collaboration with our clients has produced a world class software solution that is delivering excellent shareholder returns. BRAVURA maintains a strong pipeline of development activity to meet the needs of both current and future clients across our products. In FY 2020, an additional AUD36 million of R and D was invested across BRAVIA's product ecosystem by BRAVIA and its clients, further differentiating us from the competition. A third driver for growth is a unified digital platform.
The Privira ecosystem of products can provide a unified customer centric platform that supports the administration and digital delivery of a wide range of financial products to our clients across front, middle and back office teams. These include investments in RAT platforms, superannuation, pension and retirement products, life insurance and private wealth. And a final driver is our continuous innovation. Our mission is to develop innovative technology solutions that power the world's financial institutions. This is why innovation is a driving force of Probuura.
Our dedicated innovation labs and software engineers work to ensure our products keep pace with the global consumer and technology trends. In FY 2020, we commenced deploying cloud computing and machine learning capabilities across Probuura's product suite. These competencies are proving essential in the current environment as end customers seek to digitally engage more than ever with our finances and financial service providers based additional pressures on pipe margins. I'd now like to spend a moment to talk about our people. Probuera has over 1400 employees located in 19 offices across 8 countries.
We invest significantly in training and developing our team to enhance Probuura's product suite and meet our clients' evolving demands. 84% of the Probuura workforce are software engineers and consultants, highlighting the importance the organization places on developing innovative and modern technology solutions. Turning now to the outlook for FY 'twenty one. Revera is well positioned to achieve sustainable growth in the years ahead, energized by our new Sultana Ultra proposition and recent acquisitions. And while there's been a lengthening of the sales cycle due to COVID-nineteen, Vibura maintains a strong long term sales pipeline, including significant opportunities to attract new clients and increase technology spend amongst existing clients.
We were particularly pleased to recently announce a new contract with Aware Super in Australia. Aware Super has selected BRABureau to provide the technology to power its mission critical operations, which support the administration of the retirement savings of its members. Aware Super is implementing an integrated ecosystem of Privura products underpinned by Sonata Ultra. Sonata Ultra provides a high degree of automation and straight through processes. The integrated ecosystem encompasses Midwinter's Advice OS, Able SuperStream messaging and member and advisor digital offerings.
Privura's products will underpin Aware Super's provision of superannuation, income stream, unit trust and advice offerings. Robeura will also provide a dedicated Sonata Ultra support team. Aware Super, which was previously called First State Super, is Australia's 2nd largest superannuation fund, managing nearly AUD 130,000,000,000 in retirement savings for more than 1,000,000 members. Aware Super supports members with superannuation, retirement, investments and advice. As noted at Probuora's FY 2020 results, while the new sales pipeline remains strong due to the wider impact of COVID-nineteen, there is greater uncertainty in the timing of deal closures when compared to prior years.
It is possible that FY 2021 impact will be similar to FY 2020. In October 2020, we also flagged that the 2nd wave UK lockdowns installing Brexit negotiations have increased uncertainty and are slowing the progress of pipeline opportunities in the UK. As a result, bravura expects FY 2021 NPAT to be weighted approximately 80% for the second half of FY 2021. In conclusion, the solid results delivered in FY 2020 are testament to the strength of our business and more particularly the hard work and immense dedication of our global Probuvira team. I would like to thank all our people for their outstanding contribution.
I look forward to continuing our work together as we remain firmly committed to growth. And lastly, on behalf of the Board, I would like to thank you all for your attendance today and for your continued support for Proveura as we continue delivering market leading technology solutions that support the needs of current and future clients. Thank you.
Thank you, Tony. We will now turn to the formal business of the meeting. The notice of the meeting was lodged on the ASX on the 20th October 2020, and the notice of the meeting contains resolutions which are to be voted on today and will be taken as read. Each resolution set out in the notice of meeting is to be considered as an ordinary resolution and to be approved by a simple majority of votes cast by the shareholders entitled to vote. The resolutions for consideration today may only be voted on by shareholders, proxy holders and shareholder company representatives.
We will display the votes by both shareholders and proxies received prior to this meeting on the slide following discussion on each item of business. There will be an opportunity for shareholders to ask questions online through the virtual meeting website on each matter being put to shareholders. We will now move on to the items of business for this meeting as set out in the notes of the meeting. Item 1, the first item of formal business is to receive the bravura solutions financial report for the year ended 30th June 2020. Mr.
Martinez from is available to take questions relevant to the conduct of the audit and the preparation and content actions that you have of our auditors through me. There is a separate agenda item dealing with the remuneration report. If shareholders have questions in relation to the remuneration report, please save those until we come to that item of business. There will be no votes on this item. This is a discussion item only.
Are there any questions on the Bureau of Solutions Financial Statements, Director's Report or the Auditor's Report? There are no questions, so we will move on. Item 2. The next item is Resolution 1, the adoption of the remuneration report. The remuneration report to shelves is contained on Page 28 to 46 of the 2020 Annual Report.
Are there any questions on this item? There are no questions. The total valid proxies for this resolution are now on display on the presentation slide. As there are no further questions, we will move on to the next item. Item 3.
The next item is Resolution 2, the reelection of Ms. Alexa Henderson as Director. Details regarding this resolution are provided Page 7 of the notice of the meeting. Are there any questions on this item? There are no questions on this item.
The total valid proxies for this resolution are now on display on the presentation slide. As there are no further questions, we will move on to the next item. Item 4. The next item is Resolution 3, the ratification appointment of Ms. Libby Roy as a Director.
Details regarding this resolution are provided on Page 7 of the notice of meeting. Are there any questions on this item? There are no questions on this item. Total valid proxies for this resolution are now on display on the presentation slide. As there are no further questions, we will move to the next item.
Item 5, The next item is Resolution 4, which is approval for the granting of performance rights to Mr. Tony Klim, CEO. Details regarding this resolution are provided on Pages 7 to 12 of the notice of the meeting. Are there any questions on this item? There are no questions on this item.
The total valid proxies for this resolution are now displayed on the presentation slide. As there are no further questions, we will move to the next item. The next and final item is Resolution 5, approval for the granting of performance rights to Mr. Martin Dieter, CEO. Details regarding this resolution are provided on Pages 7 to 12 of the notice of the meeting.
Are there any questions on this item? There are no questions on this item. The total valid proxies for this resolution are now on display on the presentation slide. As there are no further questions, we will move to the next item. Thank you for considering these resolutions and for your questions.
Now that the formal items of business have concluded, voting will close in 5 minutes. A timer at the top of the screen will count down to the close of voting. If you haven't already, please cast your votes now. Poll results will be released via the ASX as soon as possible. We've now come to the part of the meeting where shareholders have the opportunity to ask questions regarding the company's operations and or management.
I will start with the questions that have been already provided in advance of the meeting. There are 2 questions. First question is, when will you have a rights issue? My answer is, the company is currently well capitalized and has sufficient access to capital to fund its current investment opportunities. Accordingly, the company does not currently have any plans to raise additional equity capital.
The second question, what are you doing to improve financial performance and shareholder return? My answer is potential customers in our operating regions are greatly in need of highly functional, highly automated and highly scalable technology solutions. Profura also has outstanding products that are highly regarded in the marketplace. We are focused on increasing sales at an appropriate margin, while maintaining tight control of our costs, which in turn should drive strong financial performance and shareholder returns over the coming years. Are there any further questions from those attending online on this item?
There are no further questions. As there are no further questions, we can now conclude our first online AGM. I now declare this AGM of Privora Solutions closed, and I thank you attending and your support for the business.