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Good afternoon, ladies and gentlemen. My name is Paul Rogan, and I am the Chair of HUB24 Limited. On behalf of the directors, I would like to welcome shareholders, proxy holders, and guests to HUB24's Annual General Meeting. As it is now 1:00 P.M., and the company secretary has advised we have a quorum present, I have pleasure in declaring the meeting open. Our AGM today will be delivered in a hybrid format, so I welcome all of you online, as well as those present here in the room in Sydney today. Before I start formal proceedings, I would like to acknowledge that I am hosting this meeting in Sydney on the land of the traditional owners of the Gadigal people of the Eora Nation.
I also acknowledge the traditional owners and custodians of the various lands from which you are all joining this meeting today virtually, and I wish to pay my respects to elders past, present, and emerging. I encourage all shareholders and proxy holders to take part in the meeting who are present today either online or over the phone. For those of you online today, you'll be able to watch in real time, submit questions, and cast your votes. I'll explain in more detail a little bit about this later on. I wish to remind you that recording devices, photographic equipment, and mobile phones should not be used at any time during the meeting, and if I could ask those in the room to please put your mobile phones to silent. It is now my pleasure to introduce our board of directors to you. Firstly, to my right, we have Mr.
Andrew Alcock, who needs no introduction as the Managing Director and CEO. Next to him, we have Rachel Grimes, AM, Non-Executive Director and the Chair of our Audit, Risk and Compliance Committee. Catherine Kovacs, Non-Executive Director, a member of our Audit and Risk and Compliance Committee and a member of our Remuneration and Nomination Committee. Welcome to Michelle Tredenick, her first AGM as the Non-Executive Director and a member of our Remuneration and Nominations Committee. Tony McDonald, Non-Executive Director and the Chair of our Remuneration and Nomination Committee. Also today, we have Kitrina Shanahan, our CFO and Joint Company Secretary, along with Andrew Brown, the Joint Company Secretary and who will act as today's moderator. Are there any apologies, Andrew?
No apologies, Chairman.
Thank you. Also present today are our auditors from Deloitte, Mr. Stuart Alexander, our audit partner, and we also have our returning officer, Simon Davenport, who is the client relationship manager at Link Market Services. Welcome. I will now outline the formal order of proceedings. The meeting materials for this Annual General Meeting have been released to the market. Shortly, I will make the Chair's address, which will be followed by the Managing Director and CEO's address, and then I will proceed to the formal business of the meeting. We will take questions related to the financial statements and reports and then proceed to the five resolutions for consideration by shareholders. I would ask that questions of a general nature regarding our business are reserved until the conclusion of all the resolutions.
Before giving you an update on HUB24's performance during last year, I will outline the technical and procedural matters for this meeting. If you are present in the room today, you will have been issued either a yellow shareholder proxy holder admission voting card or a blue non-voting shareholder admission card or a red visitor card. If you need assistance at any time, please ask one of the registry staff either here in the room or in the foyer outside. We will have a fixed microphone in the room. If you wish to ask a question, please make your way to one of the reserved seats. We will also have a member of staff standing at the back of the room with a mobile microphone. If you cannot move to the fixed microphone, please raise your hand and we will bring one to you.
An online virtual meeting guide which explains how shareholders may participate in the meeting was released to the market and is available on the HUB24 website. This is also available when logged into Link Market Services online platform in the download section. If you are participating via the AGM online platform, you will see a video stream on the left-hand side and the presentation slides will be on the right. At the bottom of the screen, there are three boxes. These allow you to get a voting card, ask a question, or to download relevant documents. Thank you to those shareholders who have submitted questions and comments prior to this meeting. We will address any further questions at the end of the resolutions. If you have a question that you would like to ask today, there are two ways to do so.
Firstly, you may type questions into the online platform. To do this, click Ask a Question and follow the prompts for written questions. To ensure you have enough time to type and submit your online questions, we encourage you to submit them as soon as possible instead of waiting until later in the meeting. Online questions that are relevant to the business of the meeting will be read aloud to the Chair by the moderator. We may aggregate questions if we receive multiple questions on the same or similar topic. The second way to ask a question is by phone on the online platform. To do this, click on Go to Web Phone and then type your name and hit the green call button. A box will pop up with a microphone test.
Select Start Call, then you will be put into the meeting on mute and you'll be able to listen to proceedings. Please ensure you have muted your webcast on your device. When I call for questions or comments on each of the items of business, to put your hand up, press Star 1 on the keypad of your screen for the item of business that your question or comment relates to. If at any time you no longer wish to ask a question or make a comment, you can lower your hand by pressing Star 2 on your keypad. When it is time to ask your question or make a comment, the moderator will introduce you to the meeting. Your line will be unmuted and you will be prompted to speak. Your line will be muted once you've completed your question or made your comment.
You can hang up and resume watching the meeting via the online platform. If you would like to ask a question on another item of business, you simply repeat this process. The order in which we will address questions today for each of the items of business will be as follows. Firstly, questions from shareholders present in the meeting room and then questions received via the online platform. As mentioned, if we receive multiple questions on the same topic, we will amalgamate those questions in the interest of time and clarity. I will now summarize the voting procedures. All items of business will be voted on by poll, which is now open. The poll will be conducted and scrutinized by our share registry, Link Market Services.
Only shareholders or their authorized corporate representatives, proxies, or alternative attorneys, sorry, are entitled to participate at this meeting and to vote on the resolutions. All of today's resolutions are ordinary resolutions, meaning that to pass, they require more than 50% of the votes cast by members entitled to vote on the resolution in order for it to be carried. If you are present in the room, you will have been issued with a shareholder proxy holder admission voting card, which you will be asked to complete and hand into registry staff at the appropriate time. We will advise you when it is time to complete your voting card. If you need assistance, please ask one of the registry staff in the meeting room or in the foyer outside.
If you have a voting card and you need to leave early, and if you wish, hand your completed voting card to the staff at the registration desk as you leave. If you did not cast your vote prior to the meeting, you may cast a live vote using the online platform. Please click Get a Voting Card. You will need to then enter your shareholder number, your SRN or your HIN, or proxy number, then follow the prompts. You may cast your live vote at any time during the meeting, and live voting on the online platform will close at the conclusion of the meeting. You must be logged into the online platform to cast a live vote, and you cannot cast a vote over the phone. As Chair, I confirm where undirected or open proxies have been given to me as Chair.
As set out in the notice of meeting, I will vote in favor of the resolutions to the extent permitted by law. As Chair, I will vote all directed proxies given to me as Chair of the meeting in accordance with the directions provided, and during the meeting, we will display on the presentation slides the number of proxy votes received prior to the meeting on each of the resolutions. The final results will be released to market as soon as they are available. If you experience any difficulties using the online platform, a help number is displayed at the top of your page. Please ring 1-800-990-363. If we experience significant technical difficulties during the AGM, we will adjourn the meeting until 4:00 P.M. Sydney time today unless otherwise stated. If this occurs, a market announcement will be made and our website updated.
Shareholders, proxy holders, and guests who have registered to watch the meeting will be notified via text. Shortly, I will ask our CEO and Managing Director to deliver his address, but before I do, I will provide my Chair's address to the AGM. At the end of formal proceedings, you will have the opportunity to ask questions, so I ask that you save your questions until then. For those of you who I've not met before, it is my honor to speak to you today for the first time as the Chair of HUB24. I was appointed as Chair in November 2023, and having spent nearly seven years serving on the board and on a number of board committees, I am privileged to lead the board and work together with our talented HUB24 team. As shown on this slide, a number of highlights.
Financial year 2024 was another very successful year for the HUB24 group, having achieved record growth and strong financial results while remaining focused on progressing our strategic objectives towards our purpose of empowering better financial futures together. During the year, group revenue increased by 17% to AUD 327.3 million. This was driven by strong growth in the platform segment, which had a record year of net inflows, supported by consistent growth within our tech solution segment. Our group's preferred measure of profitability is underlying earnings before interest tax and depreciation and amortization and notable items or underlying EBITDA, and this increased by 15% to AUD 118 million, with underlying net profit after tax or UNPAT up 15% as well to AUD 67.8 million.
During FY24, we continued to extend our market leadership and our core propositions while maximizing our unique capabilities to deliver further opportunities for growth and value for both our customers and our shareholders. Over the year, the HUB24 platform continued to make a significant contribution to the group's growth and cash flow, with a record AUD 15.8 billion of net inflows onto the HUB24 platform, and our total funds under administration, which includes both platform and portfolio administration reporting services FUA, reached a milestone of more than AUD 100 billion. Our total funds under administration has achieved a compound annual growth rate, or CAGR, over the last four years of 57%. With funds under administration being a significant contributor to revenue, the four-year CAGR in our group revenue was 42%, and group underlying EBITDA CAGR was 47% over the same period.
Our Class and NowInfinity businesses also delivered above system growth while remaining focused on enhancing the customer experience and delivering product enhancement that drive productivity and value for their clients and customers. Additionally, the acquisition of My Prosperity, with its leading client portal capability, is providing the group with further opportunities to accelerate our strategy and consolidate our market leadership position. Very shortly, Andrew Alcock, our Managing Director and CEO, will talk in more detail about the segment financial results and the various initiatives we are delivering across the HUB24 group that demonstrate how we are executing on our strategy by delivering customer value and growth, creating integrated wealth technology and platform solutions for our customers, and importantly, building together with a range of market participants to shape the future of the wealth industry.
At HUB24, our capital management strategy aims to deliver consistent returns for our shareholders while enabling us to reinvest to maintain our market leadership, deliver profitable growth, and provide us with the flexibility to pursue further growth opportunities. Our strong cash flow conversion has enabled our financial performance in FY24 to translate into consistent growth in operating cash flows. This, combined with our strong balance sheet, enabled the board to declare a record AUD 0.38 per share total dividend for FY24, which was up 17% on the prior year. Through fully franked dividends, we have returned AUD 31 million to shareholders last year, the equivalent of 46% of our underlying NPAT, which is in line with our targeted payout range of 40%-60%. In addition, we returned a further AUD 12 million to shareholders via the on-market buyback program.
In FY24, the HUB24 group continued to invest in innovation and our market-leading capabilities with capital expenditure of an additional AUD 21 million. This is equivalent to 7% of our revenue, and we intend to continue investing in the business to maintain our market leadership and pursue further growth. HUB also aims to mitigate the dilutive impact of our employee share schemes through on-market purchases of shares. In FY24, the company purchased AUD 10 million of shares on market to service employee share schemes, and we intend to make further purchases during FY25. In terms of our balance sheet, we're in a very strong position with net cash of AUD 58 million at June 2024, which provides us with the flexibility to capitalize on future growth opportunities across the group.
Moreover, our strong and consistent results have created significant value for shareholders, and over the last four financial years, as you can see from the right-hand chart, HUB24 has generated a total shareholder return at a CAGR of 51%, which when you compare that to the ASX 200, that was at 11%. In addition, our share prices continued to carry momentum into financial year 2025, supported by our strong FY24 results, along with the first quarter FY25 results released to the market not long ago, which has created further value for shareholders. Given the increase in our share price and market capitalization, HUB24 has been included in the S&P/ASX 100 index as of September a couple of weeks ago.
At HUB24, we recognize the importance of sustainability for the long-term prosperity of our customers, our people, shareholders, and communities, and we've provided an update on our initiatives in HUB24's most recent sustainability report. This outlines our key environmental, social, and governance, or ESG, focus areas and the progress we've made over the year. The board remains committed to ongoing improvement in our corporate governance practices, and during FY24, this included risk culture and engagement surveys to understand our people's experiences at HUB24 and to seek input regarding the day-to-day conduct and culture of our business. Very pleasingly, employee engagement across the HUB24 group increased last year to 76%, which was up 2%, but importantly, places us in the top quartile of our sector.
In addition, the company was named as one of the top 10 Best Places to Work in the 2024 AFR BOSS Awards in the banking, super, and financial services category and has been endorsed as an Employer of Choice for Women by Work180. These results and recognition are reflective of our increased focus on further strengthening our culture. As part of our commitment to attract, motivate, and retain talented and highly effective employees, including our executives, we continue to review and assess remuneration structures and levels against market comparators, trends, and best practice to ensure we remain competitive and current. We continue to align our remuneration with shareholder returns and to provide an appropriate mix of fixed and hurdled at-risk remuneration that rewards both superior performance and results in attractive shareholder returns.
Various aspects of the outcomes of this review were highlighted in our notice of meeting, particularly as it relates to the remuneration of our Managing Director and CEO. During FY24, we also launched a new set of group-wide values co-created by our people to align HUB24's teams together for continued success. The new values recognize the evolution of our company to what it is today, the HUB24 group, and they reflect how our people across the business work together to create value for our customers and shareholders and empower better financial futures together. I will also add that an important part of our culture is our diverse and inclusive workplace, and pleasingly, we have further enhanced our gender diversity at the board level with 50% female and 50% male board members.
Across the broader HUB24 group, we also achieved our gender diversity targets and continue to prioritize, celebrate, and encourage a diverse and inclusive workplace. In recognition of our sustainability agenda and the ongoing impacts of climate change, we remain committed to evolving our operations to achieve our target of net zero, Scope 1 and 2 carbon emissions by 2030. During FY24, we established an emission reductions plan, which will inform our strategy towards net zero emissions by that date. During the year, we also formalized our commitment to the United Nations Global Compact on Human Rights, Labor, Environment, and Anti-Corruption. We are committed to further embedding our sustainability strategy through all aspects of our business and aligning our actions and progress to the United Nations Sustainable Development Goals, which you can see on the right-hand side of this slide. On other board matters, we farewelled our long-serving Chair, Mr.
Bruce Higgins, at our Annual General M eeting in November last year, and I again wish to thank him for his passion, leadership, support, and encouragement during his 11-year tenure. In June 2024, we appointed Ms. Michelle Tredenick as Non-Executive Director, who is an experienced ASX-listed and private company director with broad executive experience across wealth management, superannuation, and technology companies. Her diverse skill set and experience further strengthen and extends HUB24's board expertise, and I welcome her today to her first AGM, and you will shortly get a chance to hear from her. In conclusion, HUB24 is proud to have delivered strong FY24 results with industry-leading and record platform net inflows and FUA growth. The group's strong financial and operating performance has delivered further value for our shareholders, with increased profitability enabling us to declare record dividends.
These strong results are underpinned by the long-standing investment in our technology, the strength of our offerings, and our talented teams who are focused on delivering better outcomes for our customers and our shareholders. We've made a strong start to FY25, as reported in our Q1 ASX update, including record net inflows of AUD 4 billion under the HUB24 platform, which excludes large migrations, and we remain focused on executing our strategy. The HUB24 group is uniquely positioned to capitalize on emerging opportunities and to lead the wealth industry as the best provider of integrated platform data and technology solutions. On behalf of the board, I sincerely wish to thank HUB24's shareholders and customers for your continued support, as well as HUB24's executives and their talented teams for their ongoing commitment to both our customers and to HUB24.
I'd now like to hand over to Andrew Alcock, HUB24's Managing Director and CEO, who will provide you with an update on the company's achievements and activities through the year. Thank you very much.
Thank you, Paul. Good afternoon, everyone. Thank you very much for coming along. I extend that welcome to you as well. It's an absolute pleasure to be here to talk today to you about your company and what we've achieved in the last year, and certainly what we're thinking about in the future and the opportunity ahead. I thought I would start with some context about how we're going with delivering to our purpose being empowering better financial futures together, and then we'll turn to some of the opportunities and the dynamics in this industry that are opening us up to future growth for shareholders moving forward.
Empowering better financial futures together, for us, it means really meeting the needs of Australians and delivering great outcomes. And more than ever, it's becoming very relevant and topical in the media. If you read about retirement products and pensions and the aging population, intergenerational wealth transfer, superannuation funds, the valuation of assets in superannuation funds, the need for advice, the need for information and education, more and more is that becoming topical for our nation as our population ages and we do approach that intergenerational wealth transfer and regulations continue to move and the industry continues to transform. For us, empowering better financial futures together, the together means doing it with others. It means doing it with financial advisors and accountants. It means doing it with other manufacturers of products, bringing the best of breed solutions to customers so they can empower a better financial future.
That might be investment managers. That might be technology providers. That might be licensees. But it's certainly about us building an open architecture solution that achieves that by bringing the very best together for Australians and for their families in terms of their future. As Paul mentioned, our vision about being the leading provider of integrated platform tech and data solutions. Here's a little bit of a snapshot about how we're going with that at the moment. And in FY24, we certainly finished the year being well regarded as Australia's best platform. We had the highest level of annual inflows into our platform than any other in the nation, and certainly in retail superannuation as well, which is interesting given the way our system works with superannuation and accumulation and retirement for our citizens.
Interestingly, we had the second highest choice, if you like, or for those who are choosing to change superannuation funds, HUB24 was the second most likely fund to receive that choice behind Aussie Super. Certainly an achievement for a retail platform as opposed to some of the large industry fund background funds. Number one for managed accounts capability, which is one of the fastest growing areas in the wealth industry in Australia. Best software provider for SMSFs or self-managed super funds. Number two in market share. Number two in market share for our NowInfinity Corporate Compliance software. And we have the leading My Prosperity Wealth Portal. The brands on the screen, the five brands there are operating really well in our chosen markets to achieve that vision and certainly help achieve our purpose.
Moving to some of the financial highlights and following on from our Chair's comments, certainly in the platform and tech solution segments, a great increase there in revenue for the year with 21% increase in platform revenue and 21% increase in underlying EBITDA. The tech solutions business also up in terms of revenue and up slightly in terms of EBITDA, having said that the run rate coming out of the second half was 4% above that for the first half for tech solutions. So looking forward to continuing outcomes there. We did have record-breaking flows in the year or platform net inflows in the year. It led us to finish the year with AUD 84.4 billion in custody FUA and AUD 104.7 billion in total. And we did publish AUD 91.6 billion as of 30 September, so growth of AUD 5 billion-AUD 6 billion there from 30 June to September.
The market conditions are still favorable. We're still seeing advisors and customers think about their futures and select us as a platform of choice. Turning to some of the business highlights for FY24 in terms of we've achieved, and I won't label all these, but certainly in the leadership sense, we continue to lead in our industry, and we've seen it by the market share and some of the stats I've presented. Our growth was record in the business with AUD 15.8 billion, including some large transitions. As our Chair mentioned, Class and NowInfinity growing faster than system. We're doing very well with growth.
On the innovation side, we released a new menu in our platform called HUB24 Discover, targeted at those with simpler needs and a lower-cost solution depending on balances, but targeted to a different part of the market that we haven't accessed as much as before, innovating once again to extend our reach to help more people empower a better financial future. We did add a retirement product called AGILE, working with other partners, and we certainly rolled out some enhancements in our Class technology that we've been talking about in the market to the Class client base, so continuing to innovate as our business and certainly investing for the future, certainly leveraging the My Prosperity capability that we've purchased to put the My Prosperity Portal on the front of some of our existing solutions in HUB24. We also completed largely the Xplore integration workflow and investing for our future.
We're pleased to show you the next slide, our industry recognition. And you might recall last year I talked about how there were 21 first places on this slide. Embarrassingly, so there's now 30. And I'm very proud to work with a great team and a great business to deliver those accolades. And that's two best platform awards across different survey providers. It's voted by advisors. It's also quant research across our platform. Great advocacy, great endorsements for our business. And we have to work hard to continue to do this. But certainly, when you sum up some of the achievements and the recognition in the market, it puts us in good stead for the opportunity that lies ahead. And so how is this translating into market share for HUB24? And the left-hand side of this slide you've seen already, but the right-hand side translates to market share.
We have more than tripled our market share over the last four years from 2.1% to 7.7% or about 3.6 times in the last four years. HUB has gained that market share. We have had the highest market share gains over the last 12 months, and we're doing very well in that regard, and we're working very hard to continue to do that to balance the needs of growth in our business with investment, with leadership and innovation. How do we rank in that market share to our competitors? On the left-hand side, you've got the top 10 platforms there. We are in seventh place. So we are in seventh place with 7.7% market share. Yet we are ranked number one with advocacy. We are ranked number one with product. We're ranked number one with net flows in and growth rates.
Certainly outlining that there's a trajectory of growth and a possibility for us to continue to grow market share given those positions in the market. And it does take time to do that. And you can see the other traditional incumbents on the slide on the left-hand side there. On the right-hand side of the slide, our market share increased from 4.3% to 7.7% over the last three years, but we had the highest organic growth rate in market share being the 3.4% in the light blue on the right-hand side, behind Mercer slightly, who purchased the BT business. So on an organic sense, we are growing and gaining more market share than any other platform in the market.
And you can see the trend there on that right-hand side chart with traditional incumbents going backwards or losing market share to specialist platforms because of what we're doing and what we're offering in the marketplace. We hope to capitalize from that trend moving forward as well. I wanted to thank our people and the wonderful team that we work with. And Paul mentioned some of the awards in terms of Work180, top 10 places to work in a Financial Review survey. We've got nearly 900 people in our business and an engagement score of 76%. But we can't deliver the results that you're seeing today that we hope to continue to deliver without having a talented and very committed team who really are buying into what we do in HUB24, which is about empowering better financial futures and creating a new proposition for this marketplace.
So we are certainly strengthening our employee proposition. We're developing our diverse and inclusive culture. We're continuing to enhance that proposition and retain and attract and develop and build capability in our people. And we're extending our graduate and traineeship programs across the business as well. And as our chairman mentioned earlier, the new values that align our group together, I want to thank the team for embracing that. It really is fantastic to see four or five businesses come together and agree on and adopt a common set of values that sees us moving ahead together to enable our clients to certainly create possibilities, to do what others said couldn't be done, to succeed as one, and to do it with integrity. So thank you, team, allowing us to turn to the strategy and the outlook.
And with that context of accolades and success that we're very humble about and very proud about at the same time, the opportunity to grow in this marketplace is quite astounding for us. We think that the industry dynamics are incredibly favorable for us to continue to grow. And some of the trends are continuing in Australia. The demand for professional advice is unmet. The advice demand is increasing and the supply is limited. And we're reading in the newspapers some of the attempts to solve that as an industry at a national level, which are still stymied and haven't been resolved with some of the reviews that have been undertaken. But in terms of HUB24 and its position, its market, we have a lot of unmet demand.
The cost is increasing of advice, which leads to us being able to apply innovation to see how we can improve the cost or reduce the cost with productivity measures for advisors. Our population is aging. Clients are needing innovation. They're needing new products. There's nearly AUD 5 billion of intergenerational wealth transfer that you can read about every week in the newspapers. Are we ready for it? What do we need to do? There is great demand in our industry for wealth solutions, both in accumulation and drawdown. There's increasing demand for new asset types and alternative assets given the way that asset allocations are working globally. And certainly, there's demand for secure, cybersecure solutions for clients as well. Financial professionals are seeking efficiency to meet that demand. They're needing technology to help them deal with disparate systems, to help with compliance and regulatory burdens.
Absolutely an opportunity to build and invest in this industry and build the train tracks, if you like, or the infrastructure that will make advice and advice implementation solutions such as our platform and wealth solutions such as our wealth accounting solutions in Class very much better and more productive and help with the growth of our businesses. Interestingly, the transformation that we've seen over the last five years, if you like, or six years since the Royal Commission and 11 years since the Future of Financial A dvice reforms that happened in 2013 is continuing. The Quality of Advice Review, it's in the press at the moment. Will it or will it not deliver efficiency, but there's hope there it will change the landscape. But certainly, the platform industry is continuing to evolve.
Specialist platforms, as per the slide I showed earlier with our market share, are driving innovation and investing and growing market share. There's an opportunity for us to continue to grow that market share to get to some of the leading positions that were held by others in the past. The next wave of industry transformation is underway. And what do we mean by that? We've seen a whole shift away from bank-based wealth businesses. Affectionately, people have called it Wexit or Wealth Exit. We've seen in the last few months, certainly a change in wealth businesses and the way they deal with advice businesses. There's been the separation of aligned advisors from wealth institutions, i.e., AMP or Insignia, where aligned distribution or aligned advice businesses have been popped out of those models and set on their own way.
That is a wave of disruption that opens up opportunity for businesses like HUB24 to meet the needs of those advisors. There is the emergence of new advice networks, aggregators, private equity, funds entering Australia to bring together advice practices to build scale and efficiency, which plays very much to our service proposition. There's been a lack of investment in advice infrastructure because of this transformation, because of the Wexit and the rise of the new players. That opens a door for those who are going to invest and innovate to make a difference and provide real utility and productive systems to advisors and to clients. There's continued uncertainty in our industry about the ownership of some incumbent platforms and their strategy. The conditions are favorable for us to continue to take market share if we deliver well, we invest properly, and we look after our clients.
Specialist platforms are continuing to dominate the landscape. The need for technology solutions is growing for advisors to meet the unmet demand challenge and build productivity. Certainly, we are very well positioned at HUB24. We have very strong relationships with privately owned advice groups, which now represents 80% of the industry. A few years ago, it was probably 30 or 40% of the industry. We do have the market-leading platform, as we mentioned earlier. We have technology and data solutions and a stable of businesses that can build a new ecosystem to deal with this industry challenge and have us succeed, have a leading client portal, and we certainly are investing. In summary, I think there's two significant opportunities for HUB24.
One is to continue to lead in the platform marketplace as we have today with some of those accolades and those trends and continue to leverage the opportunity in the marketplace and delight our clients and empower better financial futures and grow a much larger scalable business. There's also an opportunity to grow diversified revenue streams in the technology and data space, as you know, through some of the other assets we have in our stable and solve some of the industry challenges. Those two opportunities have revenue synergies. They help each other, and it's a great alignment or adjacency strategy for us to progress with our business. So how do we do that specifically?
Paul mentioned our strategic pillars in his speech, in his address about leading today to deliver customer value and growth, creating tomorrow new integrated wealth technology and platform solutions that solve some of the industry challenges, building together, not doing it as an island, but doing it with the industry, with our client groups, with other providers to come up with best-of-breed solutions that really solve the challenge and make advice more productive and platforms and technology have a better utility for customers, and to be future-ready, to think about our people, our scale, and how we need to invest.
So we have four businesses that we've got on the screen, or four or five businesses on the screen there in four quadrants to talk about the stable of businesses or our enterprise, with My Prosperity being a client portal, NowInfinity and Class being technology products, the HUB24 platform, and our HUBc onnect data and infrastructure. Together, those businesses with the broader industry are aiming to solve some of those challenges and to continue our growth and to provide to our customers one way of doing business, access to market-leading solutions, a single view of wealth for customers so they can see all of their investments and make wise decisions about that and understand where they stand on their retirement journey, flexibility and insights for advisors and networks and businesses, and to meet needs across all stages of life cycles.
So we're well positioned to do that with our stable of businesses and to answer that challenge, so we'll do that by continuing on those four pillars. We will lead today. Pardon me, and we'll continue to deliver some examples. We are enhancing the fee consent processes in our business. We're delivering new client interfaces for our clients. We're developing new solutions for different client demographics, be those starting out with Discover or those with high net wealth balances. We're creating tomorrow by enhancing our non-custody solutions, building capabilities with Class and My Prosperity on front of the Class portfolio engine, using AI and digital solutions to build efficiency in our business, but also create better benefits for our clients. As I said, we're doing it together.
We're actively advocating for industry change with regulators, Treasury, think tanks, and being a vocal participant in those discussions to reduce friction in our industry and help achieve the goal that we have of empowering better financial futures together, and we're certainly building integration and interfaces with other providers as well, and to be future-ready, we continue to invest in having great people, retaining and developing our team, building capability, investing in what we need for scale and infrastructure in our business moving ahead, leveraging technology to do that so we continue to deliver great customer outcomes and continue, obviously, to focus on the safety and security of our business for our shareholders and our customers. Pardon me, so in closing, and this is the slide we used at our end-of-year results, we are pursuing profitable growth.
We're pursuing market leadership and a FUA target of AUD 115 billion-AUD 123 billion of custodial FUA by FY26. Now, we will work very hard to achieve that, and we're well on the way to do that. But we'll do it by delivering strong and reliable growth from both new and existing customers. We'll do it by having disciplined management of our financials and our capital management. We have a strong balance sheet. Our profitability is increasing. Our cash flows are there to support ongoing investment as well as shareholder returns. We're going to capitalize on the market dynamics we have in the unique position that HUB24 has today to answer some of those challenges and to build out a better system for the future, to build a highly scalable and capital-light business with significant recurring revenue and returns for shareholders and also looking after our customers.
Thank you very much for coming along again today. I hope you found this useful and informative. Thank you for your support and ongoing support for HUB24. Cheers.
Thanks very much, Andrew. I will now move to the formal items of business. The notice of Annual General Meeting was released to the market on the 18th of October, 2024, and with the accompanying explanatory memorandum are taken to have been read. The key items of business on today's agenda include, first, to receive and consider HUB24's financial report, the Directors' report, and the auditor's report for the year ended 30th of June, 2024. Secondly, to consider the five resolutions put before this meeting. Thirdly, to take any general questions you may have.
The first item of business is to receive and consider HUB24's financial report, the Directors' report, and the auditor's report for the year ended 30th of June, 2024. Mr. Stuart Alexander, our external auditor from Deloitte, is available to take questions about the conduct of the audit and the preparation and content of the independent audit report. There will be no vote on this item. This is a discussion item only. I will now throw it open to take questions on HUB24's financial statements, the Directors' report, the auditor's report from shareholders or proxy holders in the meeting room. Any questions? No? I will now take questions received through the online platform on the HUB24 accounts. Moderator, are there any questions regarding the accounts?
Chair, there's no questions.
Thank you. I'll now take questions received over the phone on the HUB24 financial statements, Directors' report, and auditor's report.
There are no questions on the phone line at this time.
Thank you kindly. The next item of business is to consider the remuneration report. To consider and, if thought fit, to pass the following resolution as an ordinary resolution: that the remuneration report of the company for the year ended 30th of June, 2024, be adopted. This resolution is an advisory item, but we take shareholder feedback very seriously and into consideration when formulating HUB24's future remuneration policies. I will now take questions from shareholders and proxy holders in the room on this item of business. Any questions? Yes, sir.
Thanks. Just on the slide that you've put up there, it'd be useful to save us the mental gymnastics of working out the percentages. Do you have them at hand, or could you maybe consider putting them on the slide next time?
Good suggestion, sir.
We could certainly look at doing that, but I think it's a fairly reasonable assumption to say that the resolution would be passed by the proxies there at more than 50%.
I agree with that, but it is useful to have the percentages. Thanks.
Thank you. Any other questions on the remuneration report from the room? Okay. I will now take questions received through the online platform for this item of business. Moderator, are there any questions on this item of business?
Chair, there's no online questions.
Thank you. Are there any questions on this item of business over the phone?
There are no questions on the phone line at this time.
Thank you. As pointed out by the gentleman, as detailed on this slide, the proxy votes for this item submitted prior to the meeting.
As noted in the notice of meeting, I intend to vote all open proxies in favor of this item. Please complete your voting cards in respect of resolution one now. Next resolution. I will now hand over to my fellow director, Rachel Grimes, AM, to chair the meeting in respect of this item of business as it relates to my re-election as a director. Thank you, Rachel.
Thank you, Paul. Good afternoon, everyone. The next item of business is to consider the re-election of Paul Rogan as a director of the company.
To consider and, if thought fit, to pass the following resolution as an ordinary resolution: that Paul Rogan, an independent non-executive director of the company who retires from the office of director by rotation in accordance with Rule 65.1 of the Constitution and ASX Listing Rule 14.4, being eligible and offering himself for re-election, be re-elected as a director of the company. The board, excluding Paul Rogan, who abstains from making a recommendation due to his personal interest in this resolution, recommends that shareholders vote in favor of this resolution. I will now invite Paul to say a few words.
Thank you, Rachel. I'm cognizant you've already heard a lot from me this afternoon, so I intend to keep this fairly brief. As mentioned before, I've been a director of HUB24 now for nearing seven years.
In addition to chairing the Audit and Risk and Compliance Committee for six of those years, I've also served on the Remuneration and Nominations Committee for the last four. In addition to that, I've also assisted with the group's growth strategy via participation in our M&A forums. In my time at HUB24, I've seen it grow substantially from around AUD 5.5 billion when I entered the board to funds under administration, as Andrew just highlighted, well in excess of AUD 100 billion. And from having just recorded its maiden profit to delivering last year's UNPAT of AUD 68 million, distributing dividends to shareholders of AUD 31 million, and generating operating cash flows of AUD 88 million last year. But another measure is also the growth in our fabulous team, which was about 150 when I joined, and Andrew just pointed to a number of around 900 people.
Importantly, while the vast majority of this growth has been organic, we've also grown both in scope, size, and competitive capability via the successful acquisitions of Xplore, the PARS business, Class, and most recently, the My Prosperity business. And this growth has certainly been really pleasing to be part of. It's also brought its fair share of challenges for both the board and the executive to navigate and balance, in addition to other demands such as regulatory change and cyber and privacy security, just to name a few. I can say without a doubt it's been an absolute honor to lead the board as chair over the last year. It is a role I am thoroughly energized by and which I take very seriously. And with your support, I look forward to continuing to do so. Thank you. I'll now hand you back to Rachel.
Thank you, Paul.
I will now take questions from shareholders or proxy holders in the meeting room on this item of business. Are there any questions in the room? Thank you. I will now take questions received through the online platform on this item of business.
Chair, there's no questions on the online platform.
Thank you. Are there any questions on this item of business over the phone?
There are no questions on the phone line at this time.
Thank you. Detailed on this slide, the proxy votes for this item submitted prior to the meeting. As noted in the notice of meeting, I intend to vote all open proxies in favor of this item. Could you please complete your voting cards in respect of resolution two now? Thank you. I will now hand over to Paul, who will resume as chair of the meeting.
Thanks again, Rachel.
The next item of business is to consider the re-election of Catherine Kovacs as a director of the company. To consider and, if thought fit, to pass the following resolution as an ordinary resolution: that Catherine Kovacs, an independent non-executive director of the company who retires from the Office of Director by rotation in accordance with Rule 65.1 of the Constitution and ASX Listing Rule 14.4, being eligible and offering herself for re-election, be re-elected as a director of the company. The board, excluding Catherine Kovacs, who abstains from making a recommendation due to her personal interest in this resolution, recommends that shareholders vote in favor of this resolution. I will now invite Catherine to say a few words.
Thanks, Paul.