The share price of Praemium Ltd [ASX:PPS] is up 16.5% today after it had another record quarter.
What happened to Praemium Share Price?
Praemium, who provide financial service software, has recorded another round of stellar growth.
They reported inflows of $749 million for the September quarter. With $587 million coming from Australia. The largest sum reported to date for the company.
It means Praemium now handles more than $6.6 billion worth of people’s money. And they seem to have no plans of slowing down.
What next for Praemium?
Praemium’s CEO Michael Ohanessian says it best, commenting:
‘The September quarter was a standout for Praemium. Inflows for the Australian business were particularly strong and reflect the continuing move in the platform market to managed account technology, where Praemium continues to be the market leader.
‘We remain focussed on accelerating our growth momentum; therefore, we have made the decision to invest in building the foundations of our business in preparation for this additional growth, particularly in technology, product, sales and marketing, and expanding our management depth.’
No doubt management would love to post another record figure at the end of the year. For now though, today’s result is great news for the company and investors.
Junior Analyst, Money Morning