Praemium shares surge as Ohanessian-led ‘step change’ leads to record sales

ASX-listed, Melbourne-based platform services provider Praemium achieved record inflows in the quarter to June, representing vindication for formerly beleaguered chief executive Michael Ohanessian.

Inflows across all platforms and funds reached A$554m, made up of A$364m within Australia and A$190m from overseas. The news led to an 18% surge in share price, according to markets earlier today.

The uplift in share value has all but restored the 20% loss year-on-year and helping to draw a line under the much-reported boardroom bloodbath that, as reported, saw Ohanessian sacked, then reinstated after a shareholder revolt, in February of this year.

‘Step change’

Ohanessian, (pictured above), said: “We are obviously delighted to report record asset flows this quarter. The business has accelerated its momentum across the year, with strong growth within the Australian business and a step change in the international business.”

He pointed once again to his mission statement for the company’s underlying growth strategy, namely: “To create a seamless and integrated investment solution to drive FUA adoption; to provide wealth management solutions to our global client base; to invest in enhanced product functionality to improve client efficiencies; and to deliver continuing profit growth through our scalable business model.”

Bitter turmoil

Ohanessian alluded to the period of bitter turmoil that led to shareholders backing him and sacking the previous board: “I’d personally like to thank all staff and management for their dedication and hard work this year. With the board disruption now behind us, we are all very focused on executing our strategy and delivering sustained growth.”

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Eugene Costello
Eugene Costello has been a journalist for some 20 years, and has written for a wide variety of UK and international newspapers and magazines.

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