Praemium shares dropped more than 6 per cent following the release of its first full year report.
The online portfolio administration provider reported a full year net loss of $10 million for 2006/07, but showed an 87.7 per cent increase in revenues.
In its first full year as a listed company, Praemium reported a full year net loss of $10 million for 2006/07, but showed an 87.7 per cent increase in revenues.
"It was pretty much as we expected," Praemium managing director Arthur Naoumidis said.
The group's net asset position at June 30 was $18.7 million with $16.8 million held in cash or cash equivalents.
"The group is debt free and we have done exactly what we said we would to investors," Naoumidis said.
"Much of our outlay has been on new product thus far and we are now starting to see some returns on that."
According to the group's annual report Praemium now has $24 billion in funds under administration in its V-Wrap service, its portfolio desktop has 30 clients and the Separately Managed Account offering is set to launch in the UK around December.
The group carried out a share placement on May 17 where $10,000,001 was raised at $1.05 per share, to help finance the group's expansion projects.
"We anticipate that the Australian operation will continue to expand and improve the bottom line in 2008," Naoumidis said.
