Strong growth in funds under administration in FY16 drove Praemium to report its first true operating profit since listing. Rising profits in Australia and shrinking losses in the UK, helped by currency movements, drove the 4.0m NPAT turnaround. Australian EBITDA, pre-overheads, lifted 8% to A$8.9m. UK EBITDA losses shrunk from A$4.7m to A$3.4m. The UK operation continues to improve. UK funds on the platform lifted 42% in local currency terms to £923m, with growth coming from the group's Smartfunds separately managed accounts service leading the way. The UK business now has a line of sight to cash flow break even. Praemium offers investors exposure to the growth in funds under administration on the company's platforms in Australia and the UK. The company's separately managed account (SMA) technology is widely regarded as one of the best platforms available. Read the full article for more information, including the analyst rating. (VIEW LINK)