The OneVue Holdings Ltd (ASX: OVH) share price has been an impressive performer on Thursday.
This morning the fintech company's shares raced as much as 20% higher to 45.5 cents.
At the time of writing OneVue's shares are up around 16% to 44 cents.
Why is the OneVue share price on fire today?
This morning OneVue provided an update on its performance during the June quarter.
It certainly has been a busy period for the company. At the end of last month the company made the final divestment as part of its simplification plan when it offloaded Diversa Trustees to Sargon Capital for a total consideration of $43 million.
This simplification strategy has allowed management to focus more on its continuing businesses and to great effect. Today's update revealed that each continuing business delivered record results over the period.
According to the release, OneVue's managed fund administration processed a record number of items during the quarter thanks to a combination of new clients and organic growth. Items processed lifted 56% on the prior corresponding period.
The business also saw a large number of funds added during the quarter. Funds increased to 1,393, representing growth of 73% on the same period last year.
The superannuation member administration business also performed well. It reported an 8.7% increase in members to a record 157,637. This was largely the result of new business from existing clients.
The Platform Services segment also performed strongly, reporting a 17% quarter on quarter increase in funds under administration (FUA) to a record $5.5 billion. This was a 26% increase on the prior corresponding period. It also achieved record quarterly gross inflows of $889 million and net inflows of $648 million.
Elsewhere in the industry, the Hub24 Ltd (ASX: HUB) share price is up 1% today and the Praemium Ltd (ASX: PPS) share price has surged almost 7% higher despite there being no news out of it.
