- Record net profit after tax of $42.5 million, an increase of 35.3%
- Record revenue of $123.9 million, an increase of 16.8%
- Earnings of 43.0 cents per share (pre goodwill), compared with 32.1 cents per share LI>Interim dividend of 29.2 cents per share fully franked, compared with 21.5 cents per share
- Equities trading volumes increase 31.0%
- Listings revenue increases 43.4% on buoyant capital raising conditions
- Effective management of expenses, which increase 2.3%
- Capital expenditure remains low, at $3.1 million
/ul>
ASX Strong Profits And Prospect Of Higher Dividends
As foreshadowed in a market announcement on 5 February 2004, ASX has today
announced a record profit of $42.5 million for the six months ended 31 December
2003. The result is a 35.3% increase on the $31.4 million achieved during the previous
corresponding period to 31 December 2002.
The profit was achieved on operating revenue of $123.9 million, which excludes interest and dividend revenue. This revenue was 16.8% higher than the $106.0 million achieved during the previous corresponding period.
Commenting on the results, ASX Managing Director and CEO, Richard Humphry said, "This is an outstanding result. It is pleasing to see such strong performance in Australia's capital markets. We have witnessed more capital raised by listed companies through primary and secondary offers during the six months to December 2003 than during either of the past two full financial years. These buoyant conditions are reflected in our strong listings revenue growth. This activity has in turn stimulated strong growth in equity trading volumes, which have increased by more than 30% year to date.
"The Board has declared an interim dividend of 29.2 cents per share fully franked, which compares with the previous interim dividend of 21.5 cents per share. This payment maintains a policy of paying 70% of reported profits to shareholders as fully franked dividends.
"Further, and absent unforseen circumstances, the Board intends to make additional payments at the time of the final dividend later this year such that all of the 2004 financial year profits from ordinary business activities will be distributed to shareholders.
"The Board continues to review the risk-adjusted capital position of the business so as to consider the levels of capital and cash required for all aspects of the business. This will be completed after the split of the National Guarantee Fund."
Financial and operating performanceul>
- Revenue from equities trading, clearing and settlement increased by 16.6% to $53.7 million. Daily average equities trades were 69,005, an increase of 31%.
- Revenue from listings increased by 43.4% to $29.3 million. There were 96 new listings compared with 53 for the previous corresponding period, although subsequent capital raisings, in particular, have driven the increased revenue.
- Revenue from derivatives decreased by 5.7% to $19.3 million. Daily average options contracts were 67,716 in line with 67,432 for the previous corresponding period.
- There were 800 new warrants series listed compared with 724 for the previous corresponding period.
- Revenue from market data increased to $14.6 million from $13.6 million for the previous corresponding period.
- Operating expenses increased by 2.3% to $66.7 million. oEBIT increased to $57.2 million, a 39.9% increase on the $40.9 million recorded for the previous corresponding period. LI>ASX Perpetual Registrars contributed $1.2 million on a pre goodwill basis compared with $0.4 million for the previous corresponding period.
"We have continued to see new listings added to the market during January and February although not at the same pace nor size experienced during November and December. Continuing the turnaround in ASX's market data business, the demand for our market information products is growing in response to the activity and interest in the market at present.
"This environment is providing confidence in the outlook for ASX, although it will be difficult to replicate such strong results during the current six-month period."
Summary financial informationp>
| Summary financial information | |||
| Six months to 31 Dec 2003 ($m) | Six months to 30 Jun 2003 ($m) | Six months to 31 Dec 2002 ($m) | |
| Operating revenue | 123.9 | 100.8 | 106.0 |
| Operating expenses | 66.7 | 67.2 | 65.1 |
| EBIT | 57.2 | 33.5 | 40.9 |
| Operating profit after tax | 42.5 | 26.3 | 31.4 |
| cents | cents | cents | |
| Earnings per share (EPS) | |||
| - pre goodwill amortisation | 43.0 | 27.2 | 32.1 |
| - post goodwill amortisation | 41.6 | 25.8 | 30.8 |
| Dividend per share (DPS) | 29.2 | 18.1 | 21.5 |
Dividend information
- Ex date 5 March 2004
- Record Date 12 March 2004
- Payment date 26 March 2004
Please click here to view financial results presentation presented by Richard Humphry, Managing Director and Chief Executive Officer.
Please click here to view the half-year financial report including additional appendix 4D disclosures.
