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NZX achieved operating profit growth of 36% over the first half of 2011, compared with the same period last year. The increase was driven by revenue growth of 11% and cost reduction of 3%.
Revenue growth in the Markets business line, at 15%, and Infrastructure, at 21%, were the standout performers. Whilst the Agri-Information business delivered solid volume increases and revenue growth, this was offset by flat market data volumes and an appreciating US$ (data terminals are priced in US$) on the securities side, for an overall revenue growth in the Information business of 2%.
“NZX operates an integrated Information, Markets and Infrastructure business. This result again demonstrates the value of this business model, which has seen NZX come through the GFC in good shape, and continues to see it perform strongly over the full business cycle with further operating profit growth.
“The strong increase in EBITDAF illustrates the substantial operating leverage now present in the business,” said NZX CEO Mark Weldon.
A summary of the NZX 2011 Half Year result is below:
1H11 ($M) 1H10 ($M) Change ($M) Change (%)
Operating Revenue $26.59 $23.93 $2.66 11%
Operating Expenditure $14.94 $15.38 ($0.44) (3%)
EBITDAF $11.65 $8.56 $3.09 36%
EBITDAF Margin 43.8% 35.5%
NPAT $4.51 $5.68 ($1.17) (21%)
Normalised NPAT $6.62 $4.67 $1.95 42%
“NZX is traditionally a second-half-year business, with an average of 54% of annual revenues earned in the second half over the past five years. NZX expects a strong second-half trend to occur again this year, reflecting some seasonal factors, price adjustments across a large percentage of the revenue base introduced on 1 July, and some factors particular to the 2011 outlook,” said Weldon.
The full NZX 2011 Half Year Results presentation is attached.
ENDS
