- Net profit after tax (NPAT) of $38.8 million, up from $26.8 million for 2002. The profit growth was driven by the combination of record trading volumes, further reductions in cash operating expenses and higher net interest income.
- Volume rebates to users were also at record levels, reducing the average cost of trading on SFE to $1.47 per matched contract, down 5% from $1.55 in the prior year, as a consequence of a 'gainshare' ratio of 50:50 (users:shareholders) on trading volumes in excess of a rebate qualification threshold. The average cost in 2003 was 15% lower than in 1999, before demutualisation.
- A final, fully franked, dividend of 11.6 cents per share, bringing the total dividend for the year to 22.1 cents per share (fully franked), an increase of 6.7 cents per share over the prior year.
Trading volumes grew strongly (facilitating lower average transaction fees), costs continued to reduce and shareholders were rewarded with higher dividends and capital growth. 2004 has started very encouragingly, with volumes up 22% in the first two months of the year in comparison to the same two month period last year.
We have continued with best practice in releasing our detailed annual report for 2003 today from which shareholders and analysts can track SFE's progress since its demutualisation".
For further information please refer to the full report on SFE's website -
2003 Annual Report - http://www.sfe.com.au/content/aboutsfe/annualreport/main/2003_y.htm
