OzForex registers record turnover in H1 FY 2016


Ozforex Group Ltd (ASX:OFX), an international provider of online payment services, has earlier today posted a set of robust financial metrics for the six months to September 30, 2015, that is, the first half of the Group’s fiscal year 2016.

Turnover for the six months to September 30, 2015, amounted to A$10 billion (US$ 7.05 billion), reaching a record high and staging a rise of 34% from the same period a year earlier.

Net operating income amounted to A$53.6 million, up 29% from the corresponding period a year earlier.

Underlying net profit after tax (NPAT) rose 12% year-on-year to A$12.3 million, but in statutory terms fell 6% to A$11.2 million.

The number of active clients increased 16% year-on-year to 151,100, whereas transaction numbers increased 17% to 392,200. Average Transaction Value rose 15% to A$25,600.

KEY INTIATIVES

OzForex Chief Executive Officer, Richard Kimber, commented:

“The Group has embarked on its Accelerate strategy with clear support from all stakeholders, including customers and shareholders. A key part of that strategy is the roll out of our single global brand, OFX, which is on track to commence in December 2015.”

“The Group will introduce 24 hour, 7 day a week trading in the second half of FY16. This will allow our customers the convenience to transact on the weekend and will increase our operating leverage further.”

DIVIDENDS

The OzForex Board of Directors have declared a fully franked interim dividend of 3.6 cents per share which will be distributed in December 2015. This is in tune with the Board’s policy to maintain a payout ratio of 70-80% NPAT.

GROUP OUTLOOK

OzForex’s CEO Richard Kimber re-affirmed the Group’s FY16 guidance provided at the time of the annual general meeting in August 2015 of A$38.5 million – A$40.5 million underlying EBTDA, subject to market conditions.

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To download the press release with OzForex’s financial results, click here.

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OzForex registers record turnover in H1 FY 2016

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