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ASX profit up 2.5% to $445 million

ASX profit up 2.5% to $445 million

Reporter

The Australian Stock Exchange has grown its earnings per share for the sixth year in a row, resulting in a $445 million profit for the 2017–18 financial year.

The ASX has posted its annual result for 2017–18, revealing a slight uptick in its statutory net profit after tax to $445 million.

The statutory profit includes a non-cash impairment for Yieldbroker that had no impact on the 109.1 cents per share final dividend (which was up 9.3 per cent).

Operating expenses grew 8 per cent in line with guidance and capital expenditure was $54.1 million (with 2018–19 guidance circa $70–75 million).

ASX managing director and chief executive Dominic Stevens said: “This is a very pleasing financial result reflecting ASX’s disciplined balance between investing in the operation and integrity of our core businesses – our Stronger Foundations initiative – and pursuing growth initiatives.”

“This result highlights the versatility of ASX’s diversified business model to deliver attractive earnings growth across different business cycles,” he said.

“In 2017–18, we also took steps to strengthen ASX’s operational and technological foundations, which help ensure our continued resilience and creates a solid platform for future growth.

“This included outlining the planned new features and timetable for replacing CHESS with distributed ledger technology as the post-trade infrastructure for Australia’s equity market,” Mr Stevens said.

“[It also included] the evolution of the rules and guidance for listed companies to ensure ASX market standards are kept high, and the continued development of our multiyear program to upgrade our technology and operational risk management functions with investments in staff, physical hardware, systems and improved governance,” he said.

 

ASX profit up 2.5% to $445 million
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