Data administrator Link Group has announced a statutory net profit after tax of $320 million for financial year 2019, up 123 per cent from the prior corresponding period.
Link Group’s reported revenue of $1.403 billion, while operating net profit after tax and amortisation (NPATA) of $202 (down 3 per cent on pcp) was in line with revised guidance issued on 31 May 2019, according to a statement to the ASX.
“FY 2019 was a challenging year for Link Group, but the company’s operations have demonstrated resilience in the face of significant regulatory and market uncertainty,” said Link Group chair Michael Carapiet.
“We remain strongly committed to both driving further efficiency in our existing operations and building on Link Group’s attractive platforms for future growth.”
Link Group managing director John McMurtrie said that while operational performance has been impacted by a number of external factors, the company has achieved a number of its strategic objectives including contract renewals for two of its largest clients AustralianSuper and Rest, increasing its investment in PEXA to 44.2 per cent and the sale of its corporate and private client services business delivering £240 million of cash consideration and providing balance sheet flexibility.
“These are important milestones to set Link Group up for the future,” Mr McMurtrie said.
“Across the group we are focused on driving improved performance and unlocking future opportunities across five key areas: growing our client and member base, technological innovation, driving integration and efficiency, market and geographic expansion and identifying strategic adjacencies, such as PEXA.
“Link Group’s commitment to investing in people and technology, combined with a streamlined global business structure will drive consistency and coordination and deliver stronger business performance.”
Former CEO of ING Direct Vaughn Richtor will assume the role of chairman at MyState following the retirement of Miles Hampton, the compan...