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ASX half-year profit up 5.1% to $230m

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By Tim Stewart
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3 minute read

The ASX has posted a $230.5 million profit after tax for the first half, driven by higher secondary capital raisings and increased futures trading.

The Australian Stock Exchange (ASX) has increased its first-half profit by $11.1 million, or 5.1 per cent, to $230.5 million.

Operating revenue for the ASX in the six months to 31 December 2017 was $409 million, up 5.8 per cent on the previous half year.

Earnings per share for the exchange operator was 119.1 cents, up 5 per cent. The interim dividend per share was 107.2 per cent, up 5.1 per cent.

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ASX chief executive Dominic Stevens said the performance was driven by higher secondary capital raisings and increased futures trading from offshore clients.

Growth in technical services connections and data feeds also contributed to the result, Mr Stevens said.

"While cash market trading was down amid low levels of market volatility, revenue from information services increased with an expanded range of products," he said – pointing to the company's Centre Point and auctions services in particular.

The ASX must continue to be "technologically out front", Mr Stevens said, pointing to the decision in December 2017 to replace CHESS with blockchain software developed by US partner Digital Asset (DLT).

"After extensive testing and stakeholder consultation, we are confident that DLT will meet the needs of Australia's marketplace for improved functionality and efficiency, and maintain the highest regulatory and operational standards," Mr Stevens said.

"We are now preparing to provide stakeholders in March with the scope of day one functionality and how we will transition to the new system."