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OzForex’s Half Year Turnover Surpasses $1 Billion for First Time

OzForex’s Half Year Turnover Surpasses $1 Billion for First Time
Nov 10, 2015 By Imran Valibhoy Tags: OFX

The Australian online foreign exchange and payments company OzForex (ASX: OFX) released its half yearly results for the six months ended 30 September 2015.

The company reported a record half year result with turnover surpassing $10 billion, a 35% increase on PCP 1H15. Its transaction numbers have increased by 17% and the average transaction value has increased by 15%. The active client base has expanded 16%.

OzForex announced an increase in its operating income by 29% and underlying EBITDA increased by 14% compared to 1H15. The company’s NPAT decreased 6% due to one-time expenses incurred for rebranding purposes. Its cash position stands at $48.3 million as at 30th September 2015 and the company remains debt free.

According to CEO, Richard Kimber: “This is a record half year result in all our key metrics and it was particularly pleasing for the business to report $10 billion in turnover in the half for the first time. 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.”

The company is set to begin its ‘Accelerate’ strategy by December 2015. Under this initiative, the company aims to roll out itself as a single global brand and exploit the growing demand from offshore businesses and cross border transactions.
OzForex re-affirmed its FY16 guidance provided earlier this year that its underlying EBITDA should be in the range of $38.5-$40.5 million. It will keep its focus on executing against key operational and strategic initiatives to support a growing demand for international payments. The company predicts continued growth and momentum across all geographies. 

OzForex board of directors have declared a fully franked interim dividend of 3.6 cents per share which will be distributed in December 2015. The dividend payout ratio is maintained at a 70-80% range.

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Imran Valibhoy Author: Imran Valibhoy Nov 10, 2015

Since Joining the firm in 2006, Imran has worked on a range of M&A and Capital Market transactions in the natural resources, mining as well as projects in the renewable energy sector. Prior to joining Wise-owl, Imran worked at Euroz Securities in Perth, aiding in the advisory and valuation of companies in the mining and industrial sectors in Australia. Imran has a Masters in Banking & Finance from City University's Class Business School in London and a Bacheloor degree in Commerce from UWA.

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