Currency exchange business OFX Group Ltd (ASX: OFX) this morning filed its annual report with the ASX showing a 5% rise in revenue to $115 million and a profit of $19.6 million, down 5% over the prior corresponding period.
OFX Group is a Sydney-based company which provides international money transfers.
In a public filing this morning, OFX Group released its 2018 financial results to shareholders and announced a final fully franked dividend of 3 cents per share.
“In FY18 we focused on better execution, in order to deliver on our commitments to clients and shareholders,” OFX Group CEO Skander Malcolm said.
OFX Group’s currency turnover was $21.2 billion, up 9.5% on its 2017 result. Active clients rose 3.3% and returning clients accounted for 72%, up from 69%.
“We are pleased with the progress we have made,” Malcolm added. “Despite a more competitive operating environment and lower levels of currency volatility, transaction volumes were up 13.1% and NOI grew 4.6% at steady margins.”
Using earnings before interest, taxes, depreciation and amortisation (EBITDA), OFX Group said profit rose 7.5% to $29.8 million.
Looking towards the future, Mr Malcolm said OFX Group enters its 2019 financial year with encouraging momentum despite the market being “very crowded”.
“We have committed to a bigger investment in growth across marketing, sales and technology, funded from further cash generation, while delivering positive annual operating leverage on an EBITDA basis, and maintaining a stable NOI margin.”
According to Google FInance, ASX-listed OFX Group shares began Tuesday’s trading session 3.3% lower.
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