Full Year 2024 ASX Ltd Earnings Call Transcript
Key Points
- ASX Ltd (ASX:ASX) delivered record operating revenue of $1.03 billion in FY24, showcasing the strength of its diversified business model.
- The company achieved a fully franked final dividend of $1.068 per share, bringing the FY24 total dividend to $2.08 per share.
- ASX Ltd (ASX:ASX) made significant progress in its technology modernization program, including updates to ASX Trade and infrastructure upgrades in its data center.
- The company generated annualized savings of approximately $5 million through reducing consultant usage and process improvements.
- ASX Ltd (ASX:ASX) saw strong growth in its markets business, with futures and OTC revenue up 12.3% driven by global interest rate volatility.
- Total expenses increased by 14.7% compared to FY23, driven by investments in regulatory commitments and technology modernization.
- Underlying net profit after tax (NPAT) decreased by 3.4% to $474.2 million.
- The company is facing civil proceedings filed by ASIC related to statements made in February 2022 regarding the CHESS Replacement project.
- Cash market trading revenue declined by 4.7% due to a reduction in the average daily on-market value traded.
- Equity post-trade services revenue fell by 4% compared to FY23, impacted by lower levels of equity market activity.
Good morning, and welcome to ASX's results briefing for the financial year ending June 30, 2024. Thank you for taking part in this virtual presentation. I hope you're well wherever you're joining us. My name is Helen Lofthouse, and I'm the Managing Director and CEO of ASX. I'm pleased to be presenting these results today, along with ASX's Chief Financial Officer, Andrew Tobin.
I'd like to acknowledge the Gadigal People of the Eora Nation, who are the Traditional Custodians of the country where I'm speaking today, and we recognize their continuing connection to the land and waters and pay our respects to Elders past and present. And we extend that respect to any First Nations People joining us today.
I'd like to begin today by addressing Wednesday's announcement regarding the civil proceedings filed by ASIC against ASX Limited. This is in relation to certain statements made by ASX in February 2022 regarding the previous CHESS Replacement project. As I said on Wednesday, we recognize the significance
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