Full Year 2024 PEXA Group Ltd Earnings Call Transcript
Key Points
- Group revenue, operating EBITDA, and free cash flow all made positive gains, driven by revenue growth, cost and CapEx management, and operational improvements.
- Non-exchange revenue now represents 15% of total business revenues, highlighting the growth of new revenue streams.
- Operating margin was 36.5%, exceeding guidance and showing a 1.7 percentage point improvement from the prior year.
- The exchange business demonstrated resilience with improved revenues and a margin increase to 54.5%.
- Digital Solutions achieved operating EBITDA breakeven for June, indicating progress in financial management.
- Digital Solutions' overall contribution was modest and below expectations, despite its strategic importance.
- U.K. market activity was challenging, with lower mortgage volumes impacting business performance.
- Specified items increased by about $9 million, driven by restructuring costs and noncash impairments.
- Income tax expense remains high due to profitable operations in Australia and losses in the U.K.
- The timing of achieving market share aspirations in the U.K. is uncertain due to external factors beyond PEXA's control.
Thank you for standing by. And welcome to the PEXA Full Year Results Announcement. (Operator Instructions)
I would now like to hand the conference over to Mr. Glenn King, Group Managing Director and CEO. Please go ahead.
Thank you. Good morning. And thank you for joining us on our FY '24 full year earnings call update. I'm Glenn King, PEXA's Group Managing Director and Chief Executive Officer. And with me this morning is our Group Chief Financial Officer, Scott Butterworth.
Turning to slide 2. Before I begin, in the spirit of reconciliation, I'd like to acknowledge the traditional custodians of country throughout Australia and their connections to land, sea and community. We pay our respects to their elders, past and present, and extend that respect to all Aboriginal and Torres Strait Islander peoples here today. Turning to slide 3. Today's briefing will begin with an overview of PEXA's FY '24 performance.
I will also touch on how we delivered these results and the work over the year to deliver against our priorities. Scott will
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