Two ASX stocks that tanked – OFX Group Limited and GBST Holdings Limited

Brexit impacting the performance for FY17: OFX Group Limited (ASX: OFX) stock fell over 23.9% on February 01, 2017 due to their weak trading update. OFX expects more fall in their average transaction values (ATV’s) from individual customer transactions for the December 2016 quarter, After the Brexit, pound devaluation by more than 20% led to decrease in large value discretionary transactions. As a result, the revenues per transaction fell 35% while overall fee and commission income for FY2017 are $3 million lower than expected. Even the domestic performance was weak wherein the client additions in Australia during third quarter were below expectations, impacted by continuous roll-out and refinement of its performance-based marketing program. The group expects a statutory EBTDA in the range of $27.5 million and $28.5 million in fiscal year of 2017 with statutory NPAT of at least $19.0 million. Meanwhile, the group appointed John Alexander Malcolm (Skander Malcolm) as Chief Executive Officer and Managing Director of OFX.    

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