OFX Group Limited Results in line with the earlier guidance

Results in line with the earlier guidance: OFX Group Limited (ASX: OFX) saw a stock price surge of 15.5% on May 23, 2017 at the back of its FY17 result update. OFX reported a turnover of $19.4b in line with FY16, driven by growth in active clients (up 3.7% to 157k) and transaction volumes (up 8.7% to 852k) supported by good momentum in the US. However, the company witnessed lower average transaction values (ATVs down 8.8% to $22,800) from Individual customer transactions, especially in the UK due to challenging operating conditions. Underlying EBTDA and underlying NPAT stood at $27.8m and $19.6m, respectively, in line with the earlier guidance. Further, global rebrand was completed in key US and UK markets during the year. It also diversified revenues with good growth in North America and corporate segment to offset lower individual transaction numbers and ATVs, especially from the UK due to the decline in GBP. The company has declared a fully franked final dividend of 2.9 cents per share in line with the company’s policy to maintain a payout ratio of 70- 80% NPAT, which will be distributed on 23 June 2017.  

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