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Highlights
- OFX Group is an ASX-listed financial services firm which offers online international payment services to corporates and consumers
- In 1HFY24, OFX’s revenue increased by 3.40% YoY, supported by the B2B segment
- Selector Funds Management Limited has the highest stake in the firm with a shareholding of ~11.30%
Founded 25 years ago, OFX Group Limited (ASX: OFX) offers cross-border payment services to consumer, corporate and enterprise clients across 50 currencies. The Sydney-based company has presence in nine-countries and provides money transfer and foreign exchange services.
In the first half of the financial year 2024 (1HFY24), the company witnessed 3.34% YoY rise in its fees and trading income to AUD 114.60 million, 9.31% YoY increase in net operating income to AUD 115.10 million and 1.55% YoY drop in underlying EBITDA to AUD 31.80 million.
The reported period saw 3.34% YoY rise in the revenue of OFX, backed by the B2B segment which witnessed continued growth across all regions. While the B2C segment recorded return of some high-value use cases.
Top 10 shareholders of OFX
The top 10 shareholders of OFX have around 54.62% shareholding in the company, while the top four have around 31.18% shareholding. The highest stake is held by Selector Funds Management Limited and Australian Ethical Investment Ltd. with a shareholding of ~11.30% and ~8.81%, respectively.
Recent business update
Through an ASX-filing dated 7 May 2024, the company notified that Microequities Asset Management Pty Limited became a substantial holder in the firm with the shareholding of 5.02% on 3 May 2024.
On 22 April 2024, the company informed about the appointment of Jacqueline Hey as an independent non-executive director of OFX from 1 May 2024. She is also appointed as the chair of the people, culture and remuneration committee and a member of the nomination committee.
Outlook
In FY24, the company anticipates to deliver net operating income of AUD 225 – 238 million and underlying EBITDA of AUD 63 – 70 million, excluding Paytron acquisition and including Firma synergies.
Second half of FY24 is expected to be stronger than the first half of FY24, as escrow payment of AUD 3.7 million has been realized by the firm in 1H.
Share performance of OFX
OFX shares closed 3.125% higher at AUD 1.650 apiece on 14 May 2024 with a market cap of AUD 397.91 million. With this, OFX’s share price has increased by 7.84% in the last one year and has jumped 20.44% in the last six months.
The 52-week high of OFX is AUD 2.20, recorded on 24 July 2023, while the 52-week low is AUD 1.325, recorded on 14 November 2023.

OFX Daily Technical Chart, Source: EODHD/Others
Note 1: Past performance is neither an Indicator nor a guarantee of future performance.
Note 2: The reference date for all price data, and currency, is 14 May 2024. The reference data in this report has been partly sourced from EODHD/Others.






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