OFX Group’s (ASX:OFX) H1FY25 earnings likely to be miss guidance. Here’s what to expect in H2

Tue 29 Oct 24, 06:08 AM | Team Kalkine

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Highlights

In FY24, the B2B segment experienced 4.8% YoY revenue growth, driven by 5.2% transaction growth and margin expansion.

Fee and trading income rose 2.09% YoY to AUD 229.7 million; net operating income (NOI) increased by 6.26% YoY to AUD 227.5 million.

Statutory NPAT dropped 0.4% YoY to AUD 31.3 million due to one-off pre-tax items of AUD 3.4 million.

Positive NOI growth is expected in 2HFY25, with an underlying EBITDA margin of 28%, contingent on bad debts.

OFX Group Limited (ASX:OFX) is a Sydney-based cross-border payments company, offering foreign exchange and money transfers services across 50 currencies. The company focuses on corporate, enterprise and consumer clients in nine countries. The B2B segment of OFX is performing well recently, as it observed revenue growth of 4.8% YoY in the financial year 2024 (FY24), underpinned by 5.2% growth in transaction and 3bp margin expansion. Meanwhile, new revenue from corporate clients recorded 26.5% growth and the enterprise segment revenues increased by 32.8%.

During the reported period, fee and trading income increased by 2.09% YoY to AUD 229.70 million and net operating income jumped 6.26% YoY to AUD 227.50 million. However, the period saw 0.4% YoY drop in statutory NPAT to AUD 31.3 million due to pre-tax one-off items of AUD 3.4 million.

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