Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


NZX first-half profit rises 8.3% on jump in listings revenue

NZX first-half profit rises 8.3% on jump in listings revenue

By Suze Metherell

Aug. 11 (BusinessDesk) - NZX posted an 8.3 percent increase in first-half profit as a flurry of listings drove revenue growth for the stock market operator.

Profit rose to $6.97 million, or 2.7 cents a share, in the six months ended June 30, from $6.4 million, or 2.5 cents a year earlier, the Wellington-based company said in a statement. Sales rose to $31.2 million from $30 million. Profit was just below Forsyth Barr's estimate of $7.1 million.

NZX is experiencing a flurry of listings, with Intueri Education Group, the private tertiary education company, Genesis Energy, the last of the government's power companies to be partially privatised, Serko, a travel booking firm and Gentrack, an airport and utilities software developer, all listing in the first half. Since its June balance date three more companies have joined the bourse, while Vista International Group debuts today and ERoad launches on Friday.

“We are continuing to experience positive growth in our capital markets, demonstrated by the seven initial public offerings we’ve seen year to date, and with more listings in the pipeline,” said chief executive Tim Bennett.

The biggest revenue contribution came from listings, which rose to $6.2 million from $5.7 million in the comparable period a year earlier. In the year ended Dec. 31, 2013, listings rose to be the biggest revenue earner for the stock market operator, as it generated $12.98 million in fees from that year's 10 initial public offers.

Securities information generated $4.9 million of sales, up from $4.4 million a year earlier, while securities trading revenue rose 8.3 percent to $2.2 million, participant services rose to about $1.7 million from $1.5 million, and Securities clearing rose to 2.7 percent to $2.2 million.

The markets division, which includes the energy market and Fonterra Shareholders' Market, posted a 15 percent decline to $5.4 million, which the company attributed to reduced energy consultancy work and the loss of a gas market contract in late 2013.

Sales from commodities trading fell to $671,000 from $770,000 and dairy derivatives generated $88,000 from $25,000. Agri information revenue climbed 5.4 percent to $6 million and fund services revenue was little changed at $1.2 million.

Total expenses rose to about $19 million from $18.2 million, driven by a 31 percent increase in professional fees, which NZX said "were high due to Ralec litigation costs, tax audit related work and legal costs associated with the launch of the new NZ Core Equity fund." Employee costs rose to about $10.5 million from $9.8 million.

The company will pay a first-half dividend of 3 cents and said it was on track to make payments for the full year of 6 cents a share.

NZX shares last traded at $1.27 and have gained 2.4 percent this year.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

OceanaGold: Man Killed In Waihi Mine Accident

A 29-year-old man had died following a work place accident at OceanaGold mine, Waihi last night. The man was killed after the front end loader he was in rolled down a slope. The accident happened at approximately 6.30pm on Thursday night. More>>

ALSO:

Constructing Consent: Annual Housing Consents Highest In Over A Decade

More than 29,000 new homes gained building consent in the year to June 2016, up 16 percent from the previous June year, Statistics New Zealand said today. More>>

ALSO:

War Against Weevil For Future Peas: “No Peas, No Weevil” Ban Now In Place In Wairarapa

The Ministry for Primary Industries (MPI) has today placed a ban on growing peas within a specified area and placed controls on moving pea material (seed and untreated pea straw) within, in and out of this area for the next 2 years. More>>

ALSO:

Wood Producers: Crisis In New Zealand Log Supply

New Zealand wood processing leaders held a hui with senior government officials and political leaders in Whangarei yesterday to assess the acute log supply shortage to local mills in Northland. More>>

Consents And Taxes: Trustpower 'Very Disappointed' With Judgement

Trustpower is "very disappointed" with a Supreme Court ruling dismissing its bid to claim tax deductions on $17.7 million of project costs in a case closely watched by large-scale infrastructure developers. More>>

ALSO:

Fruitful Endeavours: Kiwifruit Exports Reach Record Levels

In June 2016, kiwifruit exports rose $105 million (47 percent) from June 2015 to reach $331 million, Statistics New Zealand said today. Overall, goods exports rose $109 million (2.6 percent) in June 2016 (to $4.3 billion). More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news