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

 

R18: The Warehouse Group Praised For Removing Games

The decision by New Zealand’s largest retailer The Warehouse Group (TW Group), to withdraw stocks of the latest version of Grand Theft Auto V (GTA V) and other R18 games, has been praised by advocacy group Stop Demand Foundation. More>>

ALSO:

Air NZ Wine Awards: Victory For Villa Maria As Pinot Noir Thrills

It was a night to remember as Villa Maria Estate picked up one of the highest accolades of the evening, the O-I New Zealand Reserve Wine of the Show Trophy, at the 28th Air New Zealand Wine Awards. The Villa Maria Single Vineyard Southern Clays Marlborough ... More>>

ALSO:

Future Brighter Money: RBNZ Releases New Bank Note Designs

New Zealand’s banknotes are getting brighter and better, with the Reserve Bank today unveiling more vibrant and secure banknote designs which will progressively enter circulation later next year. More>>

ALSO:

Commerce: Supermarket Inquiry Finds No Breaches By Countdown

The Commerce Commission inquiry into anti-competitive behaviour by Countdown supermarkets, alleged by former Labour Party MP Shane Jones, has found nothing to warrant prosecution, although it warns supermarkets to take care in the way they communicate... More>>

ALSO:

Crown Accounts: English Flags ‘Challenge’ To Budget Surplus

Finance Minister Bill English is warning next month’s half yearly fiscal and economic update from the Treasury may not forecast a budget surplus, saying that returning the government’s accounts to surplus in 2015 will be “a challenge”, given the decline in commodity prices and weak global inflation. More>>

ALSO:

March 2015: Netflix To Launch In Australia And New Zealand

World’s Leading Internet Television Network to Offer Original Series, Movies, Documentaries, Stand-Up Comedy Specials and TV Shows for Low Monthly Price More>>

ALSO:

Price Of Cheese (Is Up): Dairy Product Prices Fall To Five-Year Low

Dairy product prices fell in the latest GlobalDairyTrade auction to the lowest level in more than five years, led by declines in rennet casein and skim milk powder. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news