NZX normalised net profit up 18%

Monday 28th February 2011

Stock market operator NZX reported an 18% rise in normalised net profit to $11.7 million in 2010, with a "distinct" rise in revenue in the final quarter.

In its comments on the full year result, the company highlighted a 17% rise from 2009 in revenue to $50.2 million, and a 19% rise in ebitdaf (earnings before interest, tax, depreciation, amortisation, and financial instruments) to $20.9 million.

Bottom line profit fell 76% to $9.3 million, with 2009 having included the proceeds of asset sales. A dividend of 10c is to be paid for 2010.

NZX said the result was delivered against a backdrop of difficult market conditions, with contributions to the result having come from across the entire business, but most notably in the areas of agricultural information, clearing house participation, technology contracts and new product development.

Operating expenditure grew to $29.3 million compared with $25.3 million in 2009, but was managed to lower levels in the fourth quarter following the completion of several large, capital-intensive projects.

NZPA

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