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Computershare registers big profit hike

By Phil Boeyen, ShareChat Business News Editor

Thursday 7th September 2000

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Australian share registry and tech company, Computershare, has pushed its net profit up by 160% to A$38.2 million, with a strong contribution from its UK business.

The company operates a share registry in Australia, New Zealand and the UK and has recently moved into the US and Canadian markets.

Total revenue for the year rose 35% to $408.9 million from $302.8 million, and the company says the good result has been achieved through continued improvements in operating efficiency and solid performances from established share registry operations.

In particular Computershare MD, Chris Morris, has highlighted the strong contribution the UK registry business is now making to the group result.

"As I foreshadowed at the half year we expected the UK registry business to perform well in the second half. These results show the potential of the UK operations now that the post acquisition restructuring has been completed".

Mr Morris says over 50% of the group's profit is now generated outside of Australia, compared with 25% twelve months ago. He says the trend is expected to continue with approximately 90% of the group's profit generated outside Australia by the 2002 financial year.

The company's recently acquired US and Canadian transfer agent businesses and the Canadian Corporate Trust business has also made good initial profits, and Mr Morris says the businesses will be revamped using a similar 3-part restructure strategy to that used in the UK.

Computershares stock was trading up around 30 cents to just under A$8.00 during Thursday trading.

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