Cost Discipline Drives OFX’s Better-Than-Expected Underlying Fiscal 2019 Earnings; FVE Unchanged
A strong end to the financial year led to no-moat OFX Group earnings beating our expectations. Fiscal 2019 underlying net profit after tax or NPAT of AUD 21 million was about six percent higher than our forecast of AUD 19.8 million. Underlying NPAT was helped by disciplined cost control and a lower effective tax rate of 20% compared to our forecast of 24% and continuing guidance of 25%. Net operating income growth of 8% was particularly strong against the backdrop of a fall in global spot foreig...OFX Group is engaged in the provision of international payments and foreign exchange services. Co. offers fast international money transfers at competitive rates for individuals & businesses. Co.'s two products are international payment services and international payment solutions. International payment services are monitored by geographic region (based on client location) and provide bank to bank currency transfers servicing businesses and consumers. International payment solutions are monitored globally and provide strategic partners with a package which includes: OFX Technology platform; client service; compliance sophistication; banking relationships; and payments capabilities.
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