OzForex hits some prospectus forecasts, misses others
Foreign exchange services company OzForex failed to meet its prospectus forecasts for new client and active client numbers during the year to March.OzForex, which listed on the Australian Securities Exchange last October, reported that new dealing client numbers rose 38 per cent to 55,000 in the year to March. This was 10.8 per cent below forecast.Active client numbers increased by 31 per cent to 120,500 over the same period. This two per cent below forecast.However, on a number of other measures the company was ahead of its forecasts. Transaction turnover was up 49 per cent to A$13.6 billion, which was eight per cent ahead of forecast.Net operating income was also ahead of forecast, as was EBITDA and net profit.Net profit was $16 million, compared with $17.2 million for the previous corresponding period. After adjusting for the cost of its initial public offering and other non-recurring expenses, underlying profit was $20.8 million - up from $16.5 million in the prior year.OzForex chief executive Neil Helm said the international payments market was growing and, because of its fragmented structure, was ripe for consolidation.He said OzForex had no debt and was in a good position to participate in any M&A activity.