Volatility caused by investor uncertainty over COVID-19 has pushed the ASX to its best pre-tax trading result in a decade, with earnings particularly sharp over the last half year.
Each of ASX’s four main businesses grew, with the overall performance supported by higher cash market trading and a growing appetite from its customers for technical connections and information services, its CEO, Dominic Steven said at his company's results presentation.
Overall revenue hit A$938m, up 8.6 per cent on FY19.
These spikes in revenue more than absorbed the higher than expected [9 per cent] growth in expenses, allowing ASX to achieve a solid EBIT growth of 8.5 per cent, its highest EBIT growth rate since 2010.
ASX statutory net after-tax profit increased by $6.6 million, or 1.4 per cent, on last year's result to $498.6 million, while underlying NPAT increased 4.4 per cent to $513.8 million.
The difference was due to a $15.2 million reduction of the carrying value of the company's 45 per cent stake in Yieldbroker, an OTC rates trading platform.
"This is a non-cash item that’s not tax affected, and reflects a more difficult near-term trading environment," said ASX chief financial officer Gillian Larkin.
"The pace of change has been slower than expected [for] the electronification of fixed income markets," she said.
Secondary capital raisings action was also a step above last year's efforts, contributing to the highest total capital raised in over a decade.
"Cash market trading, which also drives clearing and settlement volumes, saw its best year on record, with value traded up 30 per cent in FY19," Larkin said.