Shares in stock exchange operator ASX Ltd (ASX: ASX) have slipped 0.8% this morning after the group reported results in line with market expectations. The share price is actually holding up well considering the 1.25% sell-off in the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) today.
The share price outperformance isn't just occurring today, shareholders in ASX Ltd have come out well ahead of the S&P/ASX 200 over the 12 months to 30 June 2015 as well, with the company's share price rising 12.3% compared with a 0.25% gain in the index.
Shareholders certainly have plenty to be positive about, here are the highlights from the full year result:
- Revenues gained 6.4% to $700.7 million
- Underlying profit increased 5.2% to $403.2 million
- Underlying earnings per share rose 5% to 208.4 cents
- Full year dividends were hiked 5.2% to 187.4 cents per share (cps) fully franked. A final dividend of 95.1 cps has been declared with an ex-dividend date of September 2 and payment scheduled for September 23.
On a divisional basis highlights included:
- A 13.9% jump in Listings and Issuer Services divisional revenue to $176.6 million thanks to strong new listing activity which saw 120 initial public offerings (IPOs) occur during the year, with a total raising value of $88.9 billion, a 34.7% increase on the prior year.
- A 6.7% increase in Cash Market divisional revenue to $125.2 million thanks in part to a solid 16.9% rise in on-market value traded per day.
- A 7% rise in Information Services divisional revenue to $73.7 million helped in part by a streamlining of processes and a revised fee schedule.
- An 8.3% increase in the Technical Services divisional revenue to $57.3 million due primarily to increased utilisation of the ASX's main data centre by financial markets customers.
Management has provided an insight into the first few weeks of trade in the current financial year and so far the momentum remains positive. The ASX Ltd is a high-quality business and a good one for the watch list with any weakness in its share price a potential opportunity for long-term investors.
