hi brentv
some of the operational metrics were good - new clients, active clients, transactions per client. So turnover was up, but net operating income (NOI) and NOI as a % of turnover was well down. ie. 0.52% vs 0.56% LY. and this was not really explained from my quick look of the company releases. is it a temporary function of the commercial environment, or something permanent.? So OFX was working harder and winning more clients, but none of this benefitted profits, or shareholders!
that said, those good operational indicators were encouraging. if they can restore NOI/turnover to recent historic levels, and continue to manage cost well, profits will improve. I'm just not sure whether a recovery in margins is likely or not!
Ann: Analyst Presentation, page-5
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