- Release Date: 30/04/12 15:10
- Summary: QUARTER: NZX: NZX Q1 2012 Results - on track to plan
- Price Sensitive: No
- Download Document 3.71KB
NZX 30/04/2012 13:10 QUARTER REL: 1310 HRS NZX Limited QUARTER: NZX: NZX Q1 2012 Results - on track to plan NZX Q1 2012 Results - on track to plan 30 April 2012 - The NZX Group Q1 2012 revenue release shows revenue growth very much in line with the outlook provided in the 2011 Year End release at 3% above the previous corresponding period (PCP). Costs, while not released at quarterly periods, are also tracking in line with expectations. "NZX's established businesses performed well. The NZX platform is very strong, with events such as Fonterra's TAF and the partial floats of State Owned Enterprises on the 2012 horizon, and with new business lines such as Dairy Futures and the Clear Grain Exchange tracking to their growth milestone. "This is indicative of a robust franchise, positioned well for sustained future growth," said NZX CEO Mark Weldon. The Q1 2012 result demonstrates the ongoing strength of NZX's Information Markets and Infrastructure strategy that has enabled the Group to perform strongly throughout the business cycle. In particular, there has been visible strength in the securities trading and commodities businesses, which have been standout performers during Q1 2012. The same period in 2011 saw the significant one-off impact of AMP's $5.2 billion secondary capital raising event. Absent that event, the revenue growth over PCP is 10.1%. "This result is a very strong start to 2012, with the organisation in good health and tracking to plan. "NZX's continued growth, against the trends being experienced by more traditional exchanges globally, is testament not only to our ability to deliver against plan for revenue, but also to do so whilst maintaining a sharp eye on costs," said Weldon. "NZX is positioned well to continue delivering for the remainder of 2012 and into the future." Specific business areas Information Securities Information - Primary and Other Data Distributors are up 11% and 37% respectively on PCP. Solid growth in new data vendors, and a market data terminals price adjustment, was offset by the strength of the New Zealand dollar versus the US dollar, which is the transactional currency for this market. Agri Information - Good execution to plan, with general Agri publication and Grain Information subscriptions up 25% and 28% respectively on PCP. The increased subscription numbers and strong advertising uptake are driving strong revenue growth on PCP. Markets Listings - The impact of relative weakness in capital raised during the quarter is evident, compared with a strong PCP which included large secondary capital raisings. NZX's IPO expectations remain unchanged for the full year. Securities Trading - Very strong performance, with average daily trades up 39.7% and average daily value holding steady on PCP. Over the same period in the US and UK markets, average daily value has dropped 17% and 13% respectively on PCP. Dairy Futures also grew strongly, hitting all milestones. Commodities Trading - Consistent focus on execution and strong customer support saw the Clear Grain Exchange attain an established position in the Australian grain market, with revenue up 74% on PCP, driven by a 94% increase in tonnes traded. Momentum continues to build. Infrastructure Securities Clearing - Good performance with solid revenue growth. Stock lending has been a standout performer, with value of stock lent up 55% on PCP to $422.5 million. Energy - Strong operational focus along with stable revenue growth, largely off the back of contracted and consistent services to the sector. Technology and Custom Services - Work continues on building the Fonterra TAF platform to meet the specific requirements of this important sector. ENDS End CA:00222347 For:NZX Type:QUARTER Time:2012-04-30 13:10:27
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