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Shares in Ozforex Group Limited (ASX:OFX) have fallen 10 per cent in morning trade after releasing its full year results for the year to the end of March 2014.
The online foreign exchange group improved its net profit by 8.1 per cent to $20.1 million as net operating income gained 6.1 per cent to $72.5 million.
Ozforex says its key operating and financial metrics are in line with prospectus forecasting though active clients dropped 2 per cent below forecasts.
The company also revealed growth in new dealing clients fell 10.8 per cent behind forecasts. The fall was attributed to a slower conversion rate on new clients in OzForex’s branded partnerships within its International Payment Solutions business.
OzForex listed on ASX in October 2013. Looking ahead the company says it is on track to meet its prospectus forecast for the period to the end of September 2014.
A fully franked dividend of 2.375 cents per share has been declared.
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