Overview of OFX's FY24 performance

OFX (ASX: $OFX) has reported its FY24 results, with a 6.3% increase in Net Operating Income (NOI) to $227.5 million. The company's CEO and Managing Director, Skander Malcolm, highlighted strong execution, margin growth, and a 21.8% rise in B2B new revenue. The company also saw a 3.4% increase in Underlying EBITDA to $64.6 million, with disciplined cost control and synergy realization delivering operating leverage. OFX's net available cash rose by 1.2%, reflecting continued cash generation and a healthy balance sheet supporting future growth.

Executive commentary on FY24 performance and outlook

Skander Malcolm, Chief Executive Officer and Managing Director of OFX, emphasized the company's focus on targeting B2B clients who seek competitive pricing and ease of use. He highlighted OFX's differentiation through human service and reducing costs through FX risk management. Malcolm also outlined the company's expanded product set, including global wallets, multi-currency corporate cards, and global payment and workflow solutions. Looking ahead, OFX reaffirmed its FY25 outlook, with a medium-term ambition of achieving 10%+ NOI annual growth and a 28-30% Underlying EBITDA margin.

Summary of FY24 results and future outlook

OFX's FY24 results demonstrated a positive performance, with notable increases in NOI, B2B revenue, and Underlying EBITDA. The company's strategic focus on B2B clients and the expansion of its product offerings indicate a clear direction for future growth. The reaffirmed FY25 outlook, with a medium-term ambition of achieving 10%+ NOI annual growth and a 28-30% Underlying EBITDA margin, reflects OFX's confidence in its corporate strategy and ability to deliver sustained performance. The company's emphasis on reducing costs for clients and providing tailored solutions positions it well for continued success in the global payments and FX market.