OFX Group's half-year financial performance

OFX Group (ASX:OFX) has released its financial results for the half year ending 30 September 2024. The company reported a 3% decline in revenue from ordinary activities, totaling A$119.3 million. Net profit attributable to members fell by 32% to A$10.7 million. The decrease was influenced by several factors including a fair value loss and increased depreciation due to platform investments.

Overview of OFX Group's strategic direction

OFX Group has faced a challenging half year with a decline in revenue and net profit. Despite these challenges, the company is strategically investing in its New Client Platform and expanding into Canada and the UK. The renewal of the share buy-back program demonstrates OFX's commitment to returning value to shareholders. The company maintains a strong cash position, which supports its ongoing growth initiatives. OFX is focusing on long-term growth by managing costs effectively and receiving positive feedback on their new platform.

Executive insight on financial results

The decline in net profit was due to a A$2.2 million fair value loss on contingent consideration, a A$1.3 million increase in depreciation and amortization due to platform investments, and a A$3.7 million escrow release recognized in the previous period.