KEY POINTS:
Exchange operator NZX said today its June half year net profit rose 95 per cent to $4.21 million.
Earnings before interest, tax, depreciation and amortisation rose 102 per cent to $7.15m and operating revenue from 44 per cent to $15.05m.
Operating expenses rose 19 per cent to $7.89m.
Ceo Mark Weldon noted revenue was growing twice the pace of expenses.
The company expects to benefit next half from the introduction of the KiwiSaver pension scheme and related tax changes.
"NZX predicts a positive impact on trading volumes on the NZX markets. This will be felt initially in Q4 and grow over time."
Mr Weldon said he expected NZX's AXE ECN trading operation to begin trading in Australia before the end of the next quarter.
NZX would continue to pursue acquisitions.
"AXE ECN shows that NZX has the ability to take our technological, market supervision, and strategic skills into new markets outside our domestic market.
"This will continue to be a focus of management, with NZX looking to carve out a footprint distinctive amongst exchanges."
During the half year, listings revenues grew 34 per cent to $4.30m, mainly driven by new debt and hybrid listings. There have been only two new equity listings on the exchange this year.
Trading volumes were static with revenue similarly flat at $2.42m.
Revenue from NZX's market information division rose 104 per cent to $4.79m.
Operating revenue for its Smartshares division rose 76 per cent to $1.58m. Smartshares finished the first half of 2007 with $592m under management.
NZX will pay a 16c imputed interim dividend. Last year, no half year dividend was paid. Instead a capital repayment of $16.2m, equating to $1.21 a share was paid.
NZX shares have soared from $6.00 a year ago to $11.50 yesterday.
- NZPA
