Broadridge reveals fiscal year results
02 August 2019 New York
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Broadridge revealed that it鈥檚 Q4 fiscal year total revenues decreased 8 percent to $1.2 billion from $1.3 billion compared to the 2018 fiscal year.
In its fiscal year 2019 results, Broadridge said: 鈥淐onsidering the impact of the ASC 606 revenue accounting change, total revenues would have increased $13 million, or 1 percent.鈥�
Broadridge's results also showed that recurring fee revenues for Q4 2019 decreased 6 percent to $813 million from $862 million.
Operating income was reported at $241 million, a decrease of $25 million (10 percent).
Total revenues for the fiscal year ended 30 June 2019 increased 1 percent to $4.4 billion from $4.3 billion in the prior-year period.
Recurring fee revenues for the 2019 fiscal year increased 6 percent to $2.8 billion from $2.6 billion.
Broadridge explained that the strengthening of the US dollar against other currencies negatively impacted revenues by $25 million.
Additionally, the results showed that Broadridge completed three acquisitions with an aggregate purchase price of $406 million.
One of these acquisitions included Rockall Technologies, which expands Broadridge's core front-to-back office wealth capabilities.
Broadridge said the addition of Rockall Technologies, provides securities-based lending and collateral management technology solutions to help firms manage risk and optimise clients' securities lending and financing needs.
Tim Gokey, Broadridge's president and CEO, commented: "The fiscal year 2019 was a strong year as we generated double-digit EPS growth and executed against our strategic goals.鈥�
"Broadridge achieved 6 percent recurring fee revenue growth and 11 percent adjusted earnings per share growth. We also closed out the year on a very positive note as a strong fourth quarter powered another year of record closed sales, and we made three tuck-in acquisitions that will further strengthen our business.鈥�
In its fiscal year 2019 results, Broadridge said: 鈥淐onsidering the impact of the ASC 606 revenue accounting change, total revenues would have increased $13 million, or 1 percent.鈥�
Broadridge's results also showed that recurring fee revenues for Q4 2019 decreased 6 percent to $813 million from $862 million.
Operating income was reported at $241 million, a decrease of $25 million (10 percent).
Total revenues for the fiscal year ended 30 June 2019 increased 1 percent to $4.4 billion from $4.3 billion in the prior-year period.
Recurring fee revenues for the 2019 fiscal year increased 6 percent to $2.8 billion from $2.6 billion.
Broadridge explained that the strengthening of the US dollar against other currencies negatively impacted revenues by $25 million.
Additionally, the results showed that Broadridge completed three acquisitions with an aggregate purchase price of $406 million.
One of these acquisitions included Rockall Technologies, which expands Broadridge's core front-to-back office wealth capabilities.
Broadridge said the addition of Rockall Technologies, provides securities-based lending and collateral management technology solutions to help firms manage risk and optimise clients' securities lending and financing needs.
Tim Gokey, Broadridge's president and CEO, commented: "The fiscal year 2019 was a strong year as we generated double-digit EPS growth and executed against our strategic goals.鈥�
"Broadridge achieved 6 percent recurring fee revenue growth and 11 percent adjusted earnings per share growth. We also closed out the year on a very positive note as a strong fourth quarter powered another year of record closed sales, and we made three tuck-in acquisitions that will further strengthen our business.鈥�
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