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Broadridge reveals fiscal year results


02 August 2019 New York
Reporter: Maddie Saghir

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Image: Shutterstock
Broadridge revealed that it’s 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: “Considering the impact of the ASC 606 revenue accounting change, total revenues would have increased $13 million, or 1 percent.â€

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.â€

"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.â€
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