OFX Group Limited (OFX) Q4 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

Thank you, Cameron, and thank you, everyone, for joining the call. As Cameron mentioned, I'm joined by Selina Virth, our Chief Financial Officer, and Matt Gregorowski, who leads our Investor Relations Program with Mauro Sedali. Selina and I will take you through the pages, and then there'll be some time Q&A. The presentation will cover four things. Firstly, our fiscal year 24 results and the performance drivers. Secondly, our financials in more detail. Thirdly, the strategy for the larger OFX. including why and how we will be more valuable in the future. And finally, our fiscal year 25 and median term outlook. Let's move to slide four in the pack. Fiscal year 24 was a solid year financially. Our net operating income was $227.5 million at the lower end of our guidance range and up 6.3%. However, we were able to deliver underlying EBITDA of 64.6 million, which was in the middle of our guidance range, and up 8.2%, excluding the impact of our patron acquisition. It was a year that illustrated both the challenges and strengths of our business. Our challenge is to deliver net operating income growth regardless of the prevailing macroeconomic conditions, and our strength is that we have diversity in our global revenue streams and levers we can pull to generate returns regardless of the economic conditions, thus delivering value for both our clients and shareholders. A few of the highlights of our performance include the pivot to B2B is well and truly operational, with just under 70% of our revenues now being B2B. And what is especially pleasing is that we are getting real traction in attracting new B2B clients, with revenue from new clients one in a year up over 20%. a healthy signal for future revenue growth as B2B clients tend to grow revenue in years two onwards versus c...