Its FY23 results reporting season for some companies – these 3 reported strong profits this morning

Nick Sundich Nick Sundich, May 23, 2023

It is FY23 reporting season for ASX-companies that use April 1-March 31 as their financial year. This is mostly New Zealand-domiciled companies, but there are a handful of other exemptions for company-specific reasons. Today, there were three companies to report FY23 results and they all reported strong profits.

 

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The 3 companies to report FY23 results this morning

 

1. TechnologyOne (ASX:TNE)

TechnologyOne (ASX:TNE) was the first cab off the rank in reporting FY23 results. It is a tech stock specialising in Enterprise Resource Planning (ERP) software with a focus on the education and government.

Actually, it was only reporting for 1H of FY23 because it uses October 1-September 30, but it was the 14th straight year it recorded a record 1H profit. Its post-tax profit came in at $41.3m, up 24% and its total revenue was $210.2m, up 22%. It paid an interim dividend of 4.62cps, up 10%.

It reported $316.3m in Annual Recurring Revenue (ARR) (up 40%) and a 119% Net Revenue Retention (NRR) – the net amount of new ARR won and retained from existing customers.

 

2. OFX (ASX:OFX)

Second to report FY23 results was OFX, which provides forex services, primarily to the B2B segment. It reported a $39.1bn turnover (up 18% and $214.1m in Net operating Income (NOI) (up 45.6%). Statutory NPAT came in at $31.4m (up 25.6%). It guided to $225-$243m in NOI for FY24.

As interest rates began to rise, the company reported that High Net Worth clients were using it less for cases such as wealth management and property, although corporate demand remained strong.

 

3. Turners (ASX:TRA)

Lastly, Turners (ASX:TRA) reported its FY23 results, it is a New Zealand company – a used car outlet to be exact. Revenue came in at $389.6m (up 13%) and NPAT was $32.6m (up 4%). It paid a dividend of 23cps (flat from FY22 and a pay out of just 61% EPS but a good yield of 6% nonetheless).

Following on from FY23, this company will be an interesting one to watch, because the New Zealand economy is in a worse shape than Australia’s and is likely in a recession right now. Turners had previously targeted $50m PBT by FY25 and while it admitted this might be delayed, it asserted it was in a strong position.

 

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