ASX unveils a $242m half-yearly profit; announces chairman Rick Holliday-Smith will retire
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The ASX (ASX:ASX) has announced chairman Rick Holliday-Smith will retire from his position as it unveiled its half-yearly results.
Holliday-Smith, who is also chairman of Cochlear (ASX:COH), has been on the ASX board since 2006 and chairman since 2012.
Holliday-Smith will be replaced by fellow ASX board member Damian Roche who is a former JP Morgan executive and says the bourse will be in good hands.
“Damian’s deep knowledge of [the] ASX, his background in global financial markets, his knowledge of risk and his experience managing large teams of people, make him an excellent choice as Chairman to lead the ASX,” he said.
“ASX is well positioned to continue to create value for the long-term. Not just for its shareholders but for the many stakeholders that trust in aSX’s integrity, resilience and competitiveness.”
The ASX revealed its financial results for the half-year ended 31 December 2020 and said it was a “solid result in mixed positions”.
It made a net profit after tax of $241.8 million, down 3.4 per cent from the prior corresponding period.
Revenues rose 3.4 per cent to $470.5 million and expenses rose 8.2 per cent to $151.4 million.
While it welcomed an increased number of new listing and equity activities, it saw lower interest rates on its capital and lower investment spreads on its assets held as collateral – resulting in net interest income falling 39.5 per cent.
CEO Dominic Stevens said the results showed the strength of the business but COVID-19 would be felt for a while longer.
“The challenges arising from COVID were felt during the half and are likely to continue for at least the short-term,” he said.
“ASX remains well positioned to serve Australia’s financial markets and shareholders, given our mix of businesses, product and operational expertise, and commitment to investing in the technology that supports our industry’s integrity and growth.”
The ASX, which is a listed entity in its own right, saw a slight dip of its shares this morning following the results.