Computershare posts record full year profit

Computershare posts record full year profit

Australian share registry Computershare has posted its largest ever profit, boosted by massive growth at its mortgage services business and in the US.

Full year Ebitda was up 12.7% to US$609.7 million on revenues of US$2.24 billion, marking a record profit and the fastest rate of earnings growth since 2009.

The mortgage services business helped to drive the growth, recording a 65.4% rise in Ebitda to US$122.4 million.

Stuart Irving, CEO, Computershare, says: "We continue to build our Mortgage Services growth engine as planned and we are tracking towards target returns.

"In the US we are building out our revenue model across the mortgage value chain, capturing more margin, while driving scale in servicing. In the UK we are well advanced in integrating UKAR and aligning with challenger banks to drive new volume growth."

Irving also highlighted the recent acquisition of Equatex, which "enhances our scale, capabilities and earnings in Employee Share Plans, our other strategic growth engine".

The positive results pushed the firm's share price to A$19.06, a 12-month high.

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