POWERED BY MOMENTUM MEDIA
Link aims to float off PEXA
Big superannuation administrator, Link has moved further down the road of floating off its property settlement business, PEXA, after posting a decline in net profit after tax of $65 million.
Link, which is the major shareholder in PEXA, said today that the other shareholders – the Commonwealth Bank and Morgan Stanley – had agreed to explore the possibility of an initial public offering (IPO) for the business.
It represents a significant move by Link and the other shareholders in circumstances where PEXA recorded a strong half with a 27% increase in revenue to $99.2 million and a 90% lift in EBITDA to $51.5 million.
Commenting on the broader Link half-year result, the company’s chief executive, Vivek Bhatia said it had successfully navigated some challenging external conditions, demonstrating financial resilience.
He said the group reported EBITDA of $137 million and net operating cash flow of $192 million, having navigated the impacts of Brexit, COVID-19 and superannuation regulatory reforms including Protecting Your Super (PYS), Putting Members Interests First (PMIF) and the Early Release Scheme.
The company said it had handled 2.4 million early release superannuation payments valued at around $18 billion, and had managed contract renewals with Cbus and Hesta.
The Link board declared an interim dividend of 4.5 cents per share 60% franked.
Recommended for you
A member body representing some prominent wealth managers is concerned super funds’ dominance is sidelining small companies in capital markets.
Earlier this month, several Australian superannuation funds fell victim to credential stuffing attacks, which saw a small number of members lose more than $500,000.
Small- to medium-sized funds have become collateral damage in an "imperfect" model for super industry levies, a financial institution has said.
Big business has joined the chorus of opposition against the proposed Division 296 tax.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
90.28 3 y p.a(%)
2
GAM LSA Private Shares AU I
37.08 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.44 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.12 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
28.28 3 y p.a(%)
