PEXA continues to deliver for Link

Little more than a fortnight after SS&C pulled back from its bid for Link Administration Holdings, the superannuation administrator has pointed to the likelihood of a better than expected half-year financial result next month.

Link Administration Holdings has announced to the Australian Securities Exchange (ASX) that positive momentum across the business during December had generated operating earnings before interest and tax (EBIT) outcome of $2 million above guidance.

The main driver for the better than expected result was Link’s property settlements business PEXA which delivered record transaction volumes.

Commenting on the improved half-year outlook, Link chief executive and managing director, Vivek Bhatia noted that revenue was above expectations and, together with continued control of operating expenses, resulted in a higher that forecast operating EBIT.

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“PEXA continues to build on its strong business model benefiting from increased transaction volumes on the PEXA exchange and increased penetration of the national electronic conveyancing market,” he said.

PEXA is regarded as having been a key motivator of the recent private equity bid for Link and that of SS&C.