Broadridge Financial profit rises on robust demand for mainstay businesses
Aug 6 (Reuters) -Fintech firm Broadridge Financial BR.N posted a rise in fourth-quarter profit on Tuesday, helped by demand in its investor communication and global technology businesses.
WHY IT'S IMPORTANT
A possible rate cut after slowing inflation in recent months has boosted investor confidence to spend more on services that strengthen their financial digital infrastructure, which helped increase demand for offerings of companies such as Broadridge.
CONTEXT
Broadridge provides infrastructure that powers investing, corporate governance and communications to banks and broker-dealers, among others.
It also links public companies and mutual funds to individual and institutional investors.
BY THE NUMBERS
Revenue at the company's investor communication services business, which accounts for most of Broadridge's revenue, rose to $1.53 billion from $1.44 billion.
The company's global technology and operations unit recorded revenue of $415.9 million, up from $400.6 million.
The company reported an adjusted profit of $415.2 million, or $3.50 per share, for the fourth quarter, compared with $381.9 million, or $3.21 per share, a year earlier.
Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Maju Samuel
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
