20 Feb 2012

NZX profit jumps by more than half

7:26 pm on 20 February 2012

Shares in NZX were up 7% Monday after its full-year profit jumped by more than half.

It plans to return up to $35 million to shareholders.

The stock market operator made $14.5 million in 2011 compared with $9.3 million a year earlier.

Revenue rose 11% to $55.6 million while costs rose by almost 4% to $30.4 million.

The NZX's outgoing chief executive, Mark Weldon, says it is broad-based growth, driven in part by new products such as in-depth analysis in the agriculture area for hedge funds.

NZX has declared a final dividend of 2.75 cents a share and is returning between $32.5 - $35 million to shareholders by cancelling about 10% of its shares before the end of May.

Its stock will then be split on a seven for three basis.

Shares in NZX rose 17 cents to $2.76 at midday on Monday.