OFX Group (ASX:OFX) hit a 52-week low on Thursday after weaker-than-expected preliminary results for the first half of fiscal 2025.
The international money services provider expects to deliver net operating income of roughly AU$111 million and underlying earnings before interest, taxes, depreciation, and amortization of about AU$29 million for the six months ended Sept. 30, according to a Thursday filing with the Australian bourse.
The initial results are lower than anticipated due to changes to the interest rate cycle and range-bound key currency corridors amid a strong US dollar, the filing stated.
"This inhibited client trading patterns late in the half, especially in September, resulting in lower than expected fee and trading income," the filing added. Net income growth for fiscal 2025 is now forecast to be lower than the 10% indicated in May.
OFX Group will report its first-half results on Nov. 12.
The company's shares had hit a 52-week low of AU$1.20 in early morning trade on Thursday before settling at AU$1.525 in late afternoon, recording a loss of more than 33%.
Price (AUD): $1.52, Change: $-0.76, Percent Change: -33.25%
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.