Broadridge Financial profit rises on robust demand for mainstay businesses

Broadridge Financial Solutions

06/08/2024 13:22

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)
 ((JaiveerSingh.Shekhawat@thomsonreuters.com;))