Key facts
- ASX Chair David Clarke stated the company has reached a turning point in addressing regulatory issues.
- The dividend payout ratio will remain at 75% of underlying net profit.
- Operating expenses are forecast to grow 18% to 21% in the current financial year.
- Capital expenditure is projected to be between A$180 million and A$200 million.
The Australian Securities Exchange (ASX) has reached a turning point in addressing its regulatory troubles, according to Chair David Clarke. Speaking at the company's annual meeting on Thursday, Clarke stated that the exchange had confronted difficult issues and made important changes over several years. The ASX has faced trading outages and settlement delays following a failed technology overhaul, leading the Australian Securities and Investments Commission to order the exchange to hold an additional A$150 million in capital and renew its infrastructure. To meet this order, the ASX reduced its dividend payout ratio to 75% of underlying net profit, a level it intends to maintain for at least the interim dividend period. Chief Executive Anthony Attia forecast operating expenses to grow 18% to 21% in the current financial year, with capital expenditure between A$180 million and A$200 million, both figures raised earlier this year to fund technology upgrades.