Broadridge Financial Solutions today released its results for the fourth quarter and the full financial year 2022 ended 30 June. The fintech firm saw positive growth for the year, as well as for the quarter on yearly basis.
Fourth quarter growth
During the final quarter of the year, Broadridge registered $1,723 million in total revenue, a 12% increase compared to fourth quarter of the previous year when it was $1,532 million.
The US-based company’s operating income jumped 21% to $342 million, compared to the same period the previous year.
The adjusted operating income was $436 million. Diluted EPS and Adjusted EPS – Non-GAAP stood at $2.09 million and $2.65 million, respectively.
The total revenue during the financial year 2021 reached $5,709 million, 10% higher than 2020 when it was $4,994 million.
The operating income stood at $760 million for the year, 12% higher than the previous year.
The company also reported that the adjusted operating income was $1,006 million registering a 18% increase. Diluted EPS was $4.65 million and Adjusted EPS – Non-GAAP – $5.66.
Tim Gokey, Broadridge’s CEO, said:
A strong fourth quarter capped another great year for Broadridge, with record closed sales, 16% recurring revenue growth, continued margin expansion, and 14% Adjusted EPS growth. Our results reflect continued execution of our long-term growth strategy, the ongoing digitization of financial services, and strong performance from our Itiviti acquisition.
Looking ahead, we expect continued growth in Fiscal 2023, with 6-9% organic recurring revenue growth, continued margin expansion, and 7-11% Adjusted EPS growth. Most importantly, we are well-positioned to deliver, again, on our three-year financial objectives, with recurring revenue and Adjusted EPS growth at or above the higher end of the range.