• Management EPS up 19% to 65 cps
• Revenues increased over 6%, with growth across all core business lines
• Margin Income resilient, down less than 1% despite lower interest rates
• EBIT ex. MI margins expanded to over 15%, up 230 bps

Computershare Ltd has reported strong 1H FY25 results, with Management EPS up almost 19% compared to the prior corresponding period. Revenues increased by over 6%, with recurring fee revenue and transaction revenue growth across all core business lines. Margin Income proved resilient, down less than 1% in the half, despite interest rates falling further than expected. Lower rates helped drive improved activity levels across the group, leading to a $3bn uplift in average client balances, which, along with benefits from the company's hedging strategy, offset the impact of lower interest rates. All core businesses delivered revenue growth, earnings improvement and margin expansion. Management EBIT ex. MI increased by 28%, while EBIT ex. MI margins expanded to over 15%, a rise of 230 basis points on last year. Issuer Services performed well, with the company's investments in digitisation creating more opportunities to enhance its service offering to clients and improve efficiencies. Corporate Trust also delivered an improved performance, with fee revenues up 6% and the average fee per deal increasing. Employee Share Plans delivered another impressive result with double-digit growth in core fees and transaction volumes. Computershare retains a strong balance sheet and high cash conversion, creating the ongoing flexibility to fund innovation, organic expansion and acquisitions, which the company continues to pursue across all core business lines.

Management EPS in FY25 is now expected to be around 135 cps, an increase of around 15% on last year. Previous guidance was for Management EPS in FY25 to increase by around 7.5%.

Computershare has a confident outlook for FY25, with its high quality, capital light business having momentum and scope for enduring growth. With reduced complexity and multiple earnings drivers, the company is well-positioned for continued success.