OzForex shares slide on FY results

Shares in online currency exchange site lose 12% in early trade as full-year profit declines.

OzForex Group (OFX) shares have plunged more than 12% after the release of the group's first full-year results since listing on the Australian Securities Exchange last October.

At 11.05am (AEST) Oz Forex shares were 12.23% lower at $2.87, against a slight benchmark index increase of 0.01%.

Shares in the online currency exchange site earlier hit their lowest point since January 15, touching $2.82. 

In the year to March 31, OzForex posted a net profit attributable to members of $15.97 million, a 7% decrease on the $17.14m recorded in 2013.

The group said the result was weighed down by one-off costs stemming from an aborted takeover bid, as well as its ASX listing, but noted the result was 13.5% above its prospectus forecast of $14m.

Revenue from ordinary activities was $78.25m, a 40% lift on the $55.74m in the previous year.

The group will pay a fully-franked final dividend of 2.375c per share on June 27 to shareholders on the register at June 13, bringing total dividends for the year to 12.375c per share, fully franked.

OzForex chief executive Neil Helm said the group was well placed to meet its short-term prospectus requirements, and was increasingly focused on positioning itself for growth in a rapidly evolving industry.

"We have established a highly successful and market leading position in the international payments sector as a result of our scalable technology platform and attractive customer proposition," he said.