International money services provider OFX Group Limited (ASX:OFX) will be removed from the S&P/ASX 300 Index. This becomes clear from an announcement by S&P Dow Jones Indices today.

S&P Dow Jones Indices announced today the changes in the S&P/ASX Indices, effective prior to the open of trading on March 22, 2021, as a result of the March quarterly review.

OFX will be removed from the S&P/ASX 300 Index, with the change effective prior to the open on March 22, 2021.

S&P Dow Jones Indices is the largest global resource for essential index-based concepts, data and research, and home to iconic financial market indicators, such as the S&P 500® and the Dow Jones Industrial Average®. S&P Dow Jones Indices is a division of S&P Global (NYSE: SPGI), which provides essential intelligence for individuals, companies and governments to make decisions with confidence.

As per an update for the third quarter of fiscal year 2021, that is, the three months ended December 31, 2020, OFX marked a good recovery across all segments, with Fee & Trading Income (revenue) up 10.2% on the preceding quarter to $36.5 million. The result was up 8.2% on the year-ago quarter.

Overall Net Operating Income (NOI) was up 4.2% to $32.3 million from the year-ago period, driven by strong transaction growth.

Transactions were up 27.6% as OFX continued to win higher-value clients who trade more frequently and at higher ATVs, particularly in its Corporate segment. This is evidenced by a further recovery in ATVs relative to 2Q21, as expected, although these are still down 12.7% to $19,000 on the year-ago period at a group level.