Broadridge announces its new three-year growth objectives
Broadridge Financial Solutions, Inc. (NYSE:BR) is hosting its Investor Day 2023 at 8:30 AM ET today.
“The theme of today’s Investor Day is ‘Powering and Transforming Financial Markets’ which reflects the critical role we play today and the opportunity we see ahead. Over the past ten years, Broadridge has delivered a 10% Recurring revenue compound annual growth rate, 14% Adjusted EPS growth and annualized total shareholder returns of 22%,” said Tim Gokey, Broadridge’s Chief Executive Officer. “Looking ahead, Broadridge is better positioned than ever for long-term, innovation-driven growth.”
As part of its Investor Day, Broadridge announced its new three-year growth objectives for the three-year period ending Fiscal Year 2026.
Broadridge also reaffirmed its Fiscal Year 2024 guidance.
Let’s recall that Broadridge has recently reported financial results for the first quarter ended September 30, 2023 of its fiscal year 2024.
Total revenues increased 12% to $1,431 million from $1,283 million a year earlier.
Recurring revenues increased $65 million, or 8%, to $871 million. Recurring revenue growth constant currency (Non-GAAP) was 8%, all organic, driven by Net New Business and Internal Growth in Global Technology and Operations (GTO) and Investor Communication Solutions (ICS).
Event-driven revenues increased $24 million, or 39%, to $87 million, driven by higher mutual fund proxy and corporate action activity.
Distribution revenues increased $58 million, or 14%, to $473 million, driven by higher event-driven mailings as well as the postage rate increase of approximately $27 million.