Fintech firm Broadridge's profit jumps on investor communications unit strength
May 1 (Reuters) - Fintech firm Broadridge Financial BR.N reported a 14% jump in third-quarter profit on Thursday, helped by strong growth in its investor communications unit.
The Lake Success, New York-based company, Broadridge, reported strong earnings due to increased demand for handling investor communications ahead of annual shareholder meetings during the U.S. proxy season.
Broadridge handles the distribution of proxy materials and voting process for its banks, broker-dealers and other clients, positioning it in a niche market that analysts say gives it a strong competitive edge.
Operating income was $345 million or $2.05 per share for the three months ended March 31, compared with $303 million or $1.79 per share last year.
Revenue at its investor communication solutions unit grew 4% to $1.35 billion. The global technology and operations segment, which provides infrastructure for trading activity, also saw a 9% revenue jump to $464 million.
Total revenue rose 5% to $1.81 billion, the company said.
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