ASX today announced business rationalisation.
ASX Managing Director and CEO Helen Lofthouse said:
“We’ve been working through a range of business rationalisation measures that are intended to unlock capacity for our highest priority areas while also laying the foundations for a more sustainable cost profile.”
ASX has several expense management initiatives underway including reducing the use of contractors and consultants, and optimising procurement strategy.
Last week the Group initiated a targeted restructure to better align ASX’s people with its strategy. The impact is estimated to be around 3% of its non-project workforce with several divisions undertaking a reorganisation of team structures. Following this action, ASX expects to achieve annualised savings of circa $11 million.
“The targeted restructure is intended to allow us to better direct resources to prioritise the most strategic and efficient outcomes for the Group, and will also unlock capability and scale in key areas such as technology, where the changes are anticipated to allow us to bring teams closer together to better manage the scale of delivery, improve decision making and drive customer growth,” Ms Lofthouse said.
During 1H24, ASX completed the sale of its ~45% stake in Yieldbroker and commenced the wind up of mFund following industry consultation. More recently, ASX has begun exploring options regarding its interest in Digital Asset.
ASX is maintaining its holding in Sympli and remains enthusiastic about the opportunity in the e-conveyancing market. Sympli is set to benefit from more meaningful competition conditions following last month’s publication by the national conveyancing council requiring readiness for interoperability for key registry instruments by the end of 2025. This will be subject to final approvals and any extensions that may be granted.
