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Computershare H1 profit down 52%

Gus McCubbing
Computershare first-half profits have dived by 51.9 per cent to $124.7 million

Computershare's first-half net profit has plunged 51.9 per cent to $US124.7 million ($A185.67) following migration delays at its UK mortgages platform, a decline in fixed fee revenue, and the cycling out of its sale of Karvy last year.

The stock transfer company on Wednesday told the ASX its statutory profit fell by just 17.4 per cent for the six months to December 31 when adjusting for the $US108.5 million sale of Indian financial services company Karvy last year.

Nonetheless, Computershare's ASX-listed shares dropped by as much as 6.6 per cent to $16.39 within 15 minutes of trade on Wednesday.

Revenue for the period was flat at $US1.12 billion, with a weaker British pound, Australian dollar and Canadian dollar relative to the prior period reducing the translated revenue contribution from those regions.

Earnings took a $US18 million hit from the delayed UK Mortgage Services platform migration, while lower margin income sapped $US8 million from the result.

Higher amortisation was primarily driven by a larger owned MSR portfolio in US Mortgage Services.

Earnings per share halved to 23 US cents.

Computershare held its interim dividend at 23 Australian cents per share, partially franked.