The world's largest share registry, Computershare, has cut its earnings guidance this financial year after strong gains in the US dollar.
Computershare chief executive Stuart Crosby said today the strong US dollar would help Australian earnings, but would hurt headline US dollar earnings.
"We expect US dollar management earnings per share for financial year 2009 to be about the same as last year, perhaps marginally behind," Mr Crosby said in a presentation filed to the Australian Securities Exchange.
"If exchange rates stay where they are, forecast full year negative impact of the strong US dollar is over 4.5 US cents EPS (earnings per share)."
Mr Crosby said this was lower than previous guidance but not as a result of business performance.
"While our US dollar guidance is now flat, full year Australian dollar EPS guidance at current exchange rates is now about 25% up on last year," he said.
The blow out of credit spreads had hurt the performance of the company's interest rate hedges, including the cost of its corporate debt, he said.
Computershare provides share registration, employee share plans, proxy solicitation and other specialised financial, governance and communication services.
AAP
