Link Group widens full-year loss after UK settlement

The news: Financial services firm Link Group has widened its full-year loss for the year after hefty provisions related to a regulatory settlement in the UK.

The numbers: Full year statutory loss widened to $417.4 million from $68 million a year ago after a $390.9 million provision related to a settlement with the UK's Financial Conduct Authority. Revenue was up 4.5% to $1.23 billion. It will pay a final dividend of 4 cents a share.

The context: The administration services provider flagged its big statutory loss earlier this month. Link shares are down nearly two-thirds over the last 12 months after the group was embroiled in a regulatory investigation related to its UK subsidiary. The company expects operating earnings to rise at least 6% in FY24.