The Link Administration Holdings Ltd (ASX: LNK) share price was a top performer on the ASX 200 on Friday.
Link shares rocketed 4.49% higher after the company provided an update in its annual general meeting (AGM).
What moved the Link share price last week?
Link Chairman Michael Carapiet reported that 40% of Link's revenues are now coming from outside Australia.
The Aussie platform increased its PEXA shareholding to 44.2% and divested its South African business during the year.
In FY 2019, Link grew revenue by 17% on the previous year to $1.4 billion. The company's statutory net profit also rocketed 123% higher on the prior corresponding period (pcp) to $320 million last year.
Despite weaker underlying earnings, the Link share price has been climbing higher since the August result.
The company sold its Corporate and Private Client Services (CPCS) business for $434 million in late June. The bulk of the proceeds went towards strengthening the group's balance sheet with significant debt reduction.
Managing Director John McMurtrie was similarly bullish on the company's ongoing growth.
Link expects to see long-term cost reductions of $50 million per annum by integrating the Link Asset Services (LAS) business.
The Link share price has been on watch amid an on-market share buyback scheme for up to 10% of issued capital and has purchased one million shares to date.
Link's entry into the UK pension market earlier this week is the latest strategic move from the group. The UK market represents a US$2.9 trillion asset pool for Link to capture market in.
What about the outlook for Link?
Link's underlying member growth in its RSS business has remained strong while its PEXA business is ahead of expectations.
The company's Corporate Markets and European-based businesses are seeing continued margin pressure from domestic competition and Brexit, respectively.
Foolish takeaway
Link's executive team appear confident that the group is on a strong growth trajectory in FY20.
Shareholders agreed with that view last Friday, as the Link share price rocketed 4.49% higher to $6.05 per share.
