Thank you, Melanie, and thank you everyone for joining the call. As Melanie has mentioned, I'm joined by Selena Verth, our CFO, and Matthew Gregorowski, who leads our investor relations program with Citadel-MAGNUS. Selena and I will take you through the pages, and then there'll be time for Q&A. This year we'll cover three things. The full year result, what it is and what drove it, our focus areas for fiscal year 2023, and our guidance on fiscal year 2023. Let's move to slide four in the pack. Fiscal year 2022 was a record year for OFX. In terms of financial performance versus fiscal year 2021, we delivered turnover of over AUD 33.2 billion, up 32.7%. Net operating income of AUD 147 million, up 24.7%. Underlying EBITDA of AUD 44.5 million, up 53.1%.
These results were underpinned by great execution. With every region up double digits. We're also growing active clients and stable margins excluding same-currency transfers. In addition to the great results and the great execution, the team completed the investment in TreasurUp and agreed to acquire Firma Foreign Exchange, which completed on May 1, and significantly bolsters our corporate business in North America. Finally, our consistent focus on risk management and the investments we have made have delivered exceptional risk outcomes, along with consistent positive regulatory engagement. In an uncertain operating environment, I couldn't be happier with the team, the strategy, and the momentum created in fiscal year 2022. Moving to slide five. It's very encouraging to report the momentum of the company across its key operating metrics.
As mentioned, turnover of AUD 33.2 billion was up nearly 33% versus the prior corresponding period, which is excellent, but it was also terrific to see second half up over 21% versus first half. We will unpack the drivers of turnover later, but suffice it to say there is strength in all key areas, and we saw a substantial growth in average transaction values that certainly helped. Net operating income of AUD 147 million, up just under 25% was outstanding, and the hard work on managing our costs that arise from revenue, being bank fees and commissions, is creating a much healthier leverage from the revenue we generate. It was also encouraging to see the second half grow over 14% versus the first half.
Finally, the underlying EBITDA of AUD 44.5 million, up over 53% versus last year and up over 19% versus first half was also terrific. It reflects a very healthy company with good fundamentals. Moving to slide six. As we shared at our Investor Day on March 16, we strongly committed to growing a portfolio across four segments: corporate, online seller, enterprise, and high-value consumer. I will share a regional view later, but for now, let's focus on the segments. As we said, we chose those segments and passed on others because we believe we can differentiate to those clients and prospects and create a valuable portfolio accordingly. It's good to see such progress across the board. In corporate, revenue growth was 14.5%, which is good.
When we remove the unusual revenue from offshore share purchases in fiscal year 2021, it's even stronger at just under 30%. In the second half, it grew over 20% versus the first half. We have a very good platform supported by exceptional service that more and more clients are choosing. Our marketing programs continue to tilt toward this segment, further reinforcing for clients why OFX is a great choice. The addition of Firma in fiscal year 2023 will give us further scale, expertise, and learning in corporate. In online sellers, notwithstanding the ups and downs of the e-commerce market, we performed well. Growing 2.7% or just under 16% excluding Asia, which we have pivoted away from in the last couple of years. Again, good to see the second half up 6.6% versus the first half.
It's clear to us that the capabilities we have built for this segment, as well as the insights we've gained in serving these clients and this ecosystem, will serve us very well, both now and in the future, as more corporate clients evolve their businesses to operate in the marketplace ecosystem. Our enterprise segment delivered AUD 6 million in revenue, up 31.3% versus fiscal year 2021 and up 6.3% versus the first half. We will share further detail later. However, we are encouraged by the performance of existing clients as well as the pipeline of prospects we're building. In consumer, we saw growth of 24.5% versus fiscal year 2021, and we grew over 7% in the second half versus the first half.
I'll share more detail later on the drivers of this, but we're encouraged by the performance of consumer in our portfolio. Moving to slide seven. We're sharing for the first time further detail of performance by region. To remind all, we operate in three regions, each run by a regional leader. APAC covers Australia, New Zealand and Asia. North America covers the U.S. and Canada, and EMEA covers the U.K., Europe and small revenues from the Middle East. This chart shows revenue from each region and the split by segments. The regional view is also very encouraging, with every region growing double digits. In APAC, we saw growth of 12.8% versus fiscal year 2021 or just over 24%. We're normalizing for the offshore share purchase revenue we saw in fiscal year 2021. APAC is our largest and most diverse region, with every segment contributing.
Yung Ngo leading a strong, mature team, driving very strong outcomes. Highlights have been further great progress in enterprise, a very strong corporate performance, and a good second half, especially in Asia. In North America, Alfred Nader and his team are delivering great growth and are balancing risks and opportunities well, driving down losses to near zero in fiscal year 2022. As you can see, their revenue splits by segment are similar to the group. They're doing a particularly good job of growing corporate, delivering over 31% growth in fiscal year 2022. As Alfred mentioned, they're also building an enterprise pipeline, and we're expecting to announce some wins in fiscal year 2023. In EMEA, Sarah Webb and the team have done a terrific job delivering growth of 26% versus fiscal year 2021, and their second half was up 17% versus first half.
Again, they've done a good job in corporate, growing over 28%. What is probably surprising to many of you is how well they're driving growth in the online sellers, up 68% in fiscal year 2022. As we push into continental Europe, we see corporate and online seller as very attractive segments. Also in Europe, we're very encouraged by the TreasurUp investment. The team have great expertise, good annual recurring revenue, and a strong pipeline of prospects. We'll further support their growth in fiscal year 2023. Turning to slide eight. This is a bit more detail on the corporate and online seller segments. As I've already covered, each region is contributing well. Several years of improving the commercial excellence programs, increased promotional expense, better currency options, faster payments, and better client experience have driven this.
As noted, we've benefited from elevated average transaction values in fiscal year 2022, which are likely to moderate. This also reflects a more embedded client base. Supported by our targeted marketing programs, we expect to continue growing the active client base over time. Further investments are naturally planned for fiscal year 2023 and beyond into better pricing options, a better platform experience, better risk management tools, and further investment in commercial people. We know this segment is getting more competitive, with new entrants and specialists targeting valuable clients and prospects. It's good to see us winning market share, growing active clients, and of course, revenue. As interest rates rise, our cash generation will help us continue to invest and continue to win.
Of course, the addition of Firma will also give us more clients, more expertise, and a valuable set of insights into the corporate client segment. The additional scale will no doubt help us create leverage too. We're encouraged by the continued strength of our online seller segment. The overall revenue growth of 2.7% was modest, but excluding the Asian portfolio, it was a healthy 15.7%, and it was good to see growth returning in the second half, up 6.6% versus first half. The decline in North America is due to a few large clients seeing reduced e-commerce volumes versus fiscal year 2021 in line with the market. The growth in EMEA and the U.K. specifically is encouraging and augur well for further European expansion.
We're continuing to invest in dedicated promotional spend, and it's encouraging to see the growth in active clients over the year as a result. Our relationship and engagement with Amazon continues to be a source of strength. In fiscal year 2023, we'll invest further in people, capabilities, and risk management to drive our growth. Moving to slide nine. We are building or rebuilding a valuable enterprise segment. Back in 2014, enterprise accounted for 12% of our group revenue, whereas in fiscal year 2022, it was a little under 4%. It declined because we didn't seek to win new clients and invested very little in the capabilities to support existing clients from 2014- 2020. That has changed, as Yung shared at our Investor Day. Today, we invest in product capabilities. We have dedicated commercial people in every region.
We've refined who we wanna target, and we're investing in supporting existing clients. It's good to see us grow revenue over 31%, as well as increase the number of prospects, particularly in North America and APAC. We're making good progress in activating wins from prior years also, including WiseTech and Link, and learning a great deal about how to do this well with our partners. While the rate of activating prospects is less than our own expectations, the opportunities remain substantial. In years to come, we believe this can return to a significant part of the group, which we're working very hard to achieve. Moving to consumer. It's terrific to be winning the consumer rebound in every region. Growing revenue over 24% versus fiscal year 2021 and seeing good momentum through the year, with the second half up 7.3% versus the first half.
As we shared at Investor Day, we're quite clear about the consumers we serve best. During the last two years in particular, the capabilities we have through tier one banking partners, exceptional digital plus human service delivery, and improved speed of payments has given us great results, especially versus some of the competition that lack this winning combination. We've shared with you how the use cases in consumer have evolved in the last two years. Of note, we saw substantially more property-related transfers, up 36% from fiscal year 2020 and around 47% up from fiscal year 2021. Wealth-related transfers were also up over 24% versus fiscal year 2021. These are typically larger transactions, meaning that as with corporate, we've benefited from elevated ATVs, which are likely to moderate as use cases change.
As you know, consumer does fluctuate with the market, and we're happy to take this kind of growth rate when markets work in our favor. Regardless, our clients need us to be strong, secure, fast, and competitively priced. They can't wait for us to clear backlogs or not be available to explain sensitive matters if the client prefers it, and we remain confident in our ability to grow this segment irrespective of the market conditions. Moving to slide 10. This is a page we've shown you over the last several years. It helps you get a feel for what is driving our volume and in turn acts as a good indicator of the underlying health of the business.
Starting on the left-hand side, we saw an increase in active clients driven by healthy reactivation of dormant consumer clients, growth in corporate and online seller clients, and good new enterprise activity. Transactions per active client was actually down, but this was due to the very active offshore share purchases in fiscal year 2021. When we normalize for that, it is up a healthy 7.3%. Similarly, we saw a decline in the total number of transactions, but it was actually up over 10% when normalizing for offshore share purchases year-on-year. Those offshore share purchases also skewed average transaction values down in fiscal year 2021. The growth of over 58% needs to be read in that context. When normalizing for that, we still saw growth of 23.5%, which is extraordinary, as I've already talked about.
Now, let me hand you to Selena to walk through our results in more detail.
Thank you, Skander. Moving to slide 12, we have delivered a strong financial result with growth across the portfolio. We've seen continued momentum in the business with fiscal year 2022 fee and Trading Income, which is what we refer to as revenue of AUD 158 million, up 17.7% on fiscal year 2021. As Skander has already taken us through, it is great to see that the growth is across the whole portfolio, with all regions and segments up double digits. We have also seen consecutive growth with fee and trading income up 13.7% in the second half of 2022 versus the first half of 2022. Again, this has been seen in all regions and segments. North America is up 27.8% versus fiscal year 2021 and 8.3% versus the second half of 2022.
APAC is up 12.8% versus fiscal year 2021 and 13.9% versus the first half of 2022. EMEA is up 26% versus fiscal year 2021 and 17.2% versus the first half of 2022. If you look at our segments, we see the same trends, with corporate up 14.5% or 29.9% ex offshore share purchases versus fiscal year 2021 and 20.3% versus the first half of 2022. Online seller is up 2.7% or 15.7% ex Asia versus fiscal year 2021 and 6.6% versus the first half of 2022. Enterprise is up 31.3% versus fiscal year 2021 and 6.3% versus the first half of 2022.
Finally, high-value consumer is up 24.5% versus fiscal year 2021 and 7.3% on the first half of 2022. Net operating income, which is our fee and trading income, less partner commissions and bank fees, is up 24.7% on fiscal year 2021, which is a stronger growth rate than fee and trading income as all our work on reducing bank fees and partner commissions continues to hold through the first half of 2022. Our NOI margins are down 3 basis points, but when you look at FX transactions only by excluding same currency, they are at 53 basis points and consistent with prior years. It makes sense for us to exclude same currencies given they have a very different margin. Firma also has large same currency volumes, which we will split out at the first half 2023 results.
We're working hard to sustain our margins and look at our pricing on a regular basis. Underlying operating expenses of AUD 102.5 million are up 15.4% on fiscal year 2021, but are growing at a slower rate than NOI of 24.7%, which delivers positive operating leverage. We've delivered our largest ever underlying EBITDA of AUD 44.5 million. Underlying EBITDA margins are strong at 30.3%. Skander will take you through the guidance for fiscal year 2023 later in the presentation. For fiscal year 2023, we expect EBITDA margins to be around 28% as we integrate Firma with OFX. As outlined at the Investor Day, we expect EBITDA margin to return to 30% after delivering synergies over the next two years.
This is our biggest statutory profit of AUD 24.5 million in the history of the company. The effective tax rate is just under our guidance of 24%. We expect our tax rate to be 24% in fiscal year 2023, and we're working through what the tax rate for fiscal year 2024 and beyond will look like, given that our offshore banking unit tax benefits will no longer continue in fiscal year 2024. We will still have some benefits from research and development tax credits and offshore tax rates, but the rate in fiscal year 2024 will be closer to 29%. Net cash held is strong at AUD 84.2 million, and net available cash, which is after collateral obligations and bank guarantees, AUD 31.1 million, which is down AUD 5.7 million on fiscal year 2021.
I'll walk through this later in the presentation. Moving to slide 13. Our underlying operating expenses are AUD 102.5 million, up AUD 15.4 million on fiscal year 2021. The largest increase is employee expenses, up AUD 9.4 million over fiscal year 2021. This is a combination of three items, being investment in more people, salary inflation and an excellent performance driving an increase in incentives paid versus fiscal year 2021. We've added 52 employees who support both revenue generating and revenue enabling functions. Like all companies, we are experiencing salary inflation, and due to exceptional performance, our short-term incentives are paying out 100%, up from 47.8% in fiscal year 2021, and the LTI plans are in the money. STI and LTI account for over AUD 5 million of the increase.
We continue to invest in our promotional spend, which is AUD 16.5 million for the year, up 29.3% on fiscal year 2021 and across all our regions. Our mix is consistent with fiscal year 2021, with 60% spent on demand generation and 40% on demand capture. We've also launched and are activating a partnership with the National Hockey League in North America as the official currency exchange sponsor. We expected our technology expenses of AUD 8.3 million to increase, and they did, rising 8.5% on fiscal year 2021. This is a result of higher Software as a Service expense due to our investment in risk and customer service tools that are paid on a SaaS basis. Bad and doubtful debts are AUD 100,000, which is 94.1% reduction on fiscal year 2021 and an exceptional outcome.
This is a result of the investments we have made to detect and prevent fraud. We use multiple technologies, including identity verification and voice biometrics. However, we do expect losses in the future, especially in North America, as North America continues to grow, and plan for at least AUD 1 million per year. This is an area where we'll always be vigilant in tackling new types of fraud as it emerges. Other expenses of AUD 10.5 million are up 20.2% on fiscal year 2021, which include increased professional fees, insurance premiums, which everyone is experiencing, and the return to travel. Turning to slide 14, we continue to have a strong balance sheet and generate good cash flows. This has been critical to enable us to secure the AUD 100 million debt facility for the purchase of Firma.
This will be included in our financial statements from May onwards. Our net cash held position, which includes cash held for own use and deposits from financial institutions, AUD 84.2 million, up AUD 23.6 million on fiscal year 2021. You may remember we hold some of this cash as collateral for our trading lines and bank guarantees. Collateral was AUD 62.6 million, up from AUD 23.8 million in fiscal year 2021. Due to AUD 16 million of customer cash for our Global Currency Account product being held as a bank guarantee and increased collateral requirements due to the volatility at the end of March. Since then, over AUD 6 million that was being held for increased volatility has returned. Net available cash is AUD 31.6 million, down AUD 5.2 million on fiscal year 2021.
Cash flows from operating activities is AUD 47.6 million, which is an excellent cash conversion rate from our underlying EBITDA of AUD 44.5 million. Of the AUD 47.6 million of cash from operating activities, we've invested AUD 10.5 million in intangible assets as we continue to deliver our single scalable platform and our payment and risk capabilities. We also invested AUD 6 million in TreasurUp and brought back AUD 2.65 million through our on-market share buyback program. We announced with the acquisition of Firma in December 2021 that the board considered it prudent to put the share buyback program on hold to prioritize repayment of debt associated with the acquisition. OFX remains committed to repaying its debt in less than four years, subject to no other value accretive growth opportunities emerging which require funding.
Moving to slide 15, we continue to invest in our client experience and reliable scalable systems. In the last 12 months, we've invested AUD 10.5 million. You may remember our original guidance for fiscal year 2022 was AUD 12.6 million. While we have had a successful year in delivering enhancements, like all companies, it has been hard to find resources in this space, hence the gap. We've developed a number of outsourced partnerships and expect the development in fiscal year 2023 to increase to between AUD 12 million and AUD 16 million. Firstly, let's cover the progress we made this year. There've been some exciting developments. Delivering better payments capabilities across four key currencies, being the Philippine peso, Indonesian rupiah, Malaysian ringgit, and the Indian rupee. This not only reduces the settlement time from days to minutes for our customers, but also provides bank fee cost reductions, so everyone wins.
We've automated payment allocations, sending out payments for our customers and achieving straight-through processing. We've improved customer verification tools in the U.K., with consumer conversion rates up 107 basis points and the U.S. up 117 basis points. We've also implemented improved onboarding processes for online seller customers. Lastly, we went live with our CargoWise solution with WiseTech Global, and their customers are trialing the new experience. The investment in intangibles in fiscal year 2023 and beyond will be focused on Firma integration and providing their clients a digital platform experience, continued work on payments and straight-through processing, also allowing clients to track their payments across key currencies, improve client due diligence and verification experience for all our global clients.
A new client platform that is fit for corporates as it integrates transfers, Global Currency Account, and multi-user services, and new tools for customer service teams to perform client relationship management and communication more effectively. I will now hand back to Skander to take us through our areas of focus for fiscal year 2023.
Thank you, Selena, for that excellent coverage of our financial performance. Now let's turn to our areas of focus in fiscal year 2023. Moving to slide 17, our attention and effort is very firmly on delivering EPS accretion in year one through the acquisition of the Firma business, which largely closed on May 1. I traveled there in early May, along with several members of the global executive team and several members of Alfred's North American leadership team. It was an excellent visit. I conducted over 15 one-to-ones to add to the 20+ I'd already done. We had workshops on the integration program, and we reviewed areas of progress in Firma's business. I got a good sense of their client focus. My observation is that this is a well-run business, a clear focus on service and risk.
They generate real cash, make real EBITDA, and have been growing well in the last 12 months. The team understand their local context and are very committed to the growth of their clients and the sustainability of the business. It's clear we can learn from them, especially in commercial excellence, and that we can help the portfolio grow faster by giving access to better banking, better product capabilities, and a better digital client experience when it's required. The U.K. business, which accounts for 11% of turnover, has not yet been formally acquired as it remains subject to approval from the FCA. While we go through that process, we will support their U.K. clients via a service agreement. Our integration efforts are well underway. We've split this under three main streams: people, customer experience, and business combination synergies.
As part of our people program, phase one of the new organization is in place and planning is underway for phase two. Integration leaders have been appointed and work is going well. In customer experience, the product gap analysis is well underway, and there's already a plan to integrate via regions so as to minimize risk and disruption. In terms of synergies themselves, as we have said, we expect these to be more than AUD 5 million in fiscal year 2025. The areas are clearly identified in both cost and revenue, and we are already simplifying bank fees, for example. Performance at Firma has been good, underpinning our revenue synergy assumptions at this point. In conclusion, on slide 18, we are very encouraged by the progress we've made and by the outlook for this year.
Our strategic focus will be largely in the same areas, with the addition of a strong Firma integration being a high priority. We will continue to invest in the areas that will make us more valuable. Regional growth in North America particularly, but also starting our European expansion. Plus APAC will continue to be a strong core region for us. We will invest and grow our corporate and online seller segments. We will win prospects in our enterprise pipeline and activate the ones we already have. We'll continue to grow our valuable consumer segment. As we do these, we expect our financial results to be healthy. We are providing specific guidance for fiscal year 2023 this time, given the integration of Firma. That looks like net operating income of between AUD 200 million and AUD 212 million at stable net operating income margins.
Underlying EBITDA will be in the range of AUD 55 million-60 million. These numbers take into account the fact that we don't expect the consumer rebound to continue at the same levels, a tempering in average transaction values, as outlined earlier, as well as a normalized loss rate. Further, we'll have the contribution of 11 months of Firma rather than 12. As planned, we expect to deliver Firma underlying EPS accretion of 20% on an annualized basis through the integration synergies we've identified. Finally, we expect intangible investment to be in the range of AUD 12 million-16 million, as Selena outlined. A very strong fiscal year 2022 and a bright outlook for fiscal year 2023. Thank you for your time. Now let me hand back to Melanie for any questions.
Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. If you're on a speakerphone, please pick up the handset to ask your question. Your first question comes from Seth Hoskin with Canaccord. Please go ahead.
Thanks, Operator. Morning, Selena, Skander, Matt. Thanks for the time and congrats on the good result. Just a few questions from me starting off on the corporate side of the business. Obviously, the second half is really strong and that run rate now tracking over AUD 72 million, if you annualize that in the second half. Just wondering how we should think about that growth throughout the year. I mean, does the 1H 2023 deliver positive growth, or should we sort of look at that more on a whole year basis and then going back to that sort of low single, double-digit growth rate?
Yeah, look, we haven't split it by half, Seth. You know, we continue to think there's gonna be strong momentum in corporate. As we touched on in the call, it's just gonna be a case of tempering a little on those average transaction values. That's what we're kind of assuming. I will say that, you know, we're still seeing pretty good performance in corporate, and we still feel pretty good about, you know, the outlook through first half, second half, fiscal year 2023.
Cool. I understand that you don't wanna guide 50/50 . Then just sort of on the ATVs, obviously you talked to them, and they're a big driver of the result. I suppose what are the other levers that you have with them, and you've got that slide that works through that. If ATVs are coming down, how do you sort of offset that headwind going into 2023? Is it higher transactions per customer, or do you think you can drive a bit of margin?
Yeah, it's a bit of both. You definitely saw, you know, transactions per active client, you know, continue to be strong. Secondly, obviously from an NOI margin perspective, some of the compression in NOI margin is just down to average transaction values. If they moderate, then there should be, you know, some improvement in NOI margins. Obviously the other thing that we touched on that the team has really done a fantastic job on is things like bank fees and commissions, because those more active clients, just by definition, are doing more transactions, so the bank fee benefits actually grow, as well as the work that we've done in the corridors to drive up speed and drive down costs.
All of those things are really the levers, to your point, that we can drive to offset if there are ATV moderations.
Thanks. That's really helpful. Just is it possible to get a bit of an update on, I suppose, the market dynamics financial year to date? Obviously, the fourth quarter, we saw a real spike in volatility, which drives transactions through consumer in particular. Just how has that evolved to start the year and how does that kind of impact the outlook over the rest of the calendar year if it pulls back a bit?
Yeah. Look, I mean, obviously all of you will have seen the volatility out in the market in currencies. You know, as you would expect, that's been a tailwind for us in our consumer business through April and even to some extent in the first part of May. We're obviously encouraged by that. It's kind of in line with our expectations when volatility hits, so we feel pretty good about that. You know, as we've highlighted, that's not something that we can predict for the full year. Certainly it's performing well, given the volatility.
Thanks. I'll jump back in this queue on some other questions. Congrats on the good result.
Thank you.
Thank you. Your next question comes from Lafitani Sotiriou with MST Financial. Please go ahead.
Good morning, everyone. Congratulations on a good result. A few questions from me, if I may. The first is in relation to Firma. It's great that you've reiterated the guidance and also provided AUD 5 million in synergies. I think the last number you provided, in terms of the EBITDA was AUD 10.9 million or AUD 11 million for the year finishing September 2021. Is the underlying Firma business tracking at about the same rate or has it come off or would you be disappointed if you can't reach at least that level pre-synergies?
Yeah. It only went live in May. Everything we're seeing is tracking well. We're happy with that. You would've seen that we also recommitted to the AUD 0.20 EPS accretion on an annualized basis. Really happy with what we see. We're really enjoying integrating the businesses together, and we're off and running with some of the synergies, which is great.
Just to clarify. The 10-11 million-odd EBITDA that they were running at beforehand sounds like that's a baseline. The timing of the AUD 5 million synergies is, if I was to have a best guess, they'll be half in this financial year and half in the future years?
Yeah. Yes, I agree that the EBITDA is baseline, the AUD 10.9, which is fine. The synergies will ramp over the two years. You'll see more in the second year than the first. It's really due to what we're trying to achieve. The really easy ones out the gate are things like, well, they're slightly easy, but bank fees. We'll start looking at bank fee providers and making sure we get better rates, and it doesn't require any technology. Whereas other synergies will require an integration which will come later, and that will come through further in the second half. I wouldn't bank 50/50 . I would probably, you know, ease it in over the two-year period.
That sounds good. Thanks for that. Moving on to second area. Just wanted to dig into the enterprise piece a little bit more. I think there were some comments made by Skander that you're looking to get your first wins in financial year 2023 in the North America. Did I hear that correctly? Are we talking about at least one win or are we talking multiple wins? Just the timing on those wins and the magnitude, if you could add some color.
Yeah, sure. Yes, you did hear that correctly. The thing I would say about North America is they've got a good pipeline, got a strong team. We're adding resource at a product and technical level. You know, we're expecting progress and the words I used were some wins. But as with these things, Laf, it's very hard, if not impossible, to give you a date or a size. You know, let me just say that we're encouraged and it's looking healthy, which is why I made the statement, but I can't be more precise than that at this point.
No, that I understand that. Just on the other side of the enterprise, the AUD 6 million odd revenue you achieved in last financial year, can you give me broadly how much of that AUD 6 million was made up of WiseTech and Link?
Don't actually split it out. We did make the comment in the presentation that actually the really encouraging thing is that the existing client growth is really what's helped that overall number. In terms of the WiseTech and Link relationship is very strong. You know, we feel really good and there's lots of excellent partnerships going on there. It just is taking time to activate. The more you sort of think about it, you're sort of talking about working with major counterparties and their clients to go in and change their systems. It just does take time. Very encouraged. You know, on both sides, our side and the WiseTech or Link side, you know, there's continued commitment and excitement about what we can do.
I understand that. I guess where I'm coming from is that there's existing guidance for AUD 5 million apiece revenue for both Link and WiseTech, and your current revenue in that whole division, AUD 6 million. If we're looking out over the next two-three years, just trying to work out the ramp up in those two revenue lines that have been already previously flagged. Would you be disappointed if you didn't hit those target guidance in the next year or two? Or how should we think about that?
Yeah, I mean, we actually updated the market on Link, I think it was about six months ago, to say that the AUD 5 million revenue number that we had previously guided to, we were no longer guiding to, really as a result of a couple of technical items that we're trying to work through with Link. Certainly on WiseTech, we're continuing to make good progress. As you say, we'd certainly be disappointed if over the medium term, we didn't hit those types of numbers. We're not providing specific guidance by relationship at this point, or any change to that from what we've said in the past.
Okay, understood. Just a couple more questions. One's in relation to the staff number. There's 52 new staff members over the last year. Can you just remind me, Selena, how many staff members do you currently have on the books? Just trying to work out the magnitude of that increase. Can you be a little bit more specific around where they've been allocated, both is it R&D, is it sales, is it BDMs? Just so we can get an idea. Or is it broadly evenly spread to what you've currently got?
Yeah. We went from about 400- 450 is the magnitude. Also remember that Firma has a wonderful talent pool as well, and that also adds another just under 200. I think they're 197 FTE on top of that, which is excellent. Look, it's broad-based where the staff has been added across the, you know, there's regional adds. Obviously, we want to grow each of the regions. There has been probably more than most increase in technology as we are building our platform. You're seeing that as the CapEx expenses rises or the intangible expense rises year-over-year. It's pretty broad-based. It is to generate growth in the growth.
First, it is sales growth in the regions, and then also continuing to build on that technology and capability for the business.
Yeah. Okay. Just my final question is in relation to the EBITDA guidance. I just wanna unpack that a little bit. Just as our starting point, we've got AUD 45 million, sorry. If we just go to the Firma numbers, and I understand there's some timing issues, but if AUD 11 million is the base, and there's, say, AUD 1 million or so of synergies, then that will come through in the current year. If you minus, I guess, some of the timing impacts, you still have over AUD 10 million EBITDA being added. That effectively gets you to the base of your guidance, which is the AUD 55 million-AUD 60 million. Effectively, the organic number is around zero-five million.
Given the momentum that you're seeing, the continued growth that you've called out, particularly in the corporate and enterprise, is it a case that because of the volatility and you're cycling such strong numbers, you're just more concerned of putting a big number out there, particularly 'cause we know that consumer can be volatile. But can you just give a little bit more color as to, you know, when you walk through those numbers, there isn't a lot of guidance for the core business.
Yeah. I think that's a fair assessment, Laf. Look, the three things that we've kind of guided conservatively on, one, as you say, the ATVs. At the moment, you know, they're at AUD 28,000. That's sort of 20% higher than the highest they've ever been. It's, you know, it's north of 20% higher in consumer and even more in corporate, and it's all over the world. There's a lot of, let's call it, demand that we're getting, and we love it, and we're servicing it very, very well. You know, it isn't necessarily gonna abate all of a sudden.
It's hard when we've been in this business for 20 years to suddenly see that sort of jump and then just assume, you know, there's been some dramatic shift in one year that's permanent. We've been conservative on ATVs. Obviously, you know, if it comes in, that's great and it's upside. The second thing to your point, which we've been consistent about is consumer volatility. As we shared on the chart, you know, there was 51 days of what we define as volatility in the second half. It's actually less than other halves that we've seen, and it's jumping around a bit.
We think as well competitively, as I mentioned in my script, relative to the competition, we were open and available with tier one banking relationships, so we kind a won more than our fair share. It's very hard to predict what that's gonna look like. We've been relatively conservative on that. The other one on the EBITDA side is, you know, outstanding execution on losses. It's about AUD 100,000, but you only have to go back, you know, a couple of years, and it was AUD 2 million, and the year before that, it was AUD 3 million. We'll be very, very strong in our execution, incredibly focused. It'd be unwise for us to just build that into some sort of permanent, very, very low loss rate.
Those things plus the timing on the Firma, you know, we've just put a conservative outlook, which we think is sensible. I think people are heading into a very, very uncertain operating environment and economic environment, geopolitical environment. All of those things will have an effect on our corporate clients and our online seller clients, on our consumer clients, and of course, on enterprises who are trying to go execute. That's hopefully unpacks it for you on how we've thought about it.
No, it does. Thank you for that. Congratulations again.
Thank you.
Thank you. Once again, if you wish to ask a question, please press star one. Your next question comes from Cameron Halkett with Wilsons. Please go ahead.
Hey, team. Thanks for taking questions. Might just weigh in on Laf's last question there. Following a bit of a similar train of thought, I'm just wondering what you guys are baking in or thinking for the Aussie dollar in terms of strength or weakness over the coming 12 months now that, as you consolidate Firma, you know, there's around two-thirds of earnings now coming from offshore. Just wondering how that relates to your EBITDA guidance. Thanks.
Yeah. I think we're. It's not that. Yeah. We haven't really thought about that too much at the moment. While Firma earnings will come back, yes, there will be other offsets. If you have a weaker Aussie dollar, that'll come back as stronger earnings, but you'll have other costs that will offset that. There are some natural hedges within the portfolio. We haven't provided any insight into that. We can take it and think about it and get back to you.
Yeah. The other thing I'd just add to Selena's comment on there is obviously a strong U.S. dollar with a growing North American and U.S. region is tailwind.
Yeah.
You're gonna make more out of volatility and revenue from customers than any upside or downside on earnings coming back.
Yeah. That's fine, guys. I guess the summary there is guidance in the market is more or less constant currency, and then if, you know, things swing around a bit, it hasn't really been factored into the statement that has been produced.
Thank you. There are no further questions at this time. I'll now hand back to Mr. Malcolm for closing remarks.
Well, thank you, Melanie, and thanks everyone for taking the time. As I said up front, you know, we're absolutely delighted with the result. It's a very high quality result. We think the outlook is healthy. We're being conservative because we're all heading into a very uncertain future, economically and politically. Love the cash generation, love the profitability, love the execution of the team, and we'll continue to keep you updated on progress. Thank you very much.
That does conclude our conference for today. Thank you for participating. You may now disconnect.