Investment Technology Group Reports Fourth Quarter Net Income Growing 34% YoY

Rising profitability in North America, Europe, Canada and to a lesser extent from Asia- Pacific have been driving ITG’s results

ITGAgency brokerage and financial technology innovator, Investment Technology Group (NYSE:ITG), has just reported its results for the fourth quarter of 2014. In a regulatory filing the firm has revealed that its net income has risen 34% YoY to $13 million, while the company’s revenues rose 12.8%.

The better than expected bottom line result and much higher profitability has driven the shares of Investment Technology Group (NYSE:ITG) up over 3% at the start of New York trading. The firm reported that the net income figure was also impacted by employee termination charges totaling $2.1 million.

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Average daily volumes in North America have reached 190 million shares in the U.S. which is higher by 28% when compared to last year. The company’s alternative trading system, POSIT®, has registered an average daily volume of 90 million shares traded which is higher by 43%.

European volumes on Investment Technology Group’s (NYSE:ITG) POSIT® liquidity platform have increased by 29% to $946 million.

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The annualized return on average equity has increased to 12.5%, compared with 9.3% in the fourth quarter of 2013. While for the full 2014 the return on average equity has increased to 12.2% compared to 7.6% for 2013.

Investment Technology Group (NYSE:ITG) has repurchased $12.0 million worth of shares.

Revenues from U.S. operations were $81.4 million in the fourth quarter of 2014 compared to $75.3 million in the fourth quarter of 2013. ITG’s U.S. operations reported net income of $3.0 million in the fourth quarter of 2014, up from $0.5 million in the fourth quarter of 2013.

ITG’s Chief Executive Officer and President, Bob Gasser, commented in the announcement, ”In the fourth quarter, our North American results demonstrated the operating leverage we have built into our business as market volumes rebounded. We also saw solid performance in both Europe and Asia-Pacific.”

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