Swiss financial markets and commodities firm Compagnie Financiere Tradition has today released its non-IFRS revenue for the first half of 2013.
This particular company engaged in a considerable degree of development during the first part of the year, the result being the launch of its spot FX trading platform ParFX which went live in April after gaining support from a series of banking institutions across Europe and North America. More recently, the company released Volatis, a new trading platform for the purpose of trading volatile futures contracts.
With this development in mind, plus the recovery period which a number of brokers experienced at the beginning of this year subsequent to an overall weak 2012, Tradition no doubt experienced a capital outlay in bringing these to market, however the firm’s results this year have, despite consolidated revenue having stabilized in the second quarter, proven weak compared to the same period last year.
On this basis, the Group reported consolidated IFRS revenue of CHF 475.9m for the first half of 2013, compared with CHF 512.4m in same period in 2012, a decline of 7.1% at current exchange rates or 5.7% in constant currencies.
Japanese Non-Interdealer Business Up, Other Regions Down
Big Data, News, Sentiment Analytics & NLPGo to article >>
For the same period, the Group’s consolidated Non-IFRS revenue was CHF 510.8m, compared with CHF 545.0m in 2012, a decline of 4.4% at constant exchange rates. The Non-IFRS revenue from interdealer broking business (IDB) was down 5.2% in constant currencies while the forex trading business for retail investors in Japan (Non-IDB) was up 27.3%.
Taking a close look at the individual regions in which Tradition operates, it is only in Japan where any increase over last year’s results has made itself present.
The second quarter of this year provided a swing in the right direction, with consolidated Non-IFRS revenue at CHF 258.2m, up 1.4% in constant currencies from the equivalent quarter last year.
The first-half result is benefiting from the cost reduction measures implemented in 2012 and fully embedded in 2013. The result is therefore expected to improve in the first-half 2013 compared to the same period last year.
The IFRS and non-IFRS figures, on a region-specific basis, are displayed here for comparison with last year’s results.