The company struck new deals, despite the dip in profit before tax during Q1.
Cinnober Financial Technology AB (Cinnober), the Sweden-based public company operating since 1998 and with 250 staff supporting its diverse business line that caters to international stock exchanges, clearing houses, banks and brokerages, today reported its first quarter (Q1) 2016 financials, according to a Q1 interim report from the company.
For the three months ending March 31st 2016, Cinnober had net sales of 76.3 million Swedish krona (SEK) or roughly $9.63 million, up from the 68 million SEK reported a year ago, and with operating profit amounting to 1.1 million SEK for the first quarter of 2016.
Profit before tax dips
The company’s profit before tax during Q1 amounted to 500,000 SEK, lower from the 900,000 reported during Q1 2015, or year-over-year, while earnings per share (EPS) amounted to 0.06 SEK on an undiluted basis, 50% higher from SEK 4 cents per share, according to the update.
Below is an excerpt from the accompanying file that was attached to the company's press release, showing key highlights for Cinnober over the last five years.
New deals to help growth
Cinnober struck a deal with a Japan Exchange Group for real-time clearing of the Japanese derivatives market, and said that at the end of the reported period (i.e. Q2) it had already signed another contract with JPX with regard to risk calculations for all the asset classes that JPX offers across its exchanges in the Japanese financial markets and to help the exchange operator with its 'Grand Design' project.
Commenting in the company’s press release regarding the results, Veronica Augustsson, CEO, said: “Cinnober is growing and the optimism in the market is tangible.”
“The finance sector is on the verge of higher IT investments, which are being stimulated by extended regulations and higher efficiency requirements. The positive signals are reflected in net sales for the period reaching SEK 76.3 million, an increase of SEK 8.3 million compared with the corresponding quarter in 2015. The sales growth is due to a higher influx of customers and that we are currently carrying out major projects for some of the world’s largest exchanges,” she added.
The company added that other major clearing projects include with the Johannesburg Stock Exchange in South Africa and the Brazilian BM&FBOVESPA, as well as trading-related projects with the Australian Securities Exchange in Sydney.
Shares of Cinnober, traded on Nasdaq OMX First North (Nordic Listing) under ticker symbol CINN, were down nearly 2% around the time of publication.
Cinnober Financial Technology AB (Cinnober), the Sweden-based public company operating since 1998 and with 250 staff supporting its diverse business line that caters to international stock exchanges, clearing houses, banks and brokerages, today reported its first quarter (Q1) 2016 financials, according to a Q1 interim report from the company.
For the three months ending March 31st 2016, Cinnober had net sales of 76.3 million Swedish krona (SEK) or roughly $9.63 million, up from the 68 million SEK reported a year ago, and with operating profit amounting to 1.1 million SEK for the first quarter of 2016.
Profit before tax dips
The company’s profit before tax during Q1 amounted to 500,000 SEK, lower from the 900,000 reported during Q1 2015, or year-over-year, while earnings per share (EPS) amounted to 0.06 SEK on an undiluted basis, 50% higher from SEK 4 cents per share, according to the update.
Below is an excerpt from the accompanying file that was attached to the company's press release, showing key highlights for Cinnober over the last five years.
New deals to help growth
Cinnober struck a deal with a Japan Exchange Group for real-time clearing of the Japanese derivatives market, and said that at the end of the reported period (i.e. Q2) it had already signed another contract with JPX with regard to risk calculations for all the asset classes that JPX offers across its exchanges in the Japanese financial markets and to help the exchange operator with its 'Grand Design' project.
Commenting in the company’s press release regarding the results, Veronica Augustsson, CEO, said: “Cinnober is growing and the optimism in the market is tangible.”
“The finance sector is on the verge of higher IT investments, which are being stimulated by extended regulations and higher efficiency requirements. The positive signals are reflected in net sales for the period reaching SEK 76.3 million, an increase of SEK 8.3 million compared with the corresponding quarter in 2015. The sales growth is due to a higher influx of customers and that we are currently carrying out major projects for some of the world’s largest exchanges,” she added.
The company added that other major clearing projects include with the Johannesburg Stock Exchange in South Africa and the Brazilian BM&FBOVESPA, as well as trading-related projects with the Australian Securities Exchange in Sydney.
Shares of Cinnober, traded on Nasdaq OMX First North (Nordic Listing) under ticker symbol CINN, were down nearly 2% around the time of publication.
Institutional FX Demand Continues to Climb in April
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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