Compagnie Financière Tradition (CFT), an interdealer broker, has published its first-half earnings for 2018 this Friday. During this period, the group experienced strong results across the board and strong increases in revenue.
Earlier this year, Finance Magnates reported on the firm’s preliminary second-half results, however, further insight has been provided in the most recent version. In particular, the firm’s adjusted consolidated revenue for the first half of 2018 was CHF 502.7 million ($520.4 million). When compared to the end of June last year, the firm reported a total adjusted revenue of CHF 445.7 million. This is an increase of 11.3 per cent.
This increase in revenue was driven largely by a positive market environment. In addition, CFT’s interdealer broking business (IDB) recruited specialised brokers during the six months ended June 30, 2018. This allowed the firm to reinforce its presence in a number of regions and asset classes.
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Consolidated net profit was CHF 33.9 million in the first half of 2018. This is in comparison to CHF 28.6 million which was recorded in the first half of 2017. Net expense came in at CHF 2.3 million during the first half of this year. This is less than half of the net expense experienced in the same time period last year, which was CHF 4.7 million.
CFT Experiences Solid YoY returns for its IDB business and Gaitame.com
When we reported on the preliminary figures back in July, the firm did not provide any precise numbers in regards to its IDB business or its retail forex trading business in Japan, Gaitame.com. Today we are pleased to share that the firm has provided slightly more information on the two operations.
During the second half of 2018, for its IDB business, adjusted revenue rose 11.0 per cent to CHF 485.5 million. During the same time, the adjusted revenue for Gaitame.com was up 21.4 per cent to CHF 17.2 million.
These are much better results than those experienced during the second half of 2017. During this period, CFT’s IDB business only rose by 0.8 per cent to reach CHF 431.6 million. Gaitame.com, on the other hand, was actually down by 28.6 per cent year-on-year to CHF 14.1 million. This was due to the low currency volatility in the forex markets in the first half of last year, particularly in the Japanese yen.