Cinnober Financial Technology AB (Cinnober), the Sweden-based provider of exchange and real-time clearing technology that caters to international stock exchanges, clearing houses, banks and brokerages, today reported its 2016 financials, according to a corporate statement.
For the full year of 2016, Cinnober had net sales of 330.9 million Swedish krona (SEK) or roughly $36.9 million, up 10 percent year-over-year from SEK 300.5 million ($33.5 million) reported a year ago. However, operating profit for the year amounted to SEK 9.5 million ($1.05 million), lower by -40.6 percent when weighed against SEK 16.0 million ($1.78 million) in 2015. Profit for the year was affected with non-recurring costs of SEK 36.8 million due to the impairment of shares in the companies Binary Event Networks Inc and Quadriserv Inc.
Forex Trading Disruptor Sees Growth Thanks to Offshore Regulated StatusGo to article >>
The Stockholm-based vendor’s profit before tax during 2016 amounted to SEK 8.8 million ($981,815), which reflects a much better performance relative to a loss of SEK 22.0 million ($2.45 million) reported during 2015. In a similar vein, earnings per share (EPS) jumped to SEK 0.67 on an undiluted basis, better than a SEK 4.26 loss per share in the year prior, according to the update.
During the year, Japan Exchange Group (JPX), one of the world’s largest exchanges, selected Cinnober as its supplier of a new clearing solution for the entire Japanese derivatives market.
Veronica Augustsson, CEO of Cinnober, commented: “Cinnober finds itself in an expansionary phase in which we are continuing to reap success in our traditional segments: exchanges and clearinghouses. In 2016, we expanded and recruited continuously to meet growing demand. At the same time, we are investing in future growth through expanded target groups, mainly through reporting services, as well as clearing and risk solutions targeted at international banks and brokerages”.