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Tradition Releases H1 2013 Financials - 66.6% Increase In Net Profit YoY
Tradition Releases H1 2013 Financials - 66.6% Increase In Net Profit YoY
Monday,26/08/2013|16:52GMTby
Andrew Saks McLeod
Compagnie Financiere Tradition has today announced its financial results for the first half of 2013. Whilst profit is up 66.6% YoY, non-IFRS revenue took a downturn of 4.4% over last year's figure.
2013 has been an interesting year for Compagnie Financiere Tradition, which today announced its financial results for the first half of 2013.
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The company has garnered a significant degree of support from major banks for its new ParFX wholesale trading platform, which during the early part of the year began to take shape and was launched in April, symbolizing a general direction taken by major financial institutions showing that they are willing to support new trading platforms.
According to Compagnie Financiere Tradition, with the support of some of the biggest spot FX market players in the world, this once again demonstrates the group's ability to innovate and partner with key market participants to drive development.
Non-IFRS Revenue Down 4.4%
Citing challenging market conditions as a contributing factor, the firm made a particular reference to continued uncertainty regarding regulation of OTC derivative markets which has affected a number of the group's customers.
After a transition period in the first quarter, revenue stabilized in the second quarter compared to the same period last year which was up 1.4%. For the six-month period, non-IFRS consolidated revenue was 4.4% lower at constant exchange rates to CHF 510.8m compared to the same period last year.
Despite a reduction in revenue, the non-IFRS underlying operating profit increased by 22.2% at constant exchange rates to CHF 46.7m representing an underlying margin of 9.1% compared to 7.4% for the equivalent period last year. Net profit for the group increased to CHF 21.5m, up 66.6% at constant exchange rates. Half-year group's results fully benefited from the cost reduction measures implemented last year and also aimed at reducing the group's fixed cost base while increasing its flexibility.
Interest Rate Swaps on Trad-X Matches CHF 1.2 Trillion Notional
The non-IFRS revenue from interdealer broking business (IDB) was down 5.2% in constant currencies, with a decrease in most asset classes with the exception of foreign exchange and commodities.
Revenue from commodities which comprised mainly of energy and metals products was slightly higher, benefiting from the development of energy business in Asia-Pacific which was partly offset by reduced activity levels in the Americas.
The decrease in revenue was mostly seen in fixed income and equity products. Interest rate products while overall down on the same period last year, benefited from the revenue development in electronic businesses for interest rate derivatives, Trad-X, now covering dollars and sterling in addition to euros.
Reported revenue for the first half of 2013 was CHF 475.9m compared with CHF 512.4m for the six months ending 30 June, 2012, a decline of 5.7% in constant currencies. This amount excludes group's share of revenue of joint ventures which have been consolidated in accordance with the equity method since January 2013. This essentially concerns the currency options business operated by Tradition-ICAP, and the forex trading business for retail investors in Japan operated by Gaitame.com Co.Ltd.
Operating Profit
The non-IFRS underlying operating profit (which excludes exceptional costs) increased by 22.2% in constant currencies to CHF 46.7m, for an underlying operating margin of 9.1% (H1 2012 : 7.4%).
Exceptional items include an amortisation charge of CHF 2.0m (H1 2012: CHF 2.8m) in respect of the group's intangible assets as well as net exceptional costs (consisting mainly of legal costs and reorganisation costs) of CHF 6.4m (H1 2012: CHF 10.0m). The related intangible assets will be fully amortised in March 2014.
Reported operating profit for the first half of 2013 was CHF 28.8m compared with CHF 22.3m for the first six months of 2012, an increase of 35.0% in constant currencies.
Net Profit
Consolidated net profit was CHF 26.6m compared to CHF 17.3m for the equivalent period last year with a group share of CHF 21.5m (H1 2012 : CHF 13.5m), up 66.6% at constant exchange rates. The consolidated tax charge for the period benefited from lower non-deductible expenses following the group's cost reduction efforts.
Balance sheet
Consolidated shareholders' equity totalled CHF 358.2m on 30 June 2013 of which CHF 302.4m was attributable to the group's shareholders.
Outlook
The group will pursue its development and investments in technology with the continuous deployment of new electronic initiatives.
Tradition maintains that financial markets remain difficult to predict and against this backdrop, adapting the industry to technologies in order to respond effectively to the changing regulatory frameworks, and keeping a tight rein on costs, will be essential for improving the group's annual performance.
2013 has been an interesting year for Compagnie Financiere Tradition, which today announced its financial results for the first half of 2013.
ParFX Packs Proprietary Platform Punch
The company has garnered a significant degree of support from major banks for its new ParFX wholesale trading platform, which during the early part of the year began to take shape and was launched in April, symbolizing a general direction taken by major financial institutions showing that they are willing to support new trading platforms.
According to Compagnie Financiere Tradition, with the support of some of the biggest spot FX market players in the world, this once again demonstrates the group's ability to innovate and partner with key market participants to drive development.
Non-IFRS Revenue Down 4.4%
Citing challenging market conditions as a contributing factor, the firm made a particular reference to continued uncertainty regarding regulation of OTC derivative markets which has affected a number of the group's customers.
After a transition period in the first quarter, revenue stabilized in the second quarter compared to the same period last year which was up 1.4%. For the six-month period, non-IFRS consolidated revenue was 4.4% lower at constant exchange rates to CHF 510.8m compared to the same period last year.
Despite a reduction in revenue, the non-IFRS underlying operating profit increased by 22.2% at constant exchange rates to CHF 46.7m representing an underlying margin of 9.1% compared to 7.4% for the equivalent period last year. Net profit for the group increased to CHF 21.5m, up 66.6% at constant exchange rates. Half-year group's results fully benefited from the cost reduction measures implemented last year and also aimed at reducing the group's fixed cost base while increasing its flexibility.
Interest Rate Swaps on Trad-X Matches CHF 1.2 Trillion Notional
The non-IFRS revenue from interdealer broking business (IDB) was down 5.2% in constant currencies, with a decrease in most asset classes with the exception of foreign exchange and commodities.
Revenue from commodities which comprised mainly of energy and metals products was slightly higher, benefiting from the development of energy business in Asia-Pacific which was partly offset by reduced activity levels in the Americas.
The decrease in revenue was mostly seen in fixed income and equity products. Interest rate products while overall down on the same period last year, benefited from the revenue development in electronic businesses for interest rate derivatives, Trad-X, now covering dollars and sterling in addition to euros.
Reported revenue for the first half of 2013 was CHF 475.9m compared with CHF 512.4m for the six months ending 30 June, 2012, a decline of 5.7% in constant currencies. This amount excludes group's share of revenue of joint ventures which have been consolidated in accordance with the equity method since January 2013. This essentially concerns the currency options business operated by Tradition-ICAP, and the forex trading business for retail investors in Japan operated by Gaitame.com Co.Ltd.
Operating Profit
The non-IFRS underlying operating profit (which excludes exceptional costs) increased by 22.2% in constant currencies to CHF 46.7m, for an underlying operating margin of 9.1% (H1 2012 : 7.4%).
Exceptional items include an amortisation charge of CHF 2.0m (H1 2012: CHF 2.8m) in respect of the group's intangible assets as well as net exceptional costs (consisting mainly of legal costs and reorganisation costs) of CHF 6.4m (H1 2012: CHF 10.0m). The related intangible assets will be fully amortised in March 2014.
Reported operating profit for the first half of 2013 was CHF 28.8m compared with CHF 22.3m for the first six months of 2012, an increase of 35.0% in constant currencies.
Net Profit
Consolidated net profit was CHF 26.6m compared to CHF 17.3m for the equivalent period last year with a group share of CHF 21.5m (H1 2012 : CHF 13.5m), up 66.6% at constant exchange rates. The consolidated tax charge for the period benefited from lower non-deductible expenses following the group's cost reduction efforts.
Balance sheet
Consolidated shareholders' equity totalled CHF 358.2m on 30 June 2013 of which CHF 302.4m was attributable to the group's shareholders.
Outlook
The group will pursue its development and investments in technology with the continuous deployment of new electronic initiatives.
Tradition maintains that financial markets remain difficult to predict and against this backdrop, adapting the industry to technologies in order to respond effectively to the changing regulatory frameworks, and keeping a tight rein on costs, will be essential for improving the group's annual performance.
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In this interview, Tom Higgins, CEO of Gold-i, discusses the convergence of crypto and FX liquidity. He explains the challenges of accessing crypto liquidity and how different execution methods, such as iceberg orders, help manage large transactions. Tom addresses the impact of AI in trading, emphasizing its use in sentiment analysis and trading pattern recognition. He also talks about the significance of Bitcoin ETFs in boosting institutional confidence in crypto markets. Lastly, Tom outlines the growth and future plans for Gold-i, focusing on enhancing their Matrix Net technology and expanding their role in crypto liquidity aggregation.
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In this interview, Tom Higgins, CEO of Gold-i, discusses the convergence of crypto and FX liquidity. He explains the challenges of accessing crypto liquidity and how different execution methods, such as iceberg orders, help manage large transactions. Tom addresses the impact of AI in trading, emphasizing its use in sentiment analysis and trading pattern recognition. He also talks about the significance of Bitcoin ETFs in boosting institutional confidence in crypto markets. Lastly, Tom outlines the growth and future plans for Gold-i, focusing on enhancing their Matrix Net technology and expanding their role in crypto liquidity aggregation.
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In this interview, Tom Higgins, CEO of Gold-i, discusses the convergence of crypto and FX liquidity. He explains the challenges of accessing crypto liquidity and how different execution methods, such as iceberg orders, help manage large transactions. Tom addresses the impact of AI in trading, emphasizing its use in sentiment analysis and trading pattern recognition. He also talks about the significance of Bitcoin ETFs in boosting institutional confidence in crypto markets. Lastly, Tom outlines the growth and future plans for Gold-i, focusing on enhancing their Matrix Net technology and expanding their role in crypto liquidity aggregation.
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In this interview, Tom Higgins, CEO of Gold-i, discusses the convergence of crypto and FX liquidity. He explains the challenges of accessing crypto liquidity and how different execution methods, such as iceberg orders, help manage large transactions. Tom addresses the impact of AI in trading, emphasizing its use in sentiment analysis and trading pattern recognition. He also talks about the significance of Bitcoin ETFs in boosting institutional confidence in crypto markets. Lastly, Tom outlines the growth and future plans for Gold-i, focusing on enhancing their Matrix Net technology and expanding their role in crypto liquidity aggregation.
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Joe Pelley, ActivTrades
William Thomas, BVNK
Got FOMO? Register now and secure your spot to the most premium financial event of London 🔗 https://events.financemagnates.com/EmKzD?utm_source=linkedin&utm_campaign=FMvoices-FMLS23&utm_medium=video&RefId=FMvoices+FMLS23
#fmls24 #fmls24 #fmls #fmevents #London #networking #financesummit
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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🐦 Twitter: https://twitter.com/F_M_events
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Don't miss out on our latest videos, interviews, and event coverage.
Subscribe to our YouTube channel for more!
FMvoices are here to confirm all the great things you've heard about our events ✨ At the same time, it's a throwback to our very successful FMLS:23 and we want to give out a special thank you to everyone who took the time to talk to us during the busy hours of the expo!
Ugnė B., payabl.
Joe Pelley, ActivTrades
William Thomas, BVNK
Got FOMO? Register now and secure your spot to the most premium financial event of London 🔗 https://events.financemagnates.com/EmKzD?utm_source=linkedin&utm_campaign=FMvoices-FMLS23&utm_medium=video&RefId=FMvoices+FMLS23
#fmls24 #fmls24 #fmls #fmevents #London #networking #financesummit
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage.
Subscribe to our YouTube channel for more!
FMvoices are here to confirm all the great things you've heard about our events ✨ At the same time, it's a throwback to our very successful FMLS:23 and we want to give out a special thank you to everyone who took the time to talk to us during the busy hours of the expo!
Ugnė B., payabl.
Joe Pelley, ActivTrades
William Thomas, BVNK
Got FOMO? Register now and secure your spot to the most premium financial event of London 🔗 https://events.financemagnates.com/EmKzD?utm_source=linkedin&utm_campaign=FMvoices-FMLS23&utm_medium=video&RefId=FMvoices+FMLS23
#fmls24 #fmls24 #fmls #fmevents #London #networking #financesummit
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage.
Subscribe to our YouTube channel for more!
FMvoices are here to confirm all the great things you've heard about our events ✨ At the same time, it's a throwback to our very successful FMLS:23 and we want to give out a special thank you to everyone who took the time to talk to us during the busy hours of the expo!
Ugnė B., payabl.
Joe Pelley, ActivTrades
William Thomas, BVNK
Got FOMO? Register now and secure your spot to the most premium financial event of London 🔗 https://events.financemagnates.com/EmKzD?utm_source=linkedin&utm_campaign=FMvoices-FMLS23&utm_medium=video&RefId=FMvoices+FMLS23
#fmls24 #fmls24 #fmls #fmevents #London #networking #financesummit
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage.
Subscribe to our YouTube channel for more!
FMvoices are here to confirm all the great things you've heard about our events ✨ At the same time, it's a throwback to our very successful FMLS:23 and we want to give out a special thank you to everyone who took the time to talk to us during the busy hours of the expo!
Ugnė B., payabl.
Joe Pelley, ActivTrades
William Thomas, BVNK
Got FOMO? Register now and secure your spot to the most premium financial event of London 🔗 https://events.financemagnates.com/EmKzD?utm_source=linkedin&utm_campaign=FMvoices-FMLS23&utm_medium=video&RefId=FMvoices+FMLS23
#fmls24 #fmls24 #fmls #fmevents #London #networking #financesummit
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage.
Subscribe to our YouTube channel for more!
FMvoices are here to confirm all the great things you've heard about our events ✨ At the same time, it's a throwback to our very successful FMLS:23 and we want to give out a special thank you to everyone who took the time to talk to us during the busy hours of the expo!
Ugnė B., payabl.
Joe Pelley, ActivTrades
William Thomas, BVNK
Got FOMO? Register now and secure your spot to the most premium financial event of London 🔗 https://events.financemagnates.com/EmKzD?utm_source=linkedin&utm_campaign=FMvoices-FMLS23&utm_medium=video&RefId=FMvoices+FMLS23
#fmls24 #fmls24 #fmls #fmevents #London #networking #financesummit
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage.
Subscribe to our YouTube channel for more!
FMvoices are here to confirm all the great things you've heard about our events ✨ #fmevents #fmls24
FMvoices are here to confirm all the great things you've heard about our events ✨ #fmevents #fmls24
FMvoices are here to confirm all the great things you've heard about our events ✨ #fmevents #fmls24
FMvoices are here to confirm all the great things you've heard about our events ✨ #fmevents #fmls24
FMvoices are here to confirm all the great things you've heard about our events ✨ #fmevents #fmls24
FMvoices are here to confirm all the great things you've heard about our events ✨ #fmevents #fmls24