VIEL & Cie : First-half 2015 Results Operating profit up 57% to ?36.1m Net profit - Group share up 32% to ?16.8m
(Thomson Reuters ONE) -
First-half 2015 Results
Operating profit up 57% to ?36.1m
Net profit - Group share up 32% to ?16.8m
+--------------------------+-----------------+-----------------+---------------+
| ?m | First half 2015 | First half 2014 | Var 2014/2015 |
+--------------------------+-----------------+-----------------+---------------+
| Consolidated revenue | 423.2 | 368.3 | +15% |
+--------------------------+-----------------+-----------------+---------------+
| Operating profit | 36.1 | 23.0 | +57% |
+--------------------------+-----------------+-----------------+---------------+
| Profit before tax | 37.2 | 27.5 | +35% |
+--------------------------+-----------------+-----------------+---------------+
| Consolidated net profit | 25.8 | 18.5 | +39% |
+--------------------------+-----------------+-----------------+---------------+
| Net profit - Group share | 16.8 | 12.7 | +32% |
+--------------------------+-----------------+-----------------+---------------+
| Minority interests | 9.0 | 5.8 | +56% |
+--------------------------+-----------------+-----------------+---------------+
Developments in core businesses
Interdealer broking (IDB)
Compagnie Financière Tradition (CFT) faced a varying market environment in the
first six months of 2015. Activity levels were generally more stable although
there were differences among the geographic regions and asset classes. The group
benefited from increased volatility in a number of markets while others remained
under pressure from the prolonged low interest rates and a continued evolving
market structure as a result of regulatory developments. In the context of the
regulatory developments in the United States, the group successfully developed
the activities and positioning of Tradition SEF, especially through Trad-X,
Tradition's market leading hybrid trading platform for interest rate swaps.
Against this backdrop, the group posted consolidated revenue for the first six
months of CHF 426.6m compared with CHF 425.4m in the first half of 2014, a rise
of 0.3% at current exchange rates, or 1.1% in constant currencies.
In this market environment, the group remained focused on controlling costs by
implementing measures to reduce fixed costs and increase flexibility, while
minimising reorganisation costs. At the same time, the group maintained its
investments in technology, essential to the deployment of its electronic broking
strategy, even though these substantial investments have a negative impact on
the group's short-term profitability.
Reported operating profit increased by 35.6% in constant currencies to CHF
35.9m for a margin of 8.4% compared with CHF 26.8m and a margin of 6.3%
respectively in the first half of 2014.
The group is active in all the major financial markets and operates in a number
of currencies. Its results are therefore affected by movements in the exchange
rates used to translate into the consolidation currency.
Online trading
Bourse Direct achieved strong business growth in number of trades executed and
new customer acquisition in the first half of 2015, and this trend was
particularly marked in the second quarter. Order execution reached close to
2,485.000 in the first six months, up 14.1% on the equivalent period in 2014. In
the second quarter, trading volumes grew by 24.5% compared with the second
quarter of 2014. These figures confirm Bourse Direct's leadership position in
the French online trading sector in terms of the number of trades executed, with
customers averaging 4.2 trades per account per month during the reporting
period.
The Company continued to grow its customer base, with the number of accounts
exceeding the 100,000 mark in June 2015. The number of new customers increased
16.3% in the first half compared with a year ago, while new customer acquisition
in the second quarter was 28% ahead of the same period in 2014.
In 2015, Bourse Direct has focused primarily on accelerating growth,
particularly in terms of expanding its customer base, rather than on increasing
profit.
The Company's revenue declined 2.5% in the first half to ?19.5m, compared with
?20.0m in the equivalent period in 2014.
Private banking and asset management
SwissLife Banque Privée, in which Viel & Cie holds a 40% interest, posted strong
growth in net banking income to ?26.3m in the first half of 2015. This increase
of 18,8% was mainly due to sustained inflows into customised structured products
offered by the Bank. Operating results showed a profit for the period.
Consolidated results
First-half consolidated revenue from operating subsidiaries was ?423.2m compared
with ?368.3m in the equivalent period in 2014, a rise of 14.9% at current
exchange rates, or 0.9% in constant currencies.
Quarterly consolidated revenue by business segment at current exchange rates was
as follows:
?m 2015 2014
Q1 Q2 Total Q1 Q2 Total
IDBIDB business 211.9 191.8 403.7 181.2 167.1 348.3
Online trading 10.1 9.4 19.5 10.5 9.5 20.0
----------------------------------------------------------------------
Consolidated revenue 222.0 201.2 423.2 191.7 176.6 368.3
----------------------------------------------------------------------
The Group's consolidated operating profit for the period was ?36.1m compared to
?23.0m in the first half of 2014, a rise of 57.3% thanks to cost reduction
measures.
Consolidated net profit rose 39.3% to ?25.8m in the first half of 2015 compared
with ?18.5m in the equivalent period last year.
Group share of net profit grew 31.9% to ?16.8m in the first six months, compared
with ?12.7m in 2014.
This result brought consolidated shareholders' equity to ?425.4m at 30 June
2015, ?327.3m of which was the Group's share, net of the gross value of directly
held treasury shares amounting to ?27.3m.
Outlook
In the IDB business, the year-to-date adjusted revenue at the end of August
confirms the first half positive trend. The CFT group will continue its focus on
operational performance management. Regulatory developments across global
markets (SEF in the United States and MIFID 2 in Europe) have led the group to
concentrate on developing and operating its electronic platforms.
Bourse Direct focused on accelerating its growth in the first half of the year
through the robust acquisition of new customers; thus its main activity
indicators (trading volume and customer acquisitions) were positive during the
period. New mobile applications are being rolled out to further enhance the
quality of services offered. In Investment Trends' 2015 survey, Bourse Direct
won first place for customer service and satisfaction. The range of training
possibilities offered to clients will be extended, to help them improve their
knowledge of the markets. The Company will pursue its development policy as part
of its commitment to provide an innovative and continually expanding service
offering.
In the Group's private banking and asset management segment, SwissLife Banque
Privée, which achieved revenue growth and improved results, will also pursue its
development policy through external and organic growth.
VIEL & Cie is an investment company comprising three core businesses in the
financial sector: Compagnie Financière Tradition, an interdealer broker with a
presence in 28 countries, Bourse Direct, a major player in the online trading
sector in France, and a 40% stake in SwissLife Banque Privée, present in the
private banking sector in France.
VIEL & Cie shares (codes: FR0000050049, VIL) are listed in Compartment C of
Euronext. For more information on our Group, please visit ww.viel.com.
Paris, 4 September 2015
Contacts:
VIEL & Cie Image 7
Virginie de Vichet Priscille Reneaume
Director of Communications T: + 331 53 70 74 61
T: + 331 56 43 70 20
VIEL & Cie : Fist half revenue 2015:
http://hugin.info/143611/R/1949581/708602.pdf
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Source: VIEL ET COMPAGNIE via GlobeNewswire
[HUG#1949581]
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Datum: 04.09.2015 - 07:30 Uhr
Sprache: Deutsch
News-ID 418042
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