ABC arbitrage: 2016 Results: ?30.5m (up 26%) "Step Up 2019" Strategic Plan
(Thomson Reuters ONE) -
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| | Press Release |
| | |
| | Paris, March 28, 2017 - 8:00 a.m. |
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2016 Results: ?30.5m (up 26%)
"Step Up 2019" Strategic Plan
The Board of Directors of ABC arbitrage, led by the Chairman, Dominique Ceolin,
met on March 23, 2017 to approve the consolidated financial statements for
2016. Financial highlights for the year were as follows:
+--------------------------------+-----------------+-----------------+
| | 31/12/2016 IFRS | 31/12/2015 IFRS |
+--------------------------------+-----------------+-----------------+
| Produit de l'activité courante | ?53.3m | ?47.7 m |
+--------------------------------+-----------------+-----------------+
| Résultat net part du groupe | ?30.5m | ?24.2m |
+--------------------------------+-----------------+-----------------+
| Bénéfice net par action (BNPA) | ?0.53 | ?0.43 |
+--------------------------------+-----------------+-----------------+
| Rendement Net (ROE) | 19.7% | 17.1% |
+--------------------------------+-----------------+-----------------+
Business performance
IFRS net income came to ?30.5 million in 2016, up nearly 26% on the prior year.
Group companies enjoyed a combination of favorable factors early in the year
before feeling the effects of a generally calm market environment, albeit marked
by sudden, short-lived volatility spikes following various macroeconomic events
(Brexit in June and the U.S. elections in November).
Once again, the Group demonstrated its ability to adapt, delivering a return on
equity (ROE) of nearly 20% for the year in an environment characterized by low
volatility and a decline in trading volumes in the second half. R&D spend was
concentrated on developing low-volatility strategies and optimizing existing
models to offset slow periods.
The sharp increase in net income successfully concludes the "Ambition 2016" plan
with the establishment of new international locations and the development of new
strategies.
Dividend policy
The Board of Directors will recommend a dividend of ?0.25 per share at the
annual shareholders' meeting on June 16, 2017. The payment date and procedure
will be announced at a later date. The dividend is in addition to the ?0.20
distribution paid in November 2016. If approved by the shareholders, the full
distribution for 2016 will therefore amount to ?0.45 per share, giving a net
yield of 6.3% based on the share price at December 31, 2016 (?7.19).
Outlook
The "Step Up 2019" plan has been launched to build on the achievements of the
"Ambition 2016" plan, with the primary objective of preparing for the next
decade. This new plan focuses on the continued development of low-volatility
strategies and sustained IT and R&D expenditure on the Group's historic
strategies, in order to continually move forward against the backdrop of the
market environment observed since 2012.
The planned investments are expected to progressively extend the Group's
investment management capacities and improve recurring results in most market
environments. To meet these objectives, the Group is anticipating a significant
rise in expenses over the next three years, which will weigh on results.
Nonetheless, ABC arbitrage confirms its determination to achieve significant
returns, with the goal of generating at least ?90 million in cumulative
consolidated net income over the coming three-year period. This figure will be
adjusted according to market conditions, as there is still a significant
correlation between the Group's businesses and volatility.
Market volumes remained sluggish in early 2017 with volatility levels at their
lowest since 1995. In spite of this, firstquarter business volumes were in line
with the last three years of lows which, combined with a growth in assets under
management to ?428 million at March 1, 2017, is a positive sign for the Group's
shareholders and clients.
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|Contacts : http://www.abc-arbitrage.com/ | EURONEXT Paris Compartment B |
| | ISIN : FR0004040608 |
|Shareholder Relations: actionnaires(at)abc-| |
|arbitrage.com |Reuters BITI.PA / Bloomberg ABCA|
| | FP |
|PR: Verbatee, v.sabineu(at)verbatee.com | |
+--------------------------------------------+---------------------------------+
ABC Arbitrage annual results 2016 and step up 2019 strategic plan:
http://hugin.info/143349/R/2091126/789979.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: ABC arbitrage via GlobeNewswire
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