ABC arbitrage : 2017 interim results: ?12.0m (down 27%)
(Thomson Reuters ONE) -
2017 interim results: ?12.0m (down 27%)
The Board of Directors of ABC arbitrage, chaired by Dominique Ceolin, met on
September 22, 2017 to approve the consolidated financial statements for the
first half of 2017.
+------------------------+---------------+---------------+---------------+
|In ? million |06/30/2017 IFRS|06/30/2016 IFRS|12/31/2016 IFRS|
+------------------------+---------------+---------------+---------------+
|Net revenues | ?23.0m| ?28.2m| ?53.3m|
+------------------------+---------------+---------------+---------------+
|Net income | ?12.0m| ?16.4m| ?30.5m|
+------------------------+---------------+---------------+---------------+
|Earnings per share (EPS)| ?0.21| ?0.29| ?0.53|
+------------------------+---------------+---------------+---------------+
Business performance
IFRS consolidated net revenues at June 30, 2017 came to ?23 million and
consolidated net income came to ?12 million, down 27% on H1 2017. Return on
equity (ROE), the ratio of net income to shareholders' equity, stood at nearly
7.3% for the first half.
Following on from the end of 2016, H1 2017 was characterized by a historically
calm market environment, with average intraday volatility of only 5%. Markets
were unaffected by the major events of the period: neither doubts surrounding
the French presidential elections or the North Korean crisis, nor even the good
news of renewed growth in Europe had a genuine impact on market behavior.
Average equity market volumes, as well as mergers and acquisitions transactions,
generally remained at attractive levels over the half-year.
In accordance with the strategic orientations of the "Step Up 2019" plan, the
Group continues its R&D investments to focus on developing strategies suited to
this type of market, while optimizing its traditional strategies. These efforts,
whilst not entirely offsetting the decidedly low volatility of the market,
helped the Group mitigate its drop in income. They also fostered growth in
client assets, which stood at ?439 million at September 1, 2017, in line with
full-year targets.
Dividend policy
Considering the Group's investment program, the Board of Directors has confirmed
a distribution of ?0.20 per share, which is in line with earnings. Approved by
the General Meeting of June 16, 2017, this distribution will be paid wholly in
cash from the share premium account, and as such will be treated as a repayment
of capital contributions for tax purposes, pursuant to Article 112-1° of the
French General Tax Code (Code général des impôts). The ex-distribution date will
be Thursday, November 23, and the payment date will be Monday, November
27, 2017.
Outlook
H1 demonstrated the Group's resilience. Q3 has been marked by record low
volatility and a drop in trading volumes, as well as a slowdown in mergers and
acquisitions transactions.
The Group intends to demonstrate its ability to operate in a challenging context
for its business, while recalling that its results are linked to the criterion
of "volatility." ABC arbitrage stands by its "Step Up 2019" plan and associated
investments, with an eye to continuing its strategic development and fulfilling
its ambitions.
ABCA S1 2017:
http://hugin.info/143349/R/2136691/817704.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
Unternehmensinformation / Kurzprofil:
Datum: 26.09.2017 - 08:00 Uhr
Sprache: Deutsch
News-ID 561232
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