Compagnie Financière Tradition SA: First half affected by the strength of the Swiss franc and the performance of our Japanese retail business
(Thomson Reuters ONE) -
Compagnie Financière Tradition /
Compagnie Financière Tradition SA: First half affected by the strength of the
Swiss franc and the performance of our Japanese retail business
. Processed and transmitted by Thomson Reuters ONE.
The issuer is solely responsible for the content of this announcement.
First half affected by the strength of the Swiss franc and the performance of
our Japanese retail business
IDB: revenue up 1.3% in constant currencies
and underlying operating profit CHF 37.2m
Successful launch of Trad-X
+------------------------------+---------+---------+
| | | |
| | | |
| CHFm | H1 2011 | H1 2010 |
| | | |
| | | |
+------------------------------+---------+---------+
| Revenue | 559.6 | 656.4 |
+------------------------------+---------+---------+
| Underlying operating profit* | 36.3 | 60.2 |
+------------------------------+---------+---------+
| Operating profit | 27.4 | 42.6 |
+------------------------------+---------+---------+
| Net profit | 15.4 | 28.7 |
+------------------------------+---------+---------+
| Net profit Group share | 13.0 | 22.3 |
+------------------------------+---------+---------+
* Before amortisation of intangible assets and other exceptional costs and
income.
Compagnie Financière Tradition's operations are mostly based outside Switzerland
and therefore its results for the first half of the year were affected by the
strength of the Swiss Franc. In addition, the figures reflect a period of
reorganisation at the Group's Japanese retail business, Gaitame.com, a forex
trading platform for private investors. Because of these factors the year on
year analysis below focuses on changes in constant currencies and differentiates
the performance of the interdealer broking ("IDB") business from that of
Gaitame.
The Group reported consolidated revenue for the first half of 2011 of CHF
559.6m, compared with revenue of CHF 656.4m for the equivalent period in 2010.
The decrease in revenue was 2.7% in constant currencies compared with a decrease
of 14.8% at current currencies.
Revenue from IDB activities of CHF 546.5m was up 1.3% in constant currencies
compared to the equivalent period in 2010 and up 9.0% in constant currencies
compared to the second half of last year. IDB revenue from the Asia Pacific
region increased 18.5% at constant currencies but was down 3.3% in EMEA and
1.8% in the Americas compared to the first half of last year.
Revenue from the Japanese subsidiary Gaitame's activity in the first six months
of 2011 fell 67.9% in constant currencies, to CHF 26.5m. Consolidated revenue
includes 49.5% of Gaitame.com activity.
Consolidated operating profit for the first half of 2011 was CHF 27.4m compared
with CHF 42.6m for the first six months of 2010. This figure includes an
amortisation charge of CHF 7.9M (H1 2010: CHF 10.1m) in respect of the Group's
intangible assets as well as net exceptional costs (including legal cost and
settlements, reorganisation costs and negative goodwill) of CHF 1.0m (H1 2010:
CHF 7.1m). Adjusting for these items consolidated underlying operating profit
was CHF 36.3m compared with CHF 60.2m for the first half of 2010 and underlying
operating margin 6.5% (H1 2010: 9.2%). The operating result for the first half
was affected by the performance of Gaitame which reported a decrease in
operating profit of CHF 13.7m year on year.
The IDB underlying profit was down 3.1% at constant currencies compared to the
first half of 2010. During the first half the Group continued to invest in Asia
Pacific, which is still a region experiencing growth in market activity, in
order to develop further its already strong franchise, whilst maintaining its
focus on cost control in its mature activities. The Group has also continued to
invest in information technology, developing and rolling out its Trad-X trading
platform in May. This platform has been designed in consultation with market
participants and offers both hybrid and fully electronic order entry.
Consolidated net profit was CHF 15.4m compared with CHF 28.7m in 2010 and the
Group's share CHF 13.0m (H1 2010: CHF 22.3m).
With a presence in 27 countries, Compagnie Financière Tradition SA is one of the
world's leading interdealer brokers (IDB). The Group provides broking services
for a complete range of financial products (money market products, bonds,
interest rate, currency and credit derivatives, equities, equity derivatives,
interest rate futures and index futures) and non-financial products (energy and
environmental products, and precious metals).
Compagnie Financière Tradition (CFT) is listed on the SIX Swiss Exchange. To
find out more about our Group please visit our website at www.tradition.com.
Lausanne, 25 August 2011
Press contacts:
Compagnie Financière Tradition SA Rochat & Partners
Patrick Combes, President Philippe Dunant
Tel. +41 21 343 52 87 Tel. +41 22 718 37 42
--- End of Message ---
Compagnie Financière Tradition
Langallerie 11 Lausanne Switzerland
WKN: 870121;ISIN: CH0014345117;
Listed: Freiverkehr in Börse Stuttgart,
Freiverkehr in Börse Berlin,
Open Market (Freiverkehr) in Frankfurter Wertpapierbörse;
Press release:
http://hugin.info/133362/R/1541442/471581.pdf
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originality of the information contained therein.
Source: Compagnie Financière Tradition via Thomson Reuters ONE
[HUG#1541442]
Unternehmensinformation / Kurzprofil:
Datum: 25.08.2011 - 18:13 Uhr
Sprache: Deutsch
News-ID 59439
Anzahl Zeichen: 7181
contact information:
Town:
Lausanne
Kategorie:
Business News
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