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7:29 | 18.03.2011
PRESS RELEASE: Revenue of CHF 1,210.4m, Underlying operating profit: CHF 89.6m
PRESS RELEASE: Revenue of CHF 1,210.4m, Underlying operating profit: CHF 89.6m
Compagnie Financière Tradition /
Revenue of CHF 1,210.4m, Underlying operating profit: CHF 89.6m
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Press release
Revenue of CHF 1,210.4m
Underlying operating profit: CHF 89.6m
+------------------------------+---------+---------+
| | | |
| | | |
| CHF m | 2010 | 2009 |
| | | |
| | | |
+------------------------------+---------+---------+
| Revenue | 1 210.4 | 1 352.7 |
+------------------------------+---------+---------+
| Underlying operating profit* | 89.6 | 118.7 |
+------------------------------+---------+---------+
| Operating profit | 52.1 | 120.1 |
+------------------------------+---------+---------+
| Profit before tax | 70.0 | 124.2 |
+------------------------------+---------+---------+
| Net profit for the period | 50.3 | 78.8 |
+------------------------------+---------+---------+
| Net attributable profit | 40.9 | 65.0 |
+------------------------------+---------+---------+
*Before amortisation of customer relationships and other exceptional costs and
income.
Compagnie Financière Tradition reported consolidated revenue of CHF 1,210.4m in
2010 against CHF 1,352.7m in 2009, a decline of 7.6% at constant exchange rates.
Activity in the second half of 2010 was down 4.9% at constant exchange rates
compared with the year-ago period. It was impacted by a sharp slowdown in
business at Gaitame.com, a Japan based operating company which runs an online FX
trading platform for retail investors. Consolidated revenue on interdealer
broking business (which excluded Gaitame.com) was down slightly by 1.1%, at
constant exchange rates compared with the second half of last year, but was
stable compared with the fourth quarter.
Consolidated operating profit was CHF 52.1m in 2010 (2009: CHF 120.1m). It
includes an amortisation charge of CHF 20.3m (2009: CHF 20.4m) on an intangible
asset, which will end in April 2011, as well as other net exceptional costs
(including reorganisation costs) of CHF 17.2m (2009: CHF 10.2m). Excluding these
items, the consolidated underlying operating margin was 7.4% of consolidated
revenue. The 2010 operating result was also affected by the business slowdown at
Gaitame.com. This compares with operating results in 2009, which benefited from
gains of CHF 32.0m, realised on the disposal of interests by Group companies.
The underlying operating profit on interdealer broking business in 2010 was up
3.4% at constant exchange rates compared with the prior year. In the second
half, it was up 59.6% compared with the year-ago period. The Group benefited
from its strategic position in certain regional markets with strong potential,
such as Asia, and its cost-cutting programme, in the Americas in particular.
The cost reduction programme resulted in gross savings of CHF 33.5m being
recognised in 2010, for an annualised amount of CHF 53.2m. Elsewhere, the Group
pursued its specific investments in selected groups of products for an
annualised amount of CHF 23.2m (of which CHF 15.5m in 2010). The net annualised
savings represent CHF 30.0m.
Profit before tax on continuing activities was CHF 70.0m, against CHF 124.2m in
2009, giving a pre-tax return of 5.8% compared with 9.2% in 2009. This result
included negative goodwill of CHF 17.8m recognised on the acquisition of CM
Capital Markets Holding SA in Madrid, which gives us a strategic position in
Brazil. This acquisition is awaiting formal non-opposition from the Spanish
financial markets regulator in April 2011.
Consolidated net profit was CHF 50.3m in 2010, compared with CHF 78.8m a year
ago,
Group share of net profit was CHF 40.9m, down from CHF 65.0m a year ago,
bringing consolidated equity to CHF 382.1m at 31 December 2010, CHF 318.1m of
which was attributable to shareholders of the Company.
At the Annual General Meeting to be held on 7 June 2011, the Board will be
seeking shareholder approval to pay a dividend of CHF 5.0 per share.
Outlook
Compagnie Financière Tradition's consolidated revenue for the first two months
of 2011 was up 5.0% at constant exchange rates, compared with the same period a
year ago, while global activities rose 0.8%. In 2011, the Company intends to
continue to maintain a strong focus on cost management. It will also pursue its
initiatives surrounding the launch of the Trad-X hybrid trading platform, with
the support and participation of eight major banks, as announced on 15 March.
With a presence in 27 countries, Compagnie Financière Tradition SA is a leading
interdealer broker (IDB) in the international market. 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 is listed on the SIX Swiss Exchange (CFT). For
more information on our Group, visit our website at www.tradition.com.
Lausanne, 18 March 2011
Press contacts:
Compagnie Financière Tradition SA Rochat & Partners
Patrick Combes, President Philippe Dunant
Tel.: +41 21 343 52 78 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/1497887/433625.pdf
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originality of the information contained therein.
Source: Compagnie Financière Tradition via Thomson Reuters ONE
[HUG#1497887]
http://www.traditiongroup.com
(END) Dow Jones Newswires March 18, 2011 02:29 ET (06:29 GMT) |
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