Compagnie
Financière Tradition (CFT), a global interdealer broker based in Switzerland,
announced today (Thursday) an increase in revenue to CHF 577.0 million for the first half of 2024, driven by strong
performance across all regions and most asset classes.
The
Swiss-based company reported adjusted revenue, including joint ventures, of CHF 577.0
million for the six months ended June 30, up from CHF 552.4 million in the same
period last year. The company’s core interdealer broking (IDB) business led the
growth, with revenue increasing 9.4% at constant exchange rates to CHF 560.3
million. The retail investors segment (Non-IDB) also showed improvement,
growing 4.9% to CHF 16.7 million.
Michael Anderson, the CEO of CFT
However,
reported revenue figures were impacted by currency fluctuations, particularly
the strengthening of the Swiss franc against the Japanese yen. As a result,
reported revenue under IFRS standards increased by 4.6% to CHF 537.1 million.
“Consolidated revenue continued to
be impacted by a currency effect compared to the first semester of 2023 due to
the strengthening of the Swiss franc, notably against the Japanese yen,” the company commented.
The second
quarter also saw robust growth, with revenue surging 14.4% to CHF293.2 million.
The IDB segment posted a 14.7% increase, while the Non-IDB business grew by
7.0%.
For comparison, CFT generated revenue of CHF 265.6 million between January and March. Including contributions from a joint venture, the group’s quarterly revenue increased to CHF 283.8 million, down slightly from CHF 290.5 million in the same period the previous year.
Compagnie
Financière Tradition, which employs over 2,400 people in more than 30
countries, provides broking and data services for a wide range of financial and
non-financial products. The company is listed on the SIX Swiss Exchange.
Continued Growth into 2024
Following a Strong 2023
The
positive performance this year follows impressive results from the previous
year. According to the CFT report from March, the company concluded 2023 with a
pre-tax profit of CHF 127.2 million, an increase of 16.1 percent, against its
annual IFRS revenue of CHF 982.4 million. The net profit was reported at CHF
94.4 million, up by 15.9 percent.
Official
data further indicates that the IFRS operating profit reached CHF 105.5
million, marking a 19.7 percent rise from the prior year, with the operating
margin improving to 10.7 percent from 9.9 percent. Revenue from joint ventures
surpassed CHF 1.05 billion, reflecting a 9.5 percent growth year-over-year.
Operating profit rose by 17.1 percent to CHF 127.7 million, while the operating
margin increased to 12.1 percent from 11.4 percent the year before.
Meanwhile, the
Swiss interdealer broker and operator of a Japanese retail forex platform has
bolstered its executive team by naming Michel Everaert as the Global Head of
E-Commerce and Digitalization. In his new capacity, Everaert spearheads the
company’s digital strategies and fast-track its integration of high-tech
solutions in a customer-centric approach.
Compagnie
Financière Tradition (CFT), a global interdealer broker based in Switzerland,
announced today (Thursday) an increase in revenue to CHF 577.0 million for the first half of 2024, driven by strong
performance across all regions and most asset classes.
The
Swiss-based company reported adjusted revenue, including joint ventures, of CHF 577.0
million for the six months ended June 30, up from CHF 552.4 million in the same
period last year. The company’s core interdealer broking (IDB) business led the
growth, with revenue increasing 9.4% at constant exchange rates to CHF 560.3
million. The retail investors segment (Non-IDB) also showed improvement,
growing 4.9% to CHF 16.7 million.
Michael Anderson, the CEO of CFT
However,
reported revenue figures were impacted by currency fluctuations, particularly
the strengthening of the Swiss franc against the Japanese yen. As a result,
reported revenue under IFRS standards increased by 4.6% to CHF 537.1 million.
“Consolidated revenue continued to
be impacted by a currency effect compared to the first semester of 2023 due to
the strengthening of the Swiss franc, notably against the Japanese yen,” the company commented.
The second
quarter also saw robust growth, with revenue surging 14.4% to CHF293.2 million.
The IDB segment posted a 14.7% increase, while the Non-IDB business grew by
7.0%.
For comparison, CFT generated revenue of CHF 265.6 million between January and March. Including contributions from a joint venture, the group’s quarterly revenue increased to CHF 283.8 million, down slightly from CHF 290.5 million in the same period the previous year.
Compagnie
Financière Tradition, which employs over 2,400 people in more than 30
countries, provides broking and data services for a wide range of financial and
non-financial products. The company is listed on the SIX Swiss Exchange.
Continued Growth into 2024
Following a Strong 2023
The
positive performance this year follows impressive results from the previous
year. According to the CFT report from March, the company concluded 2023 with a
pre-tax profit of CHF 127.2 million, an increase of 16.1 percent, against its
annual IFRS revenue of CHF 982.4 million. The net profit was reported at CHF
94.4 million, up by 15.9 percent.
Official
data further indicates that the IFRS operating profit reached CHF 105.5
million, marking a 19.7 percent rise from the prior year, with the operating
margin improving to 10.7 percent from 9.9 percent. Revenue from joint ventures
surpassed CHF 1.05 billion, reflecting a 9.5 percent growth year-over-year.
Operating profit rose by 17.1 percent to CHF 127.7 million, while the operating
margin increased to 12.1 percent from 11.4 percent the year before.
Meanwhile, the
Swiss interdealer broker and operator of a Japanese retail forex platform has
bolstered its executive team by naming Michel Everaert as the Global Head of
E-Commerce and Digitalization. In his new capacity, Everaert spearheads the
company’s digital strategies and fast-track its integration of high-tech
solutions in a customer-centric approach.
