Compagnie Financière Tradition - Reported revenue in H1 2014: CHF 425.4m, down 7.8% in constant currencies

Compagnie Financière Tradition / Compagnie Financière Tradition - Reported revenue in H1 2014: CHF 425.4m, down 7.8% in constant currencies . Verarbeitet und übermittelt durch Nasdaq OMX Corporate Solutions. Für den Inhalt der Mitteilung ist der Emittent verantwortlich. Source: Globenewswire

Press release
Lausanne, 24 July 2014 

This first half of 2014 was characterised by a challenging environment with a low volatility on significant asset classes as well as a continued evolving market structure as a result of regulatory developments and related uncertainties in particular regarding OTC derivative markets. In the context of these regulatory developments in the United States, the Group successfully developed the activities and positioning of Tradition SEF, especially through Trad-X, Tradition's market leading hybrid trading platform for interest rate swaps, which hit record electronic trading volumes for US Dollar swaps consecutively in May and June.

Against this backdrop, the Group reported first-half consolidated revenue of CHF 425.4m, compared with CHF 475.9m in same period in 2013, a decline of 10.6% at current exchange rates or 7.8% in constant currencies.

For the same period, the Group's consolidated adjusted1) revenue was CHF 452.3m, compared with CHF 510.8m in 2013, a decline of 8.7% at constant exchange rates. The adjusted revenue from interdealer broking business (IDB) was down 7.8% in constant currencies while the forex trading business for retail investors in Japan (Non-IDB) was down 37.2%.

The geographic breakdown of consolidated reported and adjusted revenue is as follows:

ReportedAdjustedCHFmH1 2014H1 2013H1 2014H1 2013 United Kingdom 163.4 168.1 174.6 179.4 Continental Europe 39.4 42.2 40.3 43.1 Europe, Middle East and Africa 202.8 210.3 214.9 222.5 Americas 126.9 140.5 130.1 144.8 Asia-Pacific 95.7 125.1 99.4 129.3 IDB business425.4475.9444.4496.6 Non-IDB business - - 7.9 14.2 Total425.4475.9452.3510.8

In the second quarter, consolidated revenue was CHF 203.8m, down 12.8% in constant currencies from the equivalent quarter last year. The Group's consolidated adjusted1) revenue was CHF 215.9m, down 14.0% at constant exchange rates with IDB down 13.0% and Non-IDB down 48.6%.

 

1) with proportionate consolidation method for joint ventures in line with the Group management reports ("Adjusted")

About COMPAGNIE FINANCIERE TRADITION

Compagnie Financière Tradition SA is one of the world's largest interdealer brokers in over-the-counter financial and commodity related products. Represented in 28 countries, Compagnie Financière Tradition SA employs 2,250 people globally and 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 SA (CFT) is listed on the SIX Swiss Exchange. 

For more information, please visit www.tradition.com. 

MEDIA CONTACTS                                          

Patrick Combes, President    
Compagnie Financière Tradition SA    
+41 (0)21 343 52 22    
actionnaire@tradition.ch

Jeremy Nieckowski 
Voxia communication
+41 (0)22 591 22 65
jeremy.nieckowski@voxia.ch

CFT_ H1 2014 revenue


This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX 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: Compagnie Financière Tradition via Globenewswire
HUG#1835998

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Compagnie Financière Tradition
Langallerie 11 Lausanne Schweiz

WKN: 870121;ISIN: CH0014345117;
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