PresseKat - CFT: 2017 H1 Results

(Thomson Reuters ONE) -
Compagnie Financière Tradition /
CFT: 2017 H1 Results
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Source: Globenewswire

Press Release
Lausanne, 1 September 2017

Compagnie Financiere Tradition: 2017 Half year results

Adjusted* revenue of CHF 445.7m

Adjusted underlying** operating profit of CHF 43.4m

Net profit Group share of CHF 27.4m

+----------------------+-------+-------+-------------------+-------------------+
| | | | | |
| | | | Variation in| Variation in|
|CHF m |H1 2017|H1 2016| current currencies|constant currencies|
+----------------------+-------+-------+-------------------+-------------------+
|Reported (IFRS) | | | | |
+----------------------+-------+-------+-------------------+-------------------+
|Revenue | 411.4| 425.2| -3.3%| -0.6%|
+----------------------+-------+-------+-------------------+-------------------+
|Operating profit | 37.2| 34.2| +8.7%| +10.4%|
+----------------------+-------+-------+-------------------+-------------------+
|Operating margin | 9.0%| 8.1%| | |
+----------------------+-------+-------+-------------------+-------------------+
|Net profit Group share| 27.4| 29.4| -6.5%| -4.6%|
+----------------------+-------+-------+-------------------+-------------------+
| | | | | |
| | | | | |

|Adjusted* | | | | |
+----------------------+-------+-------+-------------------+-------------------+
|Revenue | 445.7| 460.0| -3.1%| -0.5%|
+----------------------+-------+-------+-------------------+-------------------+
|Interdealer broking | | | | |
|(IDB) | 431.6| 440.4| -2.0%| +0.8%|
+----------------------+-------+-------+-------------------+-------------------+
|Gaitame.com (Non-IDB) | 14.1| 19.6| -28.2%| -28.6%|
+----------------------+-------+-------+-------------------+-------------------+
|Underlying** operating| | | | |
|profit | 43.4| 46.7| -7.1%| -5.2%|
+----------------------+-------+-------+-------------------+-------------------+
|Interdealer broking | | | | |
|(IDB) | 39.9| 39.4| +1.3%| +3.6%|
+----------------------+-------+-------+-------------------+-------------------+
|Gaitame.com (Non-IDB) | 3.5| 7.3| -52.2%| -52.4%|
+----------------------+-------+-------+-------------------+-------------------+
|Underlying** operating| | | | |
|margin | 9.7%| 10.1%| | |
+----------------------+-------+-------+-------------------+-------------------+
|Interdealer broking | | | | |
|(IDB) | 9.2%| 8.9%| | |
+----------------------+-------+-------+-------------------+-------------------+
|Gaitame.com (Non-IDB) | 24.8%| 37.2%| | |
+----------------------+-------+-------+-------------------+-------------------+

* with proportionate consolidation method for joint ventures ("Adjusted")
**before exceptional costs and income ("Underlying")

Overview
In line with the previous period, the market environment for the Group's
interdealer broking (IDB) business was generally stable in the first half of
2017. However, once again we noted differences among the geographic regions and
asset classes, highlighting the importance of a global and diverse product
offering.

Against this backdrop, adjusted revenue from IDB business rose 0.8% in constant
currencies to CHF 431.6m while the forex trading business for retail investors
in Japan, Gaitame.com (Non-IDB), was down 28.6% to CHF 14.1m in a market
impacted by low currency volatility, particularly in the JPY. Thus, the Group's
consolidated adjusted revenue was CHF 445.7m compared with CHF 460.0m in 2016, a
decrease of 0.5% at constant exchange rates.

The adjusted underlying operating profit was CHF 43.4m against CHF 46.7m in the
first half of 2016, a decrease of 5.2% at constant exchange rates, for an
operating margin of 9.7% against 10.1% respectively.

Reported revenue and operating profit
The Group posted consolidated revenue of CHF 411.4m against CHF 425.2m in the
first half of 2016, down 0.6% in constant currencies. In current currencies,
reported revenue remained impacted by the weakness of sterling following the
Brexit vote and was down 3.3% compared to the same period last year.

Reported operating profit for the period was up 10.4% in constant currencies to
CHF 37.2m, compared with CHF 34.2m in the first half of 2016.

Net profit
Net profit was impacted by a negative financial result of CHF 4.7m against
CHF 0.1m in the first half of 2016. Despite a decrease in net interest expense
of CHF 1.7m for the period, the Group incurred net foreign exchange losses of
CHF 2.5m, representing a negative variation of CHF 6.1m compared to the same
period last year.

Consolidated net profit was CHF 28.6m compared with CHF 31.2m in the first half
of 2016 with a Group share of CHF 27.4m against CHF 29.4m in 2016, a decrease of
4.6% at constant exchange rates.

Balance sheet
The Group maintained its focus on a sound balance sheet with a strong capital
position while keeping a low level of intangible assets and a strong net cash
position.

At 30 June 2017, consolidated equity stood at CHF 363.4m (31 December 2016: CHF
380.3m) of which CHF 349.1m was attributable to shareholders of the parent (31
December 2016: CHF 365.4m), net of treasury shares amounting to CHF 23.4m (31
December 2016: CHF 36.0m)
Total adjusted cash, including financial assets at fair value, net of financial
debt, was CHF 112.9m at 30 June 2017 against CHF 143.2m at 31 December 2016. At
30 June 2017, total adjusted cash was CHF 193.4m, including our share of net
cash held by joint ventures (31 December 2016: CHF 223.4m).

Outlook
In the second half, the Group will remain focused on external and organic growth
opportunities in order to further enhance its product portfolio, against a
backdrop of advanced consolidation in the industry around three global players,
including Compagnie Financière Tradition.

Half year report
The 2017 half year report of Compagnie Financière Tradition SA is now available
on the Company's website at http://tradition.com/financials/reports.aspx

About 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 more than
2,200 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(at)tradition.ch

Rohan Sant
Voxia communication
+41 (0)22 591 22 63
rohan.sant(at)voxia.ch

CFT: 2017 H1 Results:
http://hugin.info/133362/R/2130825/814092.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: Compagnie Financière Tradition via GlobeNewswire

Lausanne

Wirtschaft (allg.)

CFT: 2017 H1 Results

Lausanne

Wirtschaft (allg.)

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