Third quarter consolidated turnover: +16.5%
Consolidated turnover in the third quarter 2003 rose to CHF 209.1 million, compared with CHF 197.4 million in the same period last year (CHF 188.7 million excluding Eurobrokers Finacor Ltd. [EBFL], a company deconsolidated at the end of 2002 with effect at 1 January 2002). In constant consolidation terms and at constant exchange rates this represents a rise of 16.5%. However, at current exchange rates, this figure was held back to 10.8%, reflecting the less favourable forex rates prevailing for dollar and sterling compared with the third quarter of 2002.
Turnover at 30 September 2003: +7.4%
Consolidated turnover for the nine months ending 30 September 2003 was CHF 596.8 million, against CHF 631.3 million last year (CHF 607.7 million excluding EBFL). This represents a rise of 7.4% in constant terms but translates into a decline of 1.8% at current exchange rates.
Continuation of the upward trend experienced in Q2 2003
Underlying these results was an uneven performance, which saw a slow start to the year as financial markets marked time, followed by strong growth in the second and third quarters of 13.8% and 16.5% respectively.
These figures are in line with expectations and reflect Compagnie Financière Tradition's buoyant activities in the U.K. and Asia, where revenues at 30 September 2003 were ahead by over 20%. The Group's business model of a diversified product portfolio and broad geographic footprint, significantly limits its dependence on any specific market.
With a presence in 16 countries, Compagnie Financière Tradition is one of the world's top three brokers in financial (money markets, bonds, interest rate, currency and credit derivatives, equities, equity derivatives, interest rate futures and index futures) and non-financial products (precious metals, energy products, and pulp and paper). The Company is listed on the Swiss Exchange. For more information on our Group, visit our site at www.traditiongroup.com.
Lausanne, 30 October 2003
