Compagnie Financière Tradition posted its best ever half-year performance in 2001, establishing itself firmly as the world's No. 3 financial broker in a sector dominated by US-UK competitors.
This record result follows on the heels of several years of growth, which has seen Compagnie Financière Tradition triple its half-year turnover in five years. This impressive showing results primarily from the rapid development of energy markets and the favourable climate prevailing in interest rate markets.
Consolidated turnover rose 28.3% to CHF 408.4 million, compared with consolidated earnings of CHF 318.3 million in the first half of 2000. This represents an increase of 30.6% in constant terms.
Consolidated operating profit rose 65% to CHF 53.7 million against CHF 32.5 million in the same period last year. The operating margin moved ahead to 13.2% of consolidated turnover, compared with 10.2% in the first half of 2000, giving Compagnie Financière Tradition its best performance to date.
Consolidated pre-tax profit stood at CHF 59.7 million, an increase of 58% compared with CHF 37.7 million in the same period last year. Group share of net profit showed a half-on-half rise of 79.4% to reach CHF 28.1 million. This performance brings annualised return on equity to 35.7%. Shareholder equity stood at CHF 209.3 million at 30 June 2001, including CHF 169.0 million Group share.
The takeover of Finacor, which took effect at the end of June 2001, is expected to increase Compagnie Financière Tradition's turnover by some CHF 100 million a year.
With a particularly well-balanced revenue stream, in terms of both geographic spread and product portfolio, and its dynamic growth, Compagnie Financière Tradition is well positioned to sustain such a performance during the second half.
Following the events that have thrown the United States into mourning, Compagnie Financière Tradition wishes to express its solidarity with those who have been affected, particularly within our profession.