Danish CSD VP Securities Services (VP) celebrated a record year at its AGM on Friday. The CSD made a pre-tax profit of DKK 84.5 million, compared to DKK 73.9 million in 2003 and a net result of DKK 59.0 million compared to DKK 48.9 million in 2003. A dividend of DKK 2,000 per share will be distributed to shareholders.
“The internationalisation will bring many new challenges to VP and the Danish market,” said chairman and Member of the Executive Committee Sven E. Lystbk. “The results show that VP is in a stronger position than ever and is well able to take up the challenges.”
VP anticipates a net turnover in 2005 at the same level as in 2004. Profit from ordinary activities is expected to fall somewhat short of that of 2004, mainly because of the costs of modernising and expanding VP’s IT systems.