GL TRADE’s Board of Directors has confirmed financial results for 2004 including turnover, operating income, and net income both before and after goodwill.
Turnover was confirmed at EUR150.1 m, an increase of 17.2%, influenced by GL TRADE’s transactions of external development achieved since the end of 2003: Misys, Glesia, Iris, Davidge and Ubitrade. At comparable scope and exchange rate, the turnover has remained stable.
In the current trend of market conditions undergoing strong consolidation, especially in France, GL TRADE continues its international development and has achieved 79% of its turnover outside France. This global positioning has allowed the group to profit from all market opportunities and, in particular from the Asian markets in 2004. In this sector, GL TRADE has shown a growth of 77%, thanks to the economic revival on local financial markets combined with the integration of activities acquired at the end of 2003.
Operating income rose to EUR27.1 m. After restructuring strategies put in place at the beginning of the year following the integration of Misys, the margin ratio increased from 17.6% in the first half year to 18.8% in the second, despite a continuous fall in US dollar. The objectives announced have been met thanks to a skilled management of achieved investments and a strict control of operating costs.
Net income before goodwill reached EUR20.1 m, an increase of 24.8%. The increase in operating income, the drop in net exchange losses and the use of past tax losses, as all regions particularly Asia are now profitable, contributed to this result.
Net income after goodwill amounts to EUR16.4 m, an increase of 19.3%. Valuation tests have been carried out on acquired companies. No further depreciation of goodwill will be entered into the accounts 2004 on the occasion of their publication in conformity with IFRS standards.
In 2004, GL TRADE said the firm took advantage of three targeted opportunities of external development. GL TRADE will propose GL STREAM WORKSTATION in 2005. GL STREAM WORKSTATION is the culmination of the migration of all diverse technologies acquired since 2001. GL STREAM WORKSTATION, in association with new risk management and back-office tools, will help to consolidate the unique position of the group as the only supplier to provide a solution to automate the whole of intermediation activities; from front to back-office on the options and derivatives markets.
GL TRADE is targeting new development opportunities in Central Europe and especially in Russia where a number of contracts have been signed.